what is a unicorn startup

A unicorn startup is a privately held startup company valued at over $1 billion. The term was first coined by venture capitalist Aileen Lee in 2013, choosing the mythical animal to represent the statistical rarity of such companies. Reaching unicorn status is a rare feat, and companies must have an innovative idea, a clear vision for growth, and a solid business plan, as well as a viable way to get their message to venture capitalists and private investors. Most unicorns are startups that have capitalized on the rapid growth of new technology to obtain unicorn status. While unicorns cannot be directly observed, they can be studied by detecting their effect on nearby matter. As of September 2023, there are over 1,200 unicorns around the world.