Paul, out of interest, at what phase do you think the term "startup" changes to "business"? It's pretty clear when there's an IPO or a big aquisition, but what

Paul, out of interest, at what phase do you think the term "startup" changes to "business"? It's pretty clear when there's an IPO or a big aquisition, but what about companies that just steadily build their revenue like 37signals? I wouldn't call them a startup now, and they dismiss the term as arbitrary and favour simply "business".