Typically, early-stage ventures are incorporated as a legal entity, whether that’s a nonprofit, corporation, or LLC, or are preparing to incorporate. Early-stage ventures have some type of traction in the market, and are likely serving initial customers or users. The team has expanded beyond the founders to include a few core team members. Not all early-stage ventures will have revenue (which largely depends on the type of venture you’re building), but they have already tested out the validity of the venture and are now looking for resources to scale their operations.