Which stage of the industry life cycle is most consistent with a firm having the following characteristics?

Year	2017	2018	2019
Revenue Growth	12%	20%	45%
Cash flow from investment activities (see note below)	($2 mil)	($5 mil)	($15 mil)
Dividends per share	$0	$0	$0

Note regarding Cash flow from investment activities in table above: +/- = cash inflow/outflow. Assume only capital investment in this section]

Question 4 options:

	Growth
	Mature
	Decline
	Shakeout