This idea is key, regardless of what the dictionary definition of startup is. A startup cannot merely be a profitable business. If that were true many more startups would be still running today. But if you take investment of 10 million and you're positive cashflow of, say, 200,000 in your first year with a projection of 1 million / yr in 10 years, you will be shut down and sold off: Investors want AT LEAST a 2x return in that same timeframe otherwise it isn't worth it.