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Tuesday, July 23, 2024

A glimpse of unicorn startups

By Van Thang

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Startups are deemed unicorns – mainly if not all are technology driven – are those valued at least US$1 billion, and a statistical report says unicorn startups account for less than 0.08% of all startups. That is to say unicorns are few and far between. A common thread for unicorn startups is that their products or services are breakthrough ones that can make profound changes to the business areas they operate in. Needless to say, social media has been changed upside down following the launch of Facebook; similarly is the introduction of Google that has revolutionized the development of search engines. And, in the past few years, the transport service sector has been “reborn” with the launch of Uber, while OpenAI with ChatGPT has sent strong ripples through all aspects of society. From global unicorns… As of October 2022, according to CB Insights, there were over 1,200 unicorns worldwide, and still counting. There are startups reaching the unicorn status after well-planned preparatory and investment processes by big corporations, such as SpaceX by billionaire Elon Musk, but there are also startups gaining incremental development over a long period of time to become unicorns after being “accidentally created” to meet a certain […]
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