That’s missing the point. The concerns aren’t about his personal business. The concerns are about the students he’s trying to influence and take equity from.
Once you start putting yourself in a position to take equity in the labor and businesses of University students, the bar is higher.
> I don't think his incubator is going to be very successful so it's no big loss to anyone
You’re still missing the point. If his incubator isn’t very successful, then presumably any of the students who become involved with his incubator won’t be successful either. It’s not fair to the University students to be drawn into an incubator program that we can all apparently agree is not on a track for success. I just hope Universities are smart enough to not endorse this idea.
The problem is that he’s starting to get involved with other people’s businesses before he even understands how business or startups work. It’s not clear if he’s ever worked at any company other than his own, yet he’s trying to mentor others on how to start and operate businesses. Incubators traditionally trade mentorship and other valuable resources in exchange for equity.
If he’s taking equity (not stated in his post but assumed if he’s operating as an incubator) then it’s right to be more critical about what he’s offering in exchange. University students can be vulnerable to entering into bad equity deals or working arrangements operating under the guise of incubators, accelerators, or angle investors.