The unicorn. It has been a buzzword in Silicon Valley since investor Aileen Lee first coined the term to capture those companies that are valued at $1 billion or more.
While many dismiss the mythical creature as meaningless jargon, recently the global development community has joined the tech industry in framing the billion-dollar valuation as a benchmark for breakout success.
Unicorns are making their way into conversations about global entrepreneurship, but while all entrepreneurs should shoot for the stars, should startups in developing countries aspire to be the next billion dollar companies? Even in Silicon Valley, the obsession with billion-dollar companies seems to be fading due to a series of companies that have reached that benchmark only to see their value come crashing down. And as their investors become more interested in emerging market economies, the global development community may be in a unique position to reframe the metrics of success from a billion dollars raised to a billion people served.
About the author
Catherine Cheneycatherinecheney
Catherine Cheney is the Senior Editor for Special Coverage at Devex. She leads the editorial vision of Devex’s news events and editorial coverage of key moments on the global development calendar. Catherine joined Devex as a reporter, focusing on technology and innovation in making progress on the Sustainable Development Goals. Prior to joining Devex, Catherine earned her bachelor’s and master’s degrees from Yale University, and worked as a web producer for POLITICO, a reporter for World Politics Review, and special projects editor at NationSwell. She has reported domestically and internationally for outlets including The Atlantic and the Washington Post. Catherine also works for the Solutions Journalism Network, a non profit organization that supports journalists and news organizations to report on responses to problems.