We can debate definitions and labels but that's not really relevant to the discussion imo, name it whatever you want, what I'm referring to is a company taking VC money to accelerate growth.

Once you take VC money, like Figma did, your goal is a lucrative exit.

It's high risk, high reward. It's a different way to build a company, and it's not really possible to change that once you take that route.

Doesn't mean you have to do this. I am all for building steady profitable private companies that aim for the long run, I think it's a great way to build great companies, but then you should stay far away from VC money, take a lot less risk, have different compensation strategies etc etc.