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In fairytales and ancient mythology, unicorns are prized for their rarity. The appearance of the beautiful white horse with the single spiral-grooved horn was seen as a good omen, and according to legend, they were hunted down for their magical properties.
Today, the word unicorn is applied to a positive phenomenon that is so rare that it is almost mythical, and if it does occur, should be treasured as a great blessing. In the business world, it can have multiple meanings, but it is most commonly used to refer to privately-owned startups that achieve a value of $1bn or more before being floated on the stock exchange. A unicorn may stay in private ownership and continue accruing value, backed by private investors and venture capital firms. Becoming a stakeholder in a unicorn company, or a potential unicorn, is a dream for most investors.
Innovative ideas
One recent example of a unicorn company is Reef Kitchen, the virtual restaurant division of Reef Technology. The parent company was founded in Miami in 2018 as a digitally enabled provider of parking facilities, but it was branching out into the then-new arena of ghost kitchens that would secure its unicorn status. Today, the company is worth over $1bn, thanks to its innovative shipping container-based kitchen units that supply restaurant-quality food to national chains and independent businesses alike.
Breaking the mold
There is no one definition of what a unicorn company looks like. Wildly successful startups can emerge in any sector, but what they seem to have in common is a disruptive idea or approach that breaks the mold of how things are meant to be done. Unicorns leverage technology to solve problems in a different way, one that either hadn’t been thought of before, or wasn’t possible.
Examples o… Read More
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