Unicorns—what drives multibillion-dollar valuations?

摘要: The number of ventures with a market value one billion USD or more has considerably increased during the last decade. Driven by new technologies and business models, these became an integral part our daily life. Particularly, unicorns based in China other regions outside US raised recent years whereas phenomenon was initially limited to region. Existing research mainly focused on descriptive approaches examine rise but lacks knowledge drivers this phenomenon. We address gaps investigate underlying factors that foster emergence such high-valued ventures. Our results present several economic environmental as well investor-related impact likelihood for venture achieve valuation than USD. Subsequently, we derive theoretical practical implications may future ventures, covering regulatory, investor- venture-specific aspects.