?
Where unicorns come to life: conditions of entrepreneurial ecosystems and the emergence of disruptive ventures
Purpose
Unicorns are startups that rapidly achieve a market value of at least one billion USD. Recently, they are increasingly seen as a key outcome of thriving entrepreneurial ecosystems. However, it remains unclear what elements of entrepreneurial ecosystems contribute to the goal of increasing the number of such companies. In this article we identify the driving factors of entrepreneurial ecosystems associated with the emergence of unicorns.
Design/methodology/approach
We compare the association between elements of entrepreneurial ecosystems for the occurrence of unicorns and startups, as well as an additional benchmark derived from the location of headquarters of large innovative companies. The study sample includes data for all locations with the presence of unicorn companies (159 cities in 47 countries). Analytical explorations involved LASSO regressions, fsQCA and cluster analysis.
Findings
The emergence of unicorns relates to the proximity to leading R&D organizations, venture infrastructure and investments, as well as digital infrastructure. Based on these indicators, we identify four types of entrepreneurial ecosystem configurations, each leading to different outcomes in terms of the number of unicorn companies. The results show that the highest number of unicorns is observed in cities with a full-fledged set of these factors.
Originality/value
The conducted study is the first to empirically demonstrate the distinct necessary conditions for the creation and attraction of unicorn companies compared to regular startups and large technology firms. This result highlights the need to consider additional urban development factors that go beyond the traditional parameters of the venture market.
Fomina Y., Chahine T., , in: Responsible People. The Role of the Individual in CSR, Entrepreneurship and Management Education. Palgrave Studies in Governance, Leadership and Responsibility.: Palgrave Macmillan, 2019. P. 89–111.
Social entrepreneurship is a pathway for individuals and organizations to take responsibility for social and environmental outcomes. It allows the handling of pressing global challenges. Understanding factors of success and failure can help social entrepreneurs mitigate risk when designing and implementing their ventures. While these factors have been characterized in the USA, U.K., Europe, and ...
Added: October 10, 2026
Bo S., Christofi M., Battisti E. et al., Technological Forecasting and Social Change 2026 Vol. 2028 P. 1–13
In the face of rising sustainability expectations and limited resources, startups must balance financial objectives with ESG (environmental, social, and governance) goals under uncertainty. This study examines how ESG behavior influences external resource acquisition, financing choices, and strategic outcomes in early-stage enterprises. Drawing on the entrepreneurial learning perspective, we argue that startups refine ESG strategies ...
Added: September 25, 2026
Kilinc-Ata N., Proskuryakova L. N., Natural Resources Forum 2026 P. 1–18
The convergence of energy transition and digitalization represents two pivotal trends in the global economy that complement each other. The decrease in carbon dioxide (CO2) emissions is facilitated by larger Internet access and more substantial investments in research and development. This study sheds light on the dual impact of digitalization and innovation on CO2 emissions ...
Added: September 25, 2026
Grimaldi M., Troisi O., Papa A. et al., The Journal of Technology Transfer 2026 Vol. 51 P. 1341–1392
Digital transformation and the possibility to collect large amount of data, the so-called big data, from different sources can lead to the redefinition of business processes, models and infrastructures. In this respect, data-driven decision making (DDDM) emphasizes the need to rethink management practices to view data as a driving force that can improve the effectiveness ...
Added: September 24, 2026
Li C., Tiwari S., Kazemzadeh E. et al., Sustainable Development 2026 Vol. 34 No. 5 P. 7109–7139
The transition to renewable energy is a cornerstone of sustainable development, yet it faces significant challenges. Key barriers include grid integration issues, technological immaturity, high initial costs, and policy and regulatory uncertainty. However, overcoming these hurdles offers substantial rewards, including new economic opportunities, lower energy costs, accelerated technological innovation, and more inclusive growth—ultimately paving the ...
Added: September 23, 2026
Karachurina L. B., Mkrtchyan N. V., Региональные исследования 2026 № 1(91) С. 34–47
Migration for higher education is one of the largest and most intense migration flows in most developed countries, and Russia is no exception. The direction of educational migration flows is determined by many factors. Among these, traditionally significant determinants of the basic gravity model include the population size of the centers participating in migration exchange ...
Added: September 19, 2026
Saraev V., Medovnikov D., Розмирович С. Д. et al., М.: Иннопрактика, 2020.
This report presents a brief summary of the results of a study devoted to the analysis of innovation practices in large Russian companies, their comparison with the most successful international experience, and the identification of opportunities to improve the effectiveness of innovation development tools. ...
Added: August 11, 2026
Ufa: Scientific publishing house Infinity, 2026.
Science Conference Proceedings combine materials of the conference –
research papers and thesis reports of scientific workers. They examine technical,
juridical and sociological aspects of research issues. Some articles deal
with theoretical and methodological approaches and principles of research
questions of personality professionalization.
Authors are responsible for the accuracy of cited publications, facts, figures,
quotations, statistics, proper names and other information. ...
Added: June 18, 2026
L.: British Academy of Management, 2026.
The conference theme "Thriving Together: Impact, Innovation, and Inclusion in Business and Management" encapsulates the core values and strategic priorities of the British Academy of Management (BAM) for 2024-2028. The theme is also aligned with Royal Holloway, University of London research priorities.
It emphasises the importance of fostering a collaborative and supportive environment within the business and management ...
Added: June 8, 2026
Strebkov D., Социологические исследования 2026 № 2 С. 35–47
The article analyzes the impact of artificial intelligence (AI) on the professional activities of Russian-speaking freelancers engaged in creative and intellectual fields. Based on data from online surveys conducted in 2024 and 2025 on the platform Freelance.ru, the research reveals the dynamics of AI usage, the primary tasks assigned to neural networks, and the advantages ...
Added: April 20, 2026
Фаузер В. В., Smirnov A., Фаузер Г. Н., Север и рынок: формирование экономического порядка 2023 № 1 С. 64–79
Over the past decades, the population of the North of Russia has decreased by more than a quarter. The leading cause is migration outflow, with natural population movement also contributing to the overall population decline. Comparing the data of the last two censuses will make it possible to understand the full depth of the transformational ...
Added: March 18, 2026
Chieregato Vicentin D., Salati Marcondes de Moraes G. H., Fischer B. et al., Journal of Intellectual Capital 2026 Vol. 27 No. 4 P. 951–974
Purpose
This study investigates the main contextual determinants of entrepreneurial culture (EC) in emerging ecosystems, interpreting EC as an intangible resource that affects the dynamics of Intellectual Capital within entrepreneurial ecosystems. It analyzes how factors based on the pillars of such ecosystems influence perceptions regarding structural conditions associated with creativity and innovation in a given region.
Design/methodology/approach
A ...
Added: March 11, 2026
М.: Юрайт, 2026.
The course "Innovation Management" is included in most higher education curricula, and a new program, "Innovation," has been launched. This textbook introduces students and aspiring entrepreneurs to the key challenges that arise when implementing innovative projects, as well as the ways and means of addressing them. This course also teaches how to engage relevant specialists ...
Added: March 7, 2026
Shokhin A. N., Гвоздев В. Е., Бизнес. Общество. Власть 2025 № 3 (57) С. 95–102
Youth social entrepreneurship is emerging as a key driver of sustainable development, combining economic efficiency with a social mission. The article analyzes current trends, support institutions, and barriers to the sector's growth in Russia. Based on recent data (2024–2025), the leading regions (Moscow Oblast, Bashkortostan, Leningrad Oblast) and their success factors are identified: government grants, ...
Added: February 27, 2026
Malyy M., Tekic Z., Podladchikova T., Financial Innovation 2026 Vol. 12 Article 34
Valuing startups is inherently challenging due to high uncertainty and information asymmetry, which undermines the effectiveness of conventional valuation methods and compels investors to rely on intuition or qualitative judgments, often leading to inconsistent or manipulated valuations. This study explores the potential of internet search query data, particularly Google Trends, as a third-party signal to ...
Added: February 2, 2026
Filosofova T. G., Сырцов Д. Н., Токанов И. Г., Государственное и муниципальное управление. Ученые записки 2025 № 4 С. 170–180
Agricultural products and their processing industries are a source of human livelihood and determine the socioeconomic development and well-being of any country. Russia is one of the countries where flax has been a key agricultural crop and export item for centuries. Purpose. To identify the prerequisites and opportunities for developing flax and flax-processed product production, ...
Added: December 12, 2025
Gulyaev R., Социология власти 2025 Т. 37 № 3 С. 155–176
The article examines the problem of interconnection between strategic, political and technical aspects of organized violence in “History of Peloponnesian War” by Thucydides in its most complex and effective form – maneuver naval combat. According to Thucydides, it is the ability to conduct prolonged naval and land campaigns with ability to concentrate force and resources ...
Added: December 8, 2025
Meissner D., Salati Marcondes de Moraes G. H., Brandão Fischer B. et al., / NRU Higher School of Economics. Series WP BRP "Science, Technology and Innovation". 2025. No. WP BRP /STI/2025.
Innovation has long been at the center of debates in economics, management, and organizational studies. However, innovation is never free of uncertainty and risk. Every act of innovation implies a departure from established paths and a willingness to embrace the unknown. From the beginning it's never clear if there is an audience which appreciates the ...
Added: November 28, 2025
Cyril Ilnicki, Raj A., del Rio M. D. et al., Mexico: Universidad panamericana, 2024.
The study, developed by an international consortium, presents the inaugural ranking of human potential in BRICS+ cities, based on UNESCO methodology. The ranking analyzes 100 development-leading cities from 32 BRICS+ countries according to their capacity to develop and realize human potential. The methodology evaluates two interrelated perspectives: the quality of population potential development and the ...
Added: November 26, 2025
Factors of Firms’ Export in Non-Energy Industries in a Resource-Rich Country: New Evidence on Russia
Kuzyk M., Simachev Y. V., Fedyunina A., Panoeconomicus 2026 No. 00 P. 26–26
Export activity is a significant challenge for firms and, simultaneously, a "marker" of their efficiency. Both of these circumstances are especially relevant for Russia, as the Russian market is quite large and at the same time is characterised by rather high barriers to entry. In such conditions, Russian firms need an especially strong motivation to ...
Added: October 22, 2025