What is a startup?: a Technically Philly definition
Turns out, despite the focus on them in technology news, there are lots of questions about what exactly a ‘startup‘ is.
Any new business might use the word as an adjective, but we at Technically Philly think we need a philosophy for what exactly constitutes a technology startup when we categorize and cover their work in the Philadelphia region.
Here’s our definition. Tell us what we’re missing.
- Broadly, a startup is a new business that is testing plans for scalable revenue.
Though not always, a technology startup typically has these common traits:
- Fewer than 20 employees
- Younger than three years
- Seeking or have secured early-stage investment, especially angel and Series A.
- Looking at scale of a product, rather than growth of a service
- Led by initial founders who describe themselves as entrepreneurs
- Focusing on disrupting existing processes through greater efficiencies
- Often involves technology solutions to create efficiencies through product over service











