Perhaps Sigma is not the typical start-up. It’s an almost complete team, for one, with a track record that anybody with a Mercer survey from 2008 or earlier can look up. Its youngest member is 35, and presumably none of them are in a desperate hurry for an incubator to pay them a wage.

But a line from Giubin deserves consideration from any would-be incubatee.

“When you sell your equity early, you sell it cheap,” he declared last month.

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