Report: Majority of Unicorns Globally Founded by ‘Underdogs’

New Delhi, March 27 (IANS) – A recent global study of 845 unicorns and over 2,000 tech leaders has found that most companies with a valuation of $1 billion and above have “underdog” founders, with female entrepreneurs on the rise. The study, titled “Unicorn Founder DNA Report” by Defiance Capital, revealed that 70 per cent of unicorns have such founders.

According to a report by TechCrunch, unicorns used to predominantly have male founders, but the trend is changing, with 17 per cent of them having a female founder in 2023. About half of the unicorns (53 per cent) have earned degrees from the top 10 global universities, and 49 per cent of unicorn CEOs have STEM degrees.

The study also highlighted that while unicorns were mostly founded by white individuals, every third unicorn had an Asian founder. The research showed that many unicorn founders had to develop a growth mindset, with values and ambition shaped during childhood.

On the other hand, in the Indian startup ecosystem, there are now more than 8,000 startups with women founders, with a cumulative funding of nearly $23 billion, as per the latest report by Tracxn. Women entrepreneurs hold a significant share in the Indian tech industry, exceeding 18 per cent, and more than 14 per cent among funded companies.

Women-led startups in India also represent a noteworthy 14.8 per cent share of the overall tech funding at nearly $155 billion. It signifies a growing trend towards diversity and inclusivity in the startup landscape, with female entrepreneurs playing a key role in shaping the future of technology companies.