Google's head of ops was interviewed by the Times this week, and, although the company used to look for GPAs and brand name schools (as well as good answers in Google's famous weird-question interviews), now they look less at top college creds, or even graduation.
What is Google looking for now? A couple of specific things in addition to the regular general things: One is "intellectual humility," where people can take a step back and accept a coworkers superior idea, and learn from it. There is an element of "failing well" in this.
The other is "general cognitive ability." Ie, instead of the credentials earned in a structured university, a person is able to learn new things when they set themselves to it. Google has "structured behavior interviews" that test for this, and the company tests their tests to make sure they're predictive.