I suppose it's a bit of an image problem - "startup" has a "small guy" nuance to it, a group still struggling and fighting to get their model right. If it begin

I suppose it's a bit of an image problem - "startup" has a "small guy" nuance to it, a group still struggling and fighting to get their model right. If it begins with already well-established industry players, I would less associate it with "startup", and perhaps simply classify it as a company. It may very well be a meaningless bias from frequenting hn and the groups I hang out with, reflecting a bit more.