The big clue is how few of the companies in his survey have ever had venture capital -- which he cites as "myth-busting" about startups, but really just reveali

The big clue is how few of the companies in his survey have ever had venture capital -- which he cites as "myth-busting" about startups, but really just revealingly myth-busts his sample set. I could go next month and start an innovative book shop with a wine bar instead of just coffee drinks, but that's why we have the distinct term "startup" to mean a new business likely capable of exponential scaling once it proves product-market fit, the only kind VCs want to plug into, and not just a new small business that is likely always going to stay small or at best grow slowly, that will be fun and might pay the bills but would never be worth outside equity investment. Wadhwa gives no indication that I could tell that he's made any attempt at that distinction, except in the negative with the very low VC rate of his sample group, and with the claim that they are in twelve "high growth" industries. Twelve entire industries is a pretty broad segment of the entire economy, and doesn't approach the defining distinction of startups. EDIT TO ADD: his selection criteria were just involvement in any of fifteen (17 except two are listed twice) industries indicated as high-growth, and which include for example "engineering consultants", "health care facilities", and "audio and video equipment" though a little later it says some of the respondents were also from "other (non-technology)", so it's pretty non-selective. He also defined a "founder" as "an early employee, who typically joined the company in its first year..." so his definition of "founder" is also pretty loosey-goosey. Good thing he cleared up myths about startup founders.