Unicorn startups represent privately held companies valued at over 1 billion USD that have transformed industries through rapid growth, disruptive innovation, and substantial venture capital backing. This systematic literature review (SLR) synthesizes existing research to provide a comprehensive understanding of unicorns. The analytical framework developed through this review is structured around an antecedent–mediator–outcome model, which identifies key drivers, dynamic mechanisms, and outcomes. Based on this synthesis, the study also introduces the Unicorn Scalability Framework (USF). The multidimensional USF integrates insights from seven foundational theoretical perspectives to explain how unicorns scale. These findings offer a structured foundation to guide future research and deepen the understanding of unicorn dynamics within the global entrepreneurial ecosystem. The study contributes to both theoretical discourse and practical implications.
Thomas et al. (Thu,) studied this question.