How to interview interns/graduates

Like most, I originally came to this forum to land a job, but now that I'm on the other side of the table, I realise that I have absolutely no clue how to interview non-experienced people. Obviously they will be useless in the beginning and you will need to invest time in them so that they may ultimately help you.

Since they have no real experience, once you've tested their intelligence, it only comes down to their personality. 

How do you guys interview interns or graduates? What do you look for in a candidate? Do you even bother to develop some connection or do you just go through some corporate checklist?

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