Ss, fair enough as an opinion.
The definition of a "start up company", according to the article linked below, details a number of scenarios that are described as a "start up". It does appear that IOT fulfils the description of a start up.
A quote:
“A company five years old can still be a startup,” writes Y Combinator accelerator head Paul Graham via email. “Ten [years old] would start to be a stretch.”
I’ll go out on a limb and say categorically that after about three years in business, most startups cease being startups. This often coincides with other factors that indicate a graduation from startup-dom: acquisition by a larger company, more than one office, revenues greater than $20 million, more than 80 employees, over five people on the board, and founders who have personally sold shares. Somewhat ironically, when a startup becomes profitable it is likely moving away from startuphood."
https://www.forbes.com/sites/natalierobehmed/2013/12/16/what-is-a-startup/#f82169240440
btw, I'm not suggesting this definition is be all and end all of the matter, rather, the definition is reasonably loose and subject to interpretation.
Wikipedia describes a start up this way, which probably suits the point you make.
A startup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. A startup is usually a company such as a small business, a partnership or an organization.
cheers
