Right now I'm a one man operation but hopefully I'll have the need to hire after launch. But for a startup I'd never consider taking on an English degree college major and teaching them to program. Marketing, sales, etc..sure, but not to program. If you never got the coding bug by the end of college, I'm sure not going to be spending my time to teach from the ground up.

In a startup every person has to pull their weight and there really isn't time for a formal training. I'd venture to guess that in almost all cases, this new hire will decrease the value of your company as a programmer.

That said, this approach could work at a large firm with stable revenues, a formal training program, and relatively straightforward IT requirements.