A unicorn is a privately held startup business valued at above $1 Billion. Venture capitalist Aileen Lee originally coined the term unicorn in 2013. He chose the fictitious animal to represent the fact that start-up companies with private capital of over a billion dollars are so rare.
According to CB Insights research, there were 1,068 unicorn companies worldwide as of 30 March 2022. 519 of which were “born” in 2021 alone.
It takes more than a great idea to build a unicorn. It takes dedication, hard work, and often a bit of luck. But most importantly, it takes Product-Market Fit. More on this shortly.