Las Unicorn companies are those technology companies whose growth is exponential, they usually reach a value of 1,000 million dollars in less than 10 years from their creation.
This term was coined by Aileen Lee, founder of Cowboy Ventures in 2013, where she defined unicorn companies as: “A technology company that reaches the value of 1,000 million USD at some point in its capital raising process, without going public.
Characteristics of unicorn companies
E-commerce, software, and the healthcare industry are some of the business models with the highest concentrations of unicorns. These types of companies have managed to use new technologies to their advantage, as they managed to outperform their competitors by offering new ways of consuming to their customers.
There are different characteristics that characterize this type of company, some of the most notable are the following:
They are innovative
Unicorn companies dare to create new trends in the market, take initiatives in the sector in which they operate and take advantage of companies that operate in traditional contexts thanks to technological applications.
They adapt to the digital environment
These companies detect opportunities and adapt to the digital environment, most of them emerged in the era of social networks, which are their allies to consolidate.
They do not have more than 10 years of operation
They are new companies, they do not exceed 10 years of operation and they achieved success incredibly quickly, something very common is that their founders are around an average age of 34 years.
This feature is not a mandatory rule; however, it is a noticeable factor in most unicorn companies.
They are B2B companies
These organizations develop an entire commercial strategy to reach their final consumer and manage excellent marketing campaigns.
They grow fast
The business model they manage is scalable in the long term, they are capable of generating income quickly compared to what their cost structure grows.
Odoo is now a unicorn company
In March 2022, Odoo appeared within the top 3 rated unicorns in Belgium
Odoo has an excellent team that helps the innovation and growth of the company, each of its collaborators contribute their knowledge to be able to provide the client with software that helps companies transform the way they manage their businesses.
In addition, the evolution of Odoo has been impressive. After its launch in 2005 (known then as TinyERP), the company quickly jumped from 1 to 250 employees in just a few years. Since then, Odoo has seen a steady growth rate of over 60% year over year.
This transaction to a unicorn company is nothing more than a solid proof of confidence on the part of the market. Nothing changes for Odoo. His goal will continue to be to develop a great product and make it accessible to many companies.
Here we leave you the reflection of the founder and CEO of Odoo, Fabien Pinckaers: Odoo is now a unicorn. So What?
At Vauxoo we are experts in Odoo
With more than 10 years of experience, we are one of the best Odoo partners as Gold Partners since 2012 and two consecutive years as "Best Partner in Latin America", Vauxoo has facilitated more than 150 implementations, has an annual customer retention rate of 99%, and has trained more than 500 people in Odoo around the world.