Correct -- and he cites big companies like Google and Amazon as still being startups. I agree with this definition -- it's very useful for distinguishing different types of companies and ultimately why some can earn SO much more in investment compared to others.
They are also very much focused on growth, and there was a time not so long ago when they were as dominant as Google/Amazon.
I really don't see how the definition is helpful in distinguishing companies, nor on how it has anything to do with which companies will be market winners.
For another example, Twist Biosciences. Some truly amazing tech, in a market which will dominate the future. They traded for about $20-30 from 2018 to early 2020. Peaked around 180 (6x 30)in Jan 2021. Currently trading as 31.92.
