BAKU, Azerbaijan, October 26. The activity of "Unicorn" companies in the Azerbaijani market is currently not fit for purpose, director of the Caucasus Ventures venture fund Mammad Karim said at the Fintech Forum, Trend reports.
"It is possible to create "Unicorn" companies in Azerbaijan and enter foreign markets. However, we should not take "Unicorn" as a target in Azerbaijan. Instead, we should create startups that are responsive and compliant to technological innovation. Regular companies offering healthy technological solutions that fit the market can function more successfully in Azerbaijan," he said.
Unicorn is a startup company valued at over $1 billion. Such companies are rare and prized for their ability to grow quickly and attract large investments.
Examples of Unicorn include (Uber, Airbnb, SpaceX, Palantir Technologies, Bytedance, TikTok and others).
Uber, one of the most well-known examples of a "unicorn", is an international company that provides taxi and ridesharing services, and it achieved "unicorn" status by significantly disrupting the traditional transportation industry. Airbnb service allows people to rent or lease short-term accommodations. It quickly became one of the largest players in the hospitality industry.
Elon Musk's SpaceX, which became a "unicorn", attracted significant investments for the development of innovative technologies in space travel and space exploration. Palantir Technologies: This company specializes in data analysis and software development for intelligence and commercial organizations. It also achieved "unicorn" status and quickly garnered investor attention.
Bytedance is a Chinese firm that launched the ubiquitous short video-sharing software TikTok, which became one of the world's most valuable companies, becoming a "unicorn" due to its global appeal.
These companies are only a small sample of the successful startups that have achieved "unicorn" status. Their quick development and billion-dollar valuations show that innovative concepts can attract funding and upset established company sectors.
Caucasus Ventures' authorized capital is 11.3 million manat ($6.6 million).