What does a unicorn have to do with your small business?

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A unicorn is the title given to private start-up firms that are valued at more than a billion dollars.

In 2021 36 unicorns were formed in the UK, but in 2022 there were 20, according to Dealroom, which tracks the start-up sector.

One of the reasons for the apparent reduction is the difficult economic environment, including rising interest rates, which has meant that fewer venture capital firms have been willing to take the risk.

If you have been contemplating becoming a unicorn advisors suggest you should do three things:

  1. Have a vision that is documented and communicated regularly to the company’s employees, partners, clients and investors.
  2. The technology should not be a solution looking for a problem. Instead it should be a solution that has come from understanding a problem in depth.
  3. Have the agility within the business to overcome challenges that are out of an entrepreneurs’ control, such as Brexit and the pandemic.

So would-be unicorns out there take note.