Is this a startup or a company?
Hi,
Two months ago I started a side-project which is an app that helps language learners to remember vocabulary (https://www.indiehackers.com/product/oppa). Now I have 0 idea if it's a startup or a company and It's bugging my mind for the last few days.
Here's why I'm asking myself this question : for me a startup is a company that HAVEN'T a business model yet. As soon as it has found its audience and niche market, it becomes a company.
My app serves the same goal and demographics as other language apps. It will have elements that differ from the rest (such as a multiplayer / competitive quizzes), but overall it's still a language learning app.
What do you guys think ?
The definition I learnt over a decade ago was something like: a startup is a temporary organisation in search of a business model. That said, I don’t think it matters much what you call it, someone else will call it something else and getting consensus is probably never going to happen :)
I agree with this definition the most, I'll try to keep it in mind ;)
Hello @Mazenode 👋
If we are talking about the official definition, which is the one below, you're right to believe a startup hasn't a business model yet.
However, I'd be more measured, and I guess it's safer to say "have a definitive business model yet". Nowadays, the terms startup is most commonly used to refer to small innovative companies related to the tech industry, and company is the just the broader terms, implying it has reached a certain level of stability (hiring, sustainable business model, ...).
For some people, Spotify or Stripe for example, might still be considered startups as they are heavily funded by VCs, still looking for means to make sustainable money and all that.
Knowing whether or not you're building a startup or a company right now is not really important, if you enjoy what you're doing with oppa, you can figure it out on the way 😊
Thank you for your answer. You are definitely right I shouldn't focus too much on this, it's just that I'm reading a lot of business books and I wasn't really sure :)