Startups: these are early-stage companies trying to establish themselves in a market

Challengers: these are middle/late stage companies that are furiously trying to stave off new startups, take down current market champions, and fend off competitors

Champions: these are the top 3-5 companies in any given vertical and may be 40+ years old or recently crowned in the form of an IPO or major acquisition  

In order to segment these companies, let's use ARR as the dividing line, layering them over a popular revenue framework for SaaS companies: the T2D3 method for getting to $100M ARR and a $1B valuation (assuming a 10x revenue multiplier).

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