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 (ultimately, the ‘startup’ concept is, particularly today, a state of mind that is driven by those who self-identify with that culture):
- 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
In partnership with Technical.ly, PACT will organize Philly Tech Week 2021 Presented by Comcast
Technical.ly is deepening our journalism in Philadelphia this recession. Help us do it
Technical.ly is heading home for the holidays
NET/WORK is coming back to the Philly ‘burbs on Oct. 10
Sign-up for daily news updates from Technical.ly Philadelphia