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What are the determinants of Unicorns and Gazelles' early success? This review article examines the factors that contribute to the success of Unicorns and Gazelles in their early life stage. Indeed, despite their unique characteristics and significant impact on the global economy, Unicorns and Gazelles have yet to be thoroughly examined in terms of their (exceptional) survival factors. To bridge this literature gap, we systematically reviewed 66 articles, comparing Unicorns' and Gazelles' survival determinants and proposing a conceptual framework for their life cycle. Attracted by the exceptional characteristics of these new ventures, such as the fast scalability provided by their business models, early investors play a key role in helping them overcome initial challenges. However, this reliance on investors presents a double-edged sword, as withdrawing their support can lead to significant disruptions. This understanding provides valuable insights for entrepreneurs, investors, and policymakers navigating the complexities of the start-up world, ultimately increasing the likelihood of venture success and achieving a champion status. By shedding light on these exceptional ventures, our study contributes to a more comprehensive understanding of the factors driving the survival dynamics of Unicorns and Gazelles.
Cristofaro et al. (Wed,) studied this question.