As a startup, your greatest desire is to attain the highest stage of success possible. You may wish to explore the Full Taxonomy of Startup- Taxonomy Based on Valuation and Capital Efficiency to know where to put your basket.
Like many others, you may have started from scratch, and you would like to be among the very few who break the ice and become the best!
Read on to know about the different classifications of startups based on their growth stages.
Important Takeaways
- Minicorn Startups are placed at a value of over $1 million
- Soonicorn Startups are firms that raised $600-800 million in their most recent round of fundraising
- Unicorn Startups are placed at a value of over $1 billion
- Decacorn Startups are placed at a value of over $10 billion
- Hectocorn Startups are placed at a value of over $100 billion.
Differences Between Minicorn, Soonicorn, Unicorn, Decacorn And Hectocorn Startup
| MINICORN | SOONICORN | UNICORN | DECACORN | HECTOCORN |
| Minicorn startups are startups with value placed at $1 million.They are young companies with the potential to become unicorns but still have a long way to go.These are the unicorn firms of the future, which could arise at any time. | Soonicorns, as the name sounds, is derived from the phrase ‘SOON TO BE A UNICORN’Sponsors are companies that are mostly sponsored and supported financially by an Angel Investor or Venture Capitalist.It is done by looking at the market’s future potential or an apparent valuation. Soonicorns have established themselves in a range of fields, including e-commerce, AI, healthcare technology, fintech, logistics, and so on. | The term “Unicorn” is well known among the general citizens. It is the dream of every startup to become one.Unicorn is a privatized startup company whose valuation is placed at $1 billion dollars or above.In 2013, Aileen Lee, Founder of Cowboy Ventures, came up with the term unicorn for startup companies worth over $1 billion. | Deca means 10, which makes Decacorn self explanatory.Decacorn is any startup company whose current worth is over $10 billion.Surprisingly, there are only 15 decacorn startups in the world as of recent.This is small when compared to the number of registered startups in the world.10 of these Decacorn companies are in the United States of America. | Hectocorn is also known as ‘Super corn’. It is a company with a valuation of over $100 billion.This stage in a startup business is not one most startups can even dream of.It is one of the highest classifications in a startup.The famous Apple, Google, Facebook, Microsoft, and Oracle are examples of the Hectocorn companies. |
Features of Minicorn
- Minicorns startups are valued at $ 1 million and over.
- They are companies that are new in the business game
- They also possess some valuation that proves that they have the potential to become a unicorn in the future.
Explore the 10 Resourceful Sources of Startup Financing.
Features of Soonicorn
- Soonicorn are company that raise $600-800 million in their round of fundraising
- They are funded and financed majorly by an angel investor or a venture capitalist.
- The valuation for their business is based on the future forecast about the market and company valuation of the industry.
- Their valuation is always higher than the actual value of the startup.
- They are always seen and acquired by large organizations, and this gives them more value than their actual net worth.
Read- Top 14 Startups in Nigeria that You Should Know About in 2022.
Features of Unicorn
- Unicorns are kept on a value of over $1 billion
- The term unicorn only applies to corporations that remain privately owned.
- Their name always get the attention of investors all over the world.
Read- What Owning a Business has Done for Me and/ What it can do for You.
Features of Decacorn
- They are placed at a value of more than $10 billion
- Decacorns are typically the evolved versions of unicorns.
- Their specific business model, revenue model, and rates are the same as that of a unicorn.
- They have shown the world a massive rate of growth that other startups cannot.
Read- 9 Legit Small Business Loans in Nigeria- Explanations.
Features of Hectocorn
- They are kept on a value of more than $100 billion
- They are mainly tech or financial companies.
- Hectocorn startups are also known as ‘Super Unicorns’.
Conclusion
By now, you should be enlightened on the other growth stages of a startup. Unicorn startup, although most popular, isn’t the only/highest growth stage of a startup.
The 1 billion dollar question is; Which growth stage is your startup aiming for?
Frequently asked questions (FAQs)
What is the difference between Unicorn and Decacorn?
The Unicorn startups are valued at over 1 billion dollars and the decacorn startups exceed the valuation of $10 billion.
How many Decacorns are in Nigeria?
There are no decacorns in Nigeria currently but Nigerian unicorns like Flutterwave, OPay, Andela, Interswitch, and Jumia are all striving to make it on the list of Decacorns.
What is the next level of unicorns?
Decacorns are the evolved versions and the next level of unicorn companies.
