23 May 2017
In the business world the quest for unicorns is well underway. Coined in 2013, the term describes start-ups valued at more than $1 billion based on the potential of their nascent technology and intellectual property rather than on market performance. Early stage investment or participation in unicorns offers large investors the opportunity to secure a stake in potentially game-changing innovation. It also offers other large businesses the opportunity to cut through the inertia and organisational sclerosis that often comes with scale and corporate structures. Competition for access to truly innovative development has intensified, and with that competition traditional distinctions between investment, acquisition and joint venture have become blurred.