The startup industry is rife with jargon and phrases that have permeated our everyday speech. "Unicorn" is one such word that has become very popular in recent years. A startup that has a value of over $1 billion is called a unicorn. Apart from unicorn, did you know there are several other “corns” in the startup world such as minicorn, soonicorn, decacorn and hectocorn?
Let’s understand what the different 'corns' in the startup world mean.
In order to categorize startups according to their valuations, the words "Minicorn," "Soonicorn," "Unicorn," "Decacorn," and "Hectocorn" are employed, with each term denoting a different level of valuation. Know here what does each corn means and how you differentiate it:
Minicorn: Minicorns refer to startups which has a valuation of $1 million or more. They are considered less risky and are new to the game. While minicorns aren’t highly used or get the attention of unicorns, they still have a lot of worth in the business world and have gained a lot of traction in the markets.
Soonicorn: A soonicorn is a startup which is expected to reach unicorn status ($1 billion) very soon. It implies that the startup has gained a significant market share and is on a rapid growth trajectory. However, they are considered riskier as they still have to face significant competition in the market than established unicorns.
Unicorn: A very large number of the audience is aware of what unicorn means. It is a startup that has achieved a valuation of $1 billion but less than $10 billion. It is used to describe the exceptional growth and potential of the company. Unicorn companies are often considered to be the most valuable and innovative in the world.
Decacorn: After unicorn comes Decacorn, a startup that has a valuation of $10 billion or more. Decacorns are companies which are highly valued and are often represented in the elite category. They are well-established, innovative and disruptive and have the strength to transform the industries in which they operate. They face a lot of challenges as they continue to grow and scale.
Hectocorn: Hector is used to describe startups that have a valuation of $100 billion or more. They have reached extraordinary levels of valuation and now represent an elite group of companies. Investing in hectacorn companies is rare as companies have reached a $100 billion valuation but they are considered safe investments because of their reputation and strong financial resources.
