There is a lot of excitement around startups and for a good reason. They are changing the way we do business, and they offer opportunities that didn’t exist before. However, starting a startup is not easy. It takes a lot of hard work, dedication, and sacrifice. But if you are up for the challenge, there is no better time to start a startup than now.
If you’re planning to start a business, you should go big or go home. This kind of mentality makes you different from all other startups out there. So, it’s time to think about aiming at the top of the startup ladder.
The most prestigious startups out there have at least one billion dollars in their valuation. These are what many business experts call ‘Unicorn’ startups because of how rare they are in the breed of startups. If you want to become a Unicorn startup, you need to know what distinguishes them from others.
What Makes a Unicorn Startup?
Unicorn startups have more elements than just their valuation because, with enough ingenuity and control over various technologies, you can get a billion-dollar valuation in no time. However, what makes Unicorns more distinguishable is how disruptive they are.
Disruptors
Unicorns have the potential to change an entire industry by introducing a new product or service that is much better than what is currently available. This could be anything from a new way to hail a cab to a new way of online shopping.
Scalability
What separates the best startups from the rest is that they are not only disruptive, but they are also scalable. This means that they have the potential to grow at a rapid pace and reach a large number of people. The best startups are usually based on innovative ideas that can be scaled quickly and efficiently.
Tech-focused
The majority of unicorn startups are tech-focused. This is because technology is one of the most rapidly growing industries, and it has a lot of potential for innovation. So if you’re planning to start a tech-based startup, make sure that you have a strong focus on technology to increase your chances of success.
So how can you become a unicorn during the first few years of your startup? The answer to that is to achieve the three things we’ve listed above. You can do so by securing funding.
Securing Good Funding
One of the essential things for any startup is to secure funding. This will give you the resources to grow your business and achieve your goals. There are a few ways to go about this, but the most common method is approaching venture capitalists.
- Venture capitalists are investors who provide capital to startups in exchange for equity in the company. They usually invest in companies that they believe have high growth potential. So if you can convince a venture capitalist to invest in your company, it will give you a big boost.
- Another way to get funding is through crowdfunding. This is where you raise money from many people, usually through an online platform. It’s a great way to get started if you don’t have any other funding source.
- You can also self-fund your startup if you have the resources. This is usually not recommended, as it can be perilous. However, if you’re confident in your business and have a solid plan, it might be worth considering.
Investments
Unicorn startups are also those that give back to the business world. They invest in other companies, help them grow, and create jobs. This is one of the most important things you can do as a startup. It enables the economy, but it also helps build your reputation. This is one of the main reasons Thrasio is such a successful unicorn startup.
However, Unicorns aren’t satisfied with just one way of securing funding or getting one form of investment. They exhaust all of them. So make sure your exhaust all of these platforms if you can. You should also get a good portfolio management system to help you out. This system can help increase the transparency of your investments across all sectors.
Start as a Tech-based Company
If there is one thing that almost all Unicorns have in common, they are either in the field of tech or have an investment there. So, you need to have a tech-based company. A tech-based company can offer many innovative products and services that can be very disruptive. It can also be scaled quickly and efficiently.
Some of the most popular Unicorn startups include Uber, Airbnb, and Pinterest. They are all tech-based companies that have changed the way we live and work. If you want to become a Unicorn, you need to have a similar focus on technology.
There you have it! These are the essential things you need to do in order to start a Unicorn startup. It’s going to be a hard road ahead of you, but one that is climbable given enough knowledge and experience. So research about Unicorns as much as you can and implement their unique strategies into your company.
