What is a ‘hockey stick’ growth curve?
A hockey stick is informal startup jargon for a growth chart that stays relatively flat in the early period and then bends sharply upward — resembling the profile of an ice-hockey stick lying on its side. Investors look for this shape as evidence of product-market-fit and exponential scaling.
While the visual is appealing on a pitch deck, sophisticated investors scrutinise the actual cohort retention, customer acquisition cost trends and unit economics behind the curve. A ‘hockey stick’ driven by paid spend alone — without compounding organic growth — is not durable.