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I’m getting sick of hearing people saying that a startup needs to be a young company (<2 years) that’s growing “hockey-stick”-style.
I’ll give you the real definition of what a start-up company is:
Startup = an organization which is still searching for its business model.
It gets money to continue experiments and testing for the business model. When the biz model is clear and has all of the processes 100% established, then it is no longer a startup.
Paul Graham’s ideas about high growth and bla bla are besides the point. I believe Steve Blank has a better view on this.