Start-up stages
Idea stage
Fewer than three employees. Company is gathering market research and creating a product prototype. No revenue.
Business development stage
Two to seven employees. Company has completed market research and an alpha version of its product. Less than $250,000 in revenue.
Product development stage
Five to 15 employees. Company has a business plan and either a beta version or a shipping version of its product. Less than $500,000 in revenue.
Growth phase
10 to 25 employees. Company is reaching most business-plan milestones and has a shipping product. Less than $2.5 million in revenue.
Pre-IPO phase
25 employees or more. Company is reaching or exceeding its business-plan milestones and has a shipping product. More than $5 million in revenue.
