Start-up Conversions to Unicorns


The ramifications of COVID-19 left the Indian start-up market staggering, but with cost efficiency and pivotal decisions, the start-up sector has emerged unscathed with successful unicorns. Several Indian startups in the Ed-tech sector such as Unacademy have secured the unicorn status. If we extrapolate further, looking at the business trends in the past year, it is clear that ed-tech startups are leading the way.

How Do Start-ups Achieve Unicorn Status?

  1. Distinct and Unique Products

Start-ups that become unicorns have extremely unique products that cater to consumer problems in a different yet effective way. By providing real value and distinct solutions, they have their way into the market. A prime example is Uber, that turned the world around in the taxi-services industry. Choosing the right product and audience is the first step towards reaching the Unicorn Club.

  1. Rapid Scaling-up 

The key to becoming a Unicorn is to practice rapid-growth so that you can reach your exit-stage soon or become an IPO. Well-designed goals and plans with the right team and funds, you can scale up your start-up to reach the levels of Airbnb or Uber in the Unicorn Club.

  1. Know When to Pivot

To become a Unicorn, be ready for changes and pivots in your strategies or sometimes even the product you sell. To thrive in the start-up world, success sometimes needs you to pivot entirely from what you began. Being unique and different is a necessity to dominate the market. Thus, brainstorm and know when to switch paths.

Conclusion:

With 36 Indian start-ups earning the unicorn status, with a combined valuation of almost $120 Billion, the start-up sector in India seems to have high market potential. Though the market may seem condensed in terms of solutions, we still have the entirety of the ocean to explore

Smruthi Krishnan
Smruthi Krishnan
Smruthi interviews and writes on inspiring entrepreneurs and the success stories of start-ups. She is currently pursuing Economics major from Delhi University.

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