I'm not sure lifestyle company is the right description. The overwhelming majority of companies are small businesses, privately owned. Think Qt. Or Datomic. The startup scene itself is only a tiny fraction of the global tech sector, it's a sort of business pretty much exclusive to a few cities around the world. All unicorns on the planet summed up are smaller than Apple in value.

That’s the usually definition of a lifestyle company. One that just wants to be a profitable privately held business with no interest in either going public or getting acquired.

sorry I wasn't familiar with the term. It took it to mean "joke company" or something like that