Beyond myth: a systematic literature review on the emergence of unicorn firms

Abstract

PurposeThis study aims to provide a systematic and comprehensive examination of the underlying factors enabling the emergence of unicorn firms. By addressing this research gap and offering an integrative framework, it seeks to support future research efforts in understanding this phenomenon and contribute to the academic debate around it.Design/methodology/approachThis study employs a systematic literature review (SLR) approach and thematic analysis of articles retrieved from Scopus and Web of Science databases.FindingsThe study sheds light on internal characteristics, ranging from the entrepreneurial (human capital and knowledge) to firm-specific level (business model, corporate governance, resources) and external ones related to the funding factors (financial patterns, venture capitalists, firm evaluation) and the ecosystem (entrepreneurial and technology) around the phenomenon of unicorn firms.Originality/valueThis is the first systematic literature review on unicorns that offers insights into the internal and external factors driving the emergence of such firms, contributes to shed light on the main criticalities that blur their understanding and presents a research agenda for developing this field of research.

Guest editorial: Exploring the entrepreneurial jungle: unicorns, gazelles, zebras and other venture species

“…Delving into the phenomenon of unicorns, Giardino et al . (2023) emphasize the need for multidimensional research, shedding light on unique corporate governance mechanisms and decision-making processes.…”

“…In their article titled "Beyond myth: a systematic literature review on the emergence of unicorn firms," Giardino et al (2023) employ a systematic literature review of 35 articles published in peer-reviewed journals, contributing to a profound and comprehensive exploration of what leads to the emergence of unicorns. Specifically, these authors propose a framework that, embracing existing knowledge from both an internal and external perspective, serves to disentangle how the simultaneous presence of specific entrepreneurial, venture, funding and ecosystem factors generate the fertile ground for ventures to achieve unicorn status.…”

“…Delving into the phenomenon of unicorns, Giardino et al (2023) emphasize the need for multidimensional research, shedding light on unique corporate governance mechanisms and decision-making processes. This understanding converges with Meek and Cowden's (2023) exploration of signals ventures use to showcase high return potential for investors, suggesting that robust signals might stretch beyond traditional press releases.…”

“…Furthermore, the study indicates the role of investors and other factors such as mentors, infrastructures and supportive policies in achieving unicorn status. In this regard, Giardino et al (2023) present various practical takeaways. Entrepreneurs can benefit by building JSBED 30,6 robust business models, assembling talented teams, fostering innovation and adaptability for sustainable growth and tailoring products and services to attract venture capital funding.…”