So what is a startup exactly? The term is used very loosely and to describe anything from someone with an entrepreneurial idea to a group of people trying to create a solution to a problem to even a specific type of culture. When the question is posed to many individuals or organizations, their answers are slightly different yet all have similar elements. We have compiled a list of few different definitions from media and government organizations to piece together themes.
As a global source for finance news, tips and strategies, we thought this would be a great definition to lead off the comparison with.
“A startup is a company that is in the first stage of its operations. These companies are often initially bankrolled by their entrepreneurial founders as they attempt to capitalize on developing a product or service for which they believe there is a demand.” – Investopia
Government of Canada
Found embedded within the Canadian Startup-Visa Application, the Government of Canada describes a startup as:
“…innovative entrepreneurs who have the potential to build dynamic companies that can compete on a global scale” – Government of Canada
Canada is the first company in the world to offer this unique yet modern type of opportunity called The Start-up Visa Program. It is an attempt to allow immigrant entrepreneurs a chance to contribute to the Canadian economy by way of job creation and to learn about the Canadian business market.
City of Toronto
“A startup is defined as an “organization formed to search for a repeatable
and scalable business model”. – City of Toronto
The City of of Toronto has committed itself to making a Startup Ecosystem with an extensive 5 year plan that can be viewed here. It identifies digital media, technology, advanced manufacturing and life sciences as key areas that startups are involved with.
Startup Here TO
“…a newly established business or team project. Especially in the tech industry.” – Startup Here Toronto
Startup Here Toronto is a great platform that is really trying to draw the attention of others both in and out of Toronto as a destination hot spot for startups to consider setting up shop. They also support existing startups by featuring their story and promoting workshops and seminars throughout the city.
We had to throw this source’s definition in for good measure and a chuckle. For those that don’t know what Urban Dictionary is, it is a resource to learn what various slang words mean, populated by the general public and often with obnoxious explanations.
“A recently formed company. In modern terminology, it has come to describe a company formed with a business model relying on the internet.” – Urban Dictionary
Common Elements from All Definitions
- Ability to grow and expand, especially with employment
- Technology based
- Early to moderate stages of the business cycle
While none of these three out of four truly credible sources provide quantitative metrics or time frames, the definition will probably always remain very vague, and open to interpretation. Here at Startup Tech Unleashed, we embrace all entrepreneurs and creative innovative spirits.