Many run on capital raised from investors until which point they reach a liquidity event that exists irrespective of making money. Some also make money. But V

Many run on capital raised from investors until which point they reach a liquidity event that exists irrespective of making money. Some also make money. But VC-backed startups, which is really the only connotation of startup that we use here on YC, are a special breed of startup (generally focused on massive growth) where operating capital derived from revenue is not a pre-requisite for success.