I am this person. Before the recent changes announced within the last few weeks, the general way this worked was 3 years of work experience == 1 year of degree. I had my work experience (including being a founder) independently evaluated by a recognized professor who attested to that fact and it qualified me for a H1-B.
That said, the total sum of my industry experience at the time exceeded 12 years.
That said, the total sum of my industry experience at the time exceeded 12 years.