The Oxford English Dictionary traced the use of the word "startup" for a budding business to a Forbes article in 1976 where it referred to the Silicon Valley el

The Oxford English Dictionary traced the use of the word "startup" for a budding business to a Forbes article in 1976 where it referred to the Silicon Valley electronics companies. So, no, the term "startup" wasn't co-opted but has meant a fast growing silicon valley type company for the last 50 years. Before that it was not used to refer to new businesses. As a note, "starting up" is not the same as "startup."