The recently coined term, Impact Startup, and its rising popularity on the global scene proves its importance as a subject of research. As startups are considered key players in changing the status quo and breaking barriers, they are considered crucial in overcoming some of the most evident issues of today. Utilizing an approach based on previously validated content analysis methods, this study aims to shine a light on the relatively unexplored topic by identifying the key qualities of Impact Startups. Looking into how these organizations communicate about themselves and comparing the findings with the compiled theoretical definition of Impact Startups, we can evaluate the alignment of theory with practice and gain a deeper understanding of the trending phenomenon. Finding that Impact Startups should effectively change the social and/or environmental status quo we conclude that they should be categorized as, Social Impact Startups, Environmental Startups, and Total Impact Startups. Further results of this investigation highlight the importance of distinguishing between Mature Impact Organizations and Impact Startups. This study contributes extensively to the understanding we have of Impact Startups and lays the foundation for further research and establishing legitimate qualifications of Impact.