My interpretation is different. The demand for good business people is actually higher than engineers, but the reason you don't see it in the explicitly-defined job market is that truly good business people are both thinner on the ground and much harder to "define" than good engineers. So I strongly suspect most of the hiring on that front happens in the underwater, invisible part of the labor economy, through referrals, non-standard employment relationships like consulting etc.

I have had good success hiring technical talent, but a very poor success rate hiring business talent. That may partly be due to my hiring skills and non-ideal location (I am not in the Bay Area), but is mainly due to the difficulty of defining these roles.

When I succeed, it happens backwards: I find somebody randomly through other channels, and instantly recognize that this is somebody I want to/can work with very well to create business value. I know there is going to be value long before I figure out how/why/where.

The principle in "Good to Great" (get the right people on the bus, the wrong people off the bus, and then decide where to go) applies far more strongly to business talent than to technical talent. A high-value business talent will basically create his/her own job description through business ideas they bring to you that you hadn't even thought of.

For the record, I am right now looking VERY hard for good business talent to join me... If you are an entrepreneurial/startup business star, I have a great opportunity for you, but you'll need to help me define it :)