The unicorn in the fairy tale symbolizes courage and beauty, while the unicorn in the commercial field symbolizes the beauty into reality and brings new hope for economic development.
"Unicorn enterprises are economic pioneers and typical representatives of scientific and technological innovation", which seems to have become the consensus of the industry. To this end, 36Kr Research Institute tries to copy the panorama of China's unicorn enterprises in 2021, and explores its growth environment, stage, development characteristics and future trends from the three dimensions of industry, region and valuation.
Cenozoic
The concept of "unicorn enterprise" was first proposed by Aileen Lee, an investor in Cowboy Venture in the United States, in 2013, referring to a business that has been established for less than ten years and is valued at more than $1 billion. Innovation, high potential and high growth constitute the three core characteristics of unicorn enterprises.
Unicorn enterprises mean innovation and even subversion of previous business models, and have become a new force in the economic development of the host country. China achieved zero breakthrough in the number of unicorn enterprises in 2014, and since then, unicorn enterprises that have mushroomed after the rain have continued to contribute to China's economic take-off.
New kinetic energy
Favorable factors such as policies, capital, technology and business environment provide high-quality soil for the incubation of unicorn enterprises in China. According to the data of the 36Kr Research Institute, as of November 30, 2021, there are 170 unicorn enterprises in China, showing the distribution characteristics of multiple industries and a wide range of regions.
Industry distribution
China's unicorn enterprises are distributed in 13 industries such as e-commerce, automobile transportation, artificial intelligence, enterprise services, consumption, medical and health, intelligent hardware, financial technology, entertainment media, logistics, real estate and home, aerospace and other (Internet of Things and workplace social networking), of which e-commerce, automobile transportation, artificial intelligence in the three major fields of unicorn enterprises the largest number, accounting for 42.9%. The distribution of the industry is mainly affected by factors such as market segment demand, industry competition status, and relevant policies.
In 2021, the industry distribution of unicorn enterprises in China
Geographical distribution
The geographical distribution of unicorn enterprises in China is relatively concentrated, and three major unicorn regional belts have gradually been formed: the Bohai Rim Area, mainly Beijing, Tianjin and Qingdao; the Yangtze River Delta Region, with Shanghai, Hangzhou, Nanjing, etc. as the core; the Guangdong-Hong Kong-Macao Greater Bay Area, typical cities include Shenzhen, Guangzhou, Zhuhai, etc. Among them, Beijing, Shanghai, Shenzhen and Hangzhou four cities, affected by talent gathering, policy traction, technical synergy and other factors, attracted 74.7% of unicorn enterprises to settle here.
The geographical distribution of unicorn enterprises in China in 2021
Valuation distribution
The total valuation of Unicorn enterprises in China has exceeded 1 trillion US dollars, with an average valuation of 6.3 billion US dollars and a median valuation of 2 billion US dollars. Overall valuation distribution is uneven: More than 80% of unicorn companies are valued at less than $5 billion, accounting for only 25% of the total valuation. In terms of industry, unicorn companies in the three major fields of financial technology, entertainment media, and e-commerce have the highest total valuation. In terms of geography, unicorn companies in Beijing, Zhejiang and Guangdong have the highest valuations.
Valuation distribution of unicorn enterprises in China in 2021
New challenges
As an innovative subject, unicorn enterprise development process will inevitably encounter new difficulties. At this stage, the uneven development of enterprises, insufficient investment in scientific research, and the homogenization of products and services are the main challenges faced by unicorn enterprises in China. At the fork in the road between "short-lived" and "rapid development", how to maintain the vitality of organizational entrepreneurship, grasp the market demand of subdivision tracks and create differentiated competitive advantages in an increasingly competitive market environment is a proposition worth pondering by all unicorn enterprises.
The key issues of this report are as follows:
What is a unicorn business?
What stages of development have China's unicorn enterprises experienced?
What factors drive the development of unicorn enterprises in China?
What is the industry distribution of unicorn enterprises in China in 2021?
What are the characteristics of the geographical distribution of unicorn enterprises in China in 2021?
What is the valuation of unicorn enterprises in China in 2021?
At present, what are the development problems of unicorn enterprises in China?
What is the development trend of unicorn enterprises in China?
For more exciting content, please pay attention to the WeChat public account of 36Kr Research Institute. To obtain the "2021 China Unicorn Enterprise Development Research Report", click the download link, extraction code: j1fd
Attached: 36Kr Research Institute WeChat public account