https://en.wikipedia.org/wiki/File:Startup_Financing_Cycle.p....

If you look at the above graph on startup financing cycle, it starts before there is any investment -- with cofounders and an idea.

The terminology and process beyond that point comes from MBAs and money men. A VC will probably invest in any company that will satisfy whatever objective they have for investing. This is a 24 hour project sprint by a founder. If it gets the right eyeballs, the idea is well on its way to becoming a startup.

The hashtag #24hourstartup is good branding that conveys that.