I think 'startup' has (at least) two definitions: 1) any new business enterprise 2) a new business enterprise with high potential for growth, with an untested

I think 'startup' has (at least) two definitions: 1) any new business enterprise 2) a new business enterprise with high potential for growth, with an untested product/service So porn would be included in 1, but 2 is more for 'untested' models like software, web services and biotech. I imagine this is what pg is talking about when he says that startups are a new economic model - I imagine he's less interested in 'established' models like porn, since such businesses probably have many more options for raising cash.