The concept behind the term "unicorn" is to highlight the remarkable success and rapid growth of these startups. Just as unicorns captivate the imagination with their majestic presence, unicorn startups capture the attention of investors and industry observers with their exceptional potential.
The use of "unicorn" as a metaphor for highly successful startups also signifies the magical and transformative nature of their impact. These companies disrupt industries, introduce innovative technologies, and often redefine traditional business models. Their exponential growth and ability to revolutionize markets make them stand out from the crowd. Companies like Slack, Uber, Airbnb, and SpaceX are among the well-known examples of unicorn startups that have achieved tremendous success and market dominance.
According to CB Insights, as of June 2023, there are more than 1200 unicorns worldwide.