So, if I'm understanding correctly, you'd be looking for a particular market/industry insight in a business person like that. You'd be looking for experience, deep understanding and successes in that industry.

Is that more or less correct?

It also follows that without any track record, it's really hard to trust that a "business guy" will know how to contribute, and so you're taking someone on faith alone. It's kind of like hiring a developer who can't prove that he's ever written code before.