1. the speed with he/she learns new skills/knowledge/points. 2. the depth of knowledge he/she is able to acquire. 3. how much he/she has learned in his/her career.
1. This first measure is important, because in a startup the situation can change drastically and you have to have a team that can adapt. 2. The deeper he/she can dig the broader is the set of problems they can solve. 3. The third measure also plays a large role, because while you can have some body that is really bright and has "the skills" - but if they don't use them over time efficiently enough, their strength in the first two skills won't carry them far.
i.e. personally I would measure the value of a developer has a product of the three factors - they amplify each other.