The term "start-up" is defined by Paul Graham, founder of Y Combinator, the world's most famous incubator in Silicon Valley, as Startup = Growth. The term "start-up" is used to distinguish a business that is growing rapidly by adapting to a larger market, rather than simply starting a new company. The term is often used to describe technology-based businesses that have been in business for less than 10 years, but has recently expanded to include hardware and co-working. Originally used to describe the rapid growth of software technology companies such as GAFAM (Google, Apple, Facebook, Amazon, Microsoft) in Silicon Valley, the term "Startup" is becoming more common around the world. In May 2020, the Nikkei newspaper reported that the total market capitalisation of the five GAFAM companies had reached $5.3 trillion, surpassing for the first time the total market capitalisation of the 2170 companies on the first section of the Tokyo Stock Exchange (approximately ¥550 trillion), and this rapid growth is attracting more and more attention. In order to promote the establishment of startups with such explosive growth potential, there is a movement to form a startup ecosystem, an environment that encourages the growth of startups around the world. Unlisted startups with a valuation of $1 billion or more are referred to as unicorns, indicating the rapid growth and promise of startups.
