How to Build a Unicorn Startup in 2023?
Time has undoubtedly evolved, as years back, startups would have queries on how to build a unicorn startup. Now, several unicorn startups have reached such a position. The unicorn startups UK has worked hard with the latest technologies and innovations to answer their quest of how to be a unicorn startup.
Unicorn startups are privately held companies with a valuation of over $1 billion. As the name suggests, these businesses are rare and highly sought-after. So, what does it take to build a unicorn startup in today’s market?
Building a unicorn startup in the UK is no easy task. To succeed, entrepreneurs need to form strong partnerships with other businesses and investors, while also taking advantage of the unique strengths of the UK market. For example, many businesses look to the UK for access to cutting-edge research, as well as its strong talent pool of skilled engineers and developers. Additionally, a startup in the UK must be flexible and adaptable, ready to pivot or pivot on a moment’s notice if necessary.
By staying focused on these key ingredients for success, it is possible to build a successful unicorn startup in the dynamic UK market.
What is a Unicorn Startup?
Unicorn Startups are startup companies with a valuation of over a billion dollars, making them unique in attaining that status. There are only a handful of unicorn startups in existence, and they are typically high-growth companies in industries such as technology, healthcare, and e-commerce. These startups have often raised large sums of capital from private investors and are on track to become publicly traded companies. Unicorn startups are often lauded for their disruptive innovation and ability to create new markets. While the term originally referred to companies with a valuation of over $1 billion, it has since been expanded to include companies with a valuation of over $10 billion (known as “decacorns”) and even $100 billion (“unicorn babies”).
Checklist on How to Build a Unicorn Startup
The startups can have a checklist to help them in their journey toward becoming a unicorn. The checklist below does not promise anything about becoming a unicorn but instead acts as a guide for the process.
- Create a Minimum Viable Product (MVP) and keep polishing it to perfection
- Have a clear and robust business model
- Ensure secure funding
- Work towards business scalability
Attributes of a Unicorn Startup
Several startups begin with the aim of attaining unicorn status. However, some of them fail to achieve it over time, while few others succeed in becoming unicorns. Startups need to focus on specific aspects to help them become full-fledged unicorns.
Innovation as the Centre
Businesses need to be disruptive, especially those companies aspiring to become unicorns. In business, disruption is a good term that reflects innovation in a business, affecting how the market functions. So, the startups should begin by finding solutions at lower prices for the customer more efficiently. This can help the customers approach your product and solutions more than the high-end competitors. Startups should have creative and innovative solutions without compromising the quality of the product.
Extremely Tech-Savvy
Technology and software are indeed ruling the world of business. So, the startups should have the resources for the necessary technology needed for their business. With advancements in AI, the startups need to gear up with the tools they use and be tech-savvy companies. Moreover, the businesses can be based on technologies so that the startups can reach higher levels.
Focus on the Customers
Startups focusing on B2C (Business-to-Consumers) seem to have great potential to attain the unicorn status. So, the startups can focus on creating products and services that resolve the immediate need of the customers. The companies should have a solid proposition to increase their presence in the market. A customer-centric approach is highly recommended.
Efficient and Growth-Driven
The startups can work efficiently to build their MVPs from the feedback they receive from the customers. Focusing on the core of MVP and working towards it can help the startup grow more extensive as it is also cost-effective. Moreover, the startups should have a growth mindset and goal to help them become unicorns. The companies must have a solid plan to scale the business with key performance indicators to boost sales and track the process.
Examples of Unicorn Startups in the UK
Some of the well-recognized unicorn startups UK that has attained unicorn status are as follows.
Benevolent AI
Benevolent AI is a company that uses technology to rescue the lives of people. The company’s innovations are based on finding diseases using machine learning and AI. There are also scientists working together to find new ways to cure diseases.
Founded | 2013 |
Founder | Brent Gutekunst and Ivan Griffin |
Company Type | Biotechnology Research |
Employees | 201 – 500 employees |
Headquarters | London, Greater London |
Revenue | £6.8 M |
Funds Raised | $292 M |
Investment Detail | 6 investors with 2 lead investors |
Growth Statistics | Not Available |
Exit Information | – |
GoCardless
GoCardless is all set to change the world with technology. The company works toward simplifying the direct debit system so the customers can make easy payments. It also ensures the customers of the easy fee structure and integrations with software for billing and accounting.
Founded | 2011 |
Founder | Tom Blomfield, Matt Robinson and Hiroki Takeuchi |
Company Type | IT services and IT consulting |
Employees | 501 – 1000 employees |
Headquarters | London, United Kingdom |
Revenue | £20.1 M |
Funds Raised | $529.3 M |
Investment Details | 18 investors with 13 lead investors |
Growth Statistics | Not Available |
Exit Information | – |
Oxford Nanopore Technologies
Oxford Nanopore Technologies has the latest technologies to help with molecular analysis. Moreover, they also provide sequencing technology to examine DNA or RNA in detail to get the necessary information.
Founded | 2005 |
Founder | Hagan Bayley, Gordon Sanghera and Spike Willcocks |
Company Type | Biotechnology Research |
Employees | 201 – 500 employees |
Headquarters | Oxford, United Kingdom |
Revenue | £32.5 M |
Funds Raised | £994.6 M |
Investment Details | 20 investors with 7 lead investors |
Growth Statistics | Not Available |
Exit Information | – |
Unlock the Startups with the Key to Build a Unicorn
In order to build a unicorn startup in 2023, you’ll need to focus on developing innovative products or services that solve major problems for your target market. You’ll also need to create a strong brand that differentiates you from the competition and builds customer loyalty.
Additionally, it will be important to have a team of passionate and talented employees who are committed to your company’s success. Finally, you’ll need to raise substantial funding from investors in order to scale your business quickly. If you can execute on these key components, you’ll be well on your way to building a billion-dollar startup.
All the startups at the beginning wonder about how to be a unicorn startup, which fades away over time. However, by focusing on specific elements, the companies can become a unicorn one day.
You can always learn more about how to be a unicorn startup by studying the journey of others. Here is a complete list of unicorn startups in the UK.
