When you say Unicorns what comes to mind is a mythical and magical creature. It looks like a horse, except with a 'magical' horn. Different variations of Unicorns have different features. Some can fly, while others exudes happiness. Some poop, while others vomit rainbows (never thought I’d write that). Whatever the details, Unicorns are a staple in every fairy tale and 8 year olds (or 20 year old’s, no judgement) birthday parties. However, not many would ever think of older people in suits getting exuberant over their favorite unicorns whilst sitting in board meetings. However, that is quite common now. That's because unicorns in the business world are "privately held start-up company (less than ten year old) valued at over $1 billion". This is an ever expanding club, that is the talk of the town.
Ok...but, why Unicorns?
So, the concept is quite straightforward. But, you might not help but wonder why are they called Unicorns? The term was coined in 2013, by venture capitalist Aileen Lee, who founded 'Cowboy Ventures' in 2012. There is one main reason. Unicorns are so called 'rare' (however, that may not be accurate now as, VCs go crazy after them). Only 0.7 of start-ups reached such rates in less than a decade. She had many other ideas such as, "home run" and even "mega hit'. Other than giving of a 'recherché' vibe, Unicorns also depict the impossible, becoming possible. The way these companies double and treble revenue almost seems magic, which makes this name even more appropriate. Also, Unicorns are just awesome so, there's no reason to complain.
The magic spreads-
So, while it's still rare the Unicorn club is ever expanding. As of the 3rd of May 2019, there were around 326 companies that met the standards. Majority of these companies are tech firms however, you will find the couple of oddballs that made the list. The list includes companies offering fintech to healthcare. There are the social media companies and e-commerce companies. Travel and Auto tech along with on demand companies. The biggest section, however, is Internet software services. It makes up 25 percent of all unicorns, followed by e-commerce with 13 percent and Fintech with 10 percent. Bytedance is the most valuable unicorn in the world. A lot of Unicorn's are going to or have gone public this year. Making them Ex-Unicorns. Let's look at a few of the most popular unicorns or (ex) unicorns.
Driving Unicorns-
Uber is the company that can best fit the "household name" category. It has become synonymous with on demand rides themselves. In very little time we have seen Uber grow from a small company to a Global one. Although it's Global adventures are questionable. It has pulled out of South East Asia (losing to Grab, another Unicorn), China and Russia. It faced fierce competition in India (by Ola, which is yet another Unicorn) and even back home it faces huge competition (by lyft a recent ex-unicorn). Uber itself now an ex-unicorn having gone public, not long after Lyft. Both, Lyft and Uber, have seen their share price plummet. Mainly due to protests from drivers who feel that they aren't being paid enough. Uber is expanding into food delivery now. Grab is a Unicorn, not as commonly spoken about. It's a Singaporean company that almost has a Monopoly in South East Asia. Other than its basic ride hailing service, Grab also offers food delivery and a Payment service through its app. However, it does face competition in Indonesia by Go Jek. Uber and Lyft IPO flops serve as a warning for all Ride- hailing unicorns. The magic fades fast.
Hungry Unicorns-
Food makes the basic blocks of life so; it was bound to have a huge number of Unicorns. Sweetgreen is a salad firm that operates in the US. It is quite popular with its fans (if that's your cup of tea) which has allowed to reach a huge valuation while catering to healthy eaters in the states. "Founded in 2007, Sweetgreen is a destination for simple, seasonal, healthy food" as shown on their website. It seems to be the millennial’s dream with its minimalistic look and all natural vibe. All the way in China, Luckin Coffee is an Ex-Unicorn that's giving Starbucks a hard time. The same Starbucks feel except without the two-tailed mermaid. Investors took a huge sip at its IPO, which was a success. If going out for Salad or fancy coffee is not you style, there is a Unicorn for you. Swiggy is the most popular food delivery app in India's huge market. It delivers restaurant favorites and even groceries. Swiggy and Uber Eats were said to have a merger, until it fell through. Swiggy is looking to expand in other countries. Finally, Impossible foods is a Unicorn (soon looking for an IPO) that is serving you the impossible. Meat that tastes like meat, looks like meat but is made from plants. Looking to save the environment, Impossible foods is a vegan favorite. It faces competition from Beyond Meat, another company saving cows and the Earth.
Shopaholic Unicorns-
While Unicorns are mainly associated with tech firms, there are a couple of Unicorns that focus on the more glamorous side. Pat Mcgrath labs was founded in 2016 and just recently became a Unicorn with a 60 million dollar investment. It's a cosmetics firm created by renowned Makeup artist Pat Mcgrath. It has taken over the beauty world with its 'ultra-luxurious' range. If expensive makeup isn't your style Miniso is another Unicorn for the shopaholic. It's a low cost retailer that sells household goods and consumer good like stationery, makeup, toys etc. Miniso is expanding at great speed, setting humongous goals. It's also one of the few brick and mortar Unicorns. Anything that can be done in stores can be done online. Snapdeal is a popular online retailer in India. While seeing a growing user base due to it's cheap prices and high discounts, Snapdeal has faced stiff competition from giants such as Amazon and Walmart (which recently acquired competitor Flipkart). It's looking for an IPO toward the second half of 2019.
Multitasking Unicorns-
Whether you wanna find a ride, go shopping or just feeling a little peckish Unicorns are everywhere. They have made our lives a lot more convenient and perhaps even made us lazy. Most of the Unicorns have appealed to our impatient nature and busy lives. A lot of them have served a more....decorative purpose. A lot of them mature and go public while, a new generation is born. A lot of the newer Unicorns have achieved such feat in only a couple of years. Unicorns breed innovation. The Unicorn's of today are the norms of tomorrow. And we might just be better off because of it.