
Growing businesses: Moving to the next stage
So, on the topic of billions, and billionaire status, what do successful businesses do once they’ve become very successful? The answer? Like multimillionaire entrepreneurs, already successful companies want to push for billion-dollar business status, in other words, they want to become a ‘unicorn’ company.Is there a formula for becoming a unicorn?
Thought that some entrepreneurs and their businesses either strike billion dollar gold, or they don’t? Well, according to a new study it’s not down to mere fluke or chance. Recruitment company Pareto Law have undertaken an in-depth study to find out if there are any causational factors and variables that make the formation of unicorn status companies more likely, and it turns out there are. The findings uncovered certain themes that are shared by leaders of unicorn companies in the UK, they include, holding a university degree, (preferably from Oxbridge), having become a successful business owner by their early 30s, and having moved to the capital to do it.The acceleration of unicorn status businesses in the UK
Future unicorn founders start their business early
According to the findings, the average age of a UK unicorn founder when they started their charmed business is 34 years old. However many future unicorn leaders got into business much younger. For example, boozy unicorn pub brand, Brewdog’s two founders were under 24 when they started the business. Further to this, 42% of UK unicorn founders were under 30 when they launched their future billion dollar business.Unicorn companies are more likely to still have their founders involved
Another interesting finding, the research found that every UK Unicorn company still has at least one original founder on the board. This is a powerful statistic and shows that leadership stability and the strength of enduring vision can propel a company to the ultimate heights of commercial success. Think about it, a founder starts and grows a successful business, and then cashes in and sells it, how likely is it that a new board who were totally uninvolved in the founding, and initial success of the company, can carry on the successful formula in an uninterrupted manner? It’s unlikely. Many initially successful companies have floundered this way, cue the ongoing stand-off between Superdry founder Julian Dunkerton and the brand’s board, and their disagreements over why the brand is failing.Fintech businesses are more likely to grow into unicorns
University and (Oxbridge educated) business leaders are more likely to lead unicorn businesses
A massive 90% of unicorn founders are university educated. Out of this, over a quarter of unicorn status business founders attended either Oxford or Cambridge universities. For example, two out of the three founders of Improbable, a UK based virtual simulation startup, and now unicorn company attended Cambridge University.Unicorn businesses are more likely to have been founded in London, but Manchester is a close second
UK based unicorns are more likely to be based in London and be founded there, the results say. Almost half of all UK unicorns started life in the capital. However, Manchester follows behind as the second most unicorn populated city. Furthermore, despite being a runner up on the UK unicorn scene, Manchester is home to UK’s largest unicorn of them all, the online retail giant, The Hut Group, and let’s not forget another e-commerce zeitgeist brand, Boohoo, that started life in Manchester in 2006.Jonathan Fitchew, CEO of Pareto Law, says British unicorns are defined by their place in the fintech sector

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