Jules Pieri muses on her blog whether her startup Daily Grommet (for which I am an advisor) is "real" yet. Given the progress to date (raising capital, hiring employees, renting office space) they are already real in the sense that multiple people are invested in their success. They will only continue to become more real as they launch their site and, hopefully, go public or get acquired some day. The question is a little like asking when one's children are grown - is it when they graduate, when they move out, when they have children of their own?
At this point it's the slope of the curve that matters, and they are certainly on an upward trajectory.
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