When something new is introduced to the public, usually avant-garde for the current age, you can be sure that a startup is behind the new trend. Whether it is improving how we move or changing how we use the internet, a startup is making the step forward.
Startups are different, and some can rise above others. People call these startups unicorn startups. So I was hearing unicorn startups a lot and decided to dig up information about them to share them with you.
Here’s a short overview of unicorn startups:
What is a Unicorn Startup?
If you have a startup worth $1 billion or more, it is considered a unicorn startup. According to Aileen Lee, the founder of Cowboy ventures who used the term first, she compared these startups with unicorns for their uniqueness and aspirations to be different from their fellow startups.
Features of a Unicorn Startup
It’s not just about reaching the $1 billion valuations for a startup to be considered a unicorn. You will also need to show the following:
- Offer innovation unlike others
Innovation is compulsory for all startups; however, it is embraced and completely revolutionized in unicorn startups.
For example, Tiktok changed the way people use social media by letting them do parodies, comedy, or cinematic shots then broadcast them globally. Nowadays, the platform is so incredibly popular that both businesses and individuals are even looking to buy TikTok followers to help them stand out among the millions of videos on the platform and generate the interaction, and potential business, they are looking to gain from being on the platform.
- Your products are the first in the industry
Unicorns also present new and unique products to the industry to the extent that their products become public necessities.
For example, Grab and Uber introduced a new way of commuting without the usual public transport system. They have also changed delivery services and transaction processes by the introduction of various apps.
- Focus mostly on tech
Unicorn startups also focus primarily on products and services that can be improved through technology. A majority of them use mobile applications that have everything a user would need in one click.
- Always for the customer
Unicorns also aim to make accessibility easier, whether online or in real life. They look at potential trends in how people consume information or do certain activities. Whether it is shopping for the latest trends or listening to music, unicorn startups follow the consumers’ trends.
- Only private companies lead unicorns
Unlike other companies, unicorn startups – or other startups in general – are established by private companies or firms—their valuation increases when a big player in the industry invests in their platform.
Can Existing Companies Be Unicorn Startups?
No, startups are the only ones that can qualify to be a unicorn if they achieve the proper valuation. Their statuses change if they earn a $10 billion valuation from large investors, making them decacorns. In Canada, unicorn startups are known as narwhal startups.
List of Unicorn Startups
This Chinese startup, established in 2012, is behind the iconic social networking sites Tiktok and Douyin.
Created by developers Alpha Exploration Co in 2020, this newly released invitation-only audio-chat app became very popular for its simplicity and ability to give people more ways to network.
Established in 2012 in Singapore; this “decacorn” offers a wide range of services. The transportation app is its most popular and signature product.
This American business, launched in 2005, enables users to share information in small communities or “subreddits” about almost any topic imaginable.
Startups reshaped the world we live in today with what they offer to consumers. Some have raised the bar and have caught the interest of larger players, increasing their value immensely. They usher in a new trend for people to enjoy. Do not hesitate to work on that startup idea because, well, who knows, it could be the next big unicorn that will change the industry forever.
Interested to find out more, here is my recent write up on Clubhouse:
What is Clubhouse? Why Everyone is Raving About It?
And if you want to join on one of the unicorn startups, here’s how to do it right:
Top Job Sites to Hunt Down Your Dream Job
Can’t Find Your Dream Job? My 5 Solutions For You
Best Ways to Prep for your Dream Job Interview