Every startup dreams of becoming a unicorn (a startup having a valuation of at least $1 billion). But what are they before and after that? Is there another milestone the startup needs to achieve to get the ultimate success?
Well, with the ever-increasing additions to the number of startups ruling the market today, it was time trendy names were given to them and created an entirely new perception.
What are the ‘corns?’
- Minicorn
- Soonicorn
- Unicorn
- Decacorn
- Hectocorn
Let’s Talk About Each corns in Details.
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Minicorn
Businesses are driven daily to achieve their ultimate goal by a vision.
The foundation of every startup is dreams, capital, and a desire to achieve new heights. New entrepreneurs are those who travel less on the road, take greater risks, and learn new things to take these startups to new heights.
A mini-unicorn is a startup with a valuation of at least $1 million, and these are companies that are relatively new in this field, but there are still some valuations that prove the company has the potential to become a unicorn shortly.
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Soonicorn
Startups (soon-to-be unicorns) have growth potential and are likely to join the unicorn club called Soonicorn.
Angel investors or venture capitalists are the primary investors in Soonicorn Companies. To value the startup business, they come up with a future forecast of the market and firm valuations for the industry, which are always higher than the startup’s actual value.
Similarly, large companies tend to acquire start-ups, which gives them a higher value than their actual value. The company is in a position to help startups reach a $1 billion asset valuation through these soonicorn clubs and rank first in these clubs.
Thirty startups were selected for inclusion in the 2018 India Tech Startup Ecosystem Report. They are tech companies, fintech, or businesses with the potential to become Unicorns by year. Outstanding among these 30 businesses must include Zerodha, Icertis, Druva, Lenskart, and Delhivery. And now part of Inc42 Plus’s India Tech Startups Ecosystem Report 2020, which filtered out a list of 52 Indian Soonicorns with the potential to join the unicorn club by 2022.
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Unicorn
In the world of investment, unicorns are always something that attracts investors. It is a startup with a venture capital value of at least $1 billion that is considered a unicorn.
The Unicorn term was coined in 2013 by Aileen Lee, founder of Cowboy Ventures.
100 unicorn startups are expected to be founded in India by 2023. Unicorn Club’s most popular categories in India are e-commerce, fintech, and enterprise technology.
For example, Facebook and Amazon are two of the largest corporations in the world. Corporate values are very high for these companies. They are not considered unicorns, however, since they have gone public and sold shares on the Facebook and Amazon stock exchanges. Corporations that remain privately owned are considered unicorns.
The Indian unicorn market is estimated to be worth $319.67 billion in a report dated March 25, 2022.
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Decacorns
When a startup company has a valuation of more than $10 billion, it is called a Decacorn. A decacorn is a version of a unicorn that has evolved.
It’s not just the funding that makes them unique, but their business model, revenue model, and rates.
Several startups in the decacorn bracket have received such funding and have an after-money valuation of over $10 billion because they have shown the world that they can grow at a pace that other companies cannot match.
46 companies worldwide have been awarded Decacorn status according to a January 2022 report. In addition to Flipkart, BYJU’s, Paytm and Swiggy, four startups in India have joined Decacorn.
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Hectocorn
The term hectocorn refers to a financial or technology company that is worth more than $100 billion. Also known as super unicorns, these companies are considered to be some of the most successful in the world.
Hectacorn’s clients include Apple, Google, Microsoft, Facebook, Oracle, and many others.
Two companies, ByteDance and SpaceX, belong to this elite club of hectocorns, according to a 2022 report.
After being valued at over $100 billion in May 2020, ByteDance, Tik Tok’s parent company, became the first hectocorn, and in October 2021, SpaceX, Elon Musk’s company, became the second.
Conclusion:
These ‘corns’ have their recognition and each step is an achievement. Whether your startup is a minicorn or unicorn or hectocorn, it is very important to be an active market player. If not, there are people who, by any means, would want to go for the goal and may steal it from you.
Today, the trends and times are supportive of not just one but all. So, put the pressure and the pedal and ride towards your success and after achieving, don’t settle. Try something and spread your wings to remain there.
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