[shanked]

My definition is merely a company that is 'starting up'. It doesn't matter if it has created its own market via innovation or entered a mature market, I consider all new companies startups.

All companies exist in volatile markets regardless of whether its a mature (many competitors) or new market (must generate demand for product). They all need to differentiate themselves from their competitors in some way in order to be successful, so all companies will have to innovate some aspect of their business.