I use it as a term for "just-started company hoping to validate business model then grow". Not just "VC funded company looking to grow exponentially".

E.g. wikipedia

"startups refer to new businesses that intend to grow large beyond the solo founder"

I don't mind that definition. But I also wouldn't call my company not a startup if it doesn't want VC funding or doesn't hope to grow more than linearly/organically.