Beyond Myth: A Systematic Literature Review on the Emergence of Unicorn Firms

Purpose – This study aims to provide a systematic and comprehensive examination of the underlying factors enabling the emergence of unicorn firms. By addressing this research gap and offering an integrative framework, it seeks to support future research efforts in understanding this phenomenon and contribute to the academic debate around it. Design/methodology/approach – This study employs a systematic literature review (SLR) approach and thematic analysis of articles retrieved from Scopus and Web of Science databases. Findings – The study sheds light on internal characteristics, ranging from the entrepreneurial (human capital and knowledge) to firm-specific level (business model, corporate governance, resources), and external ones related to the funding factors (financial patterns, venture capitalists, firm evaluation) and the ecosystem (entrepreneurial and technology) around the phenomenon of unicorn firms. Originality – This is the first systematic literature review on unicorns that offers insights into the internal and external factors driving the emergence of such firms, contributes to shed light on the main criticalities that blur their understanding, and presents a research agenda for developing this field of research.