What is unicorn?

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In the world of venture capitalism there’s a word which many startuppers or entrepreneurs seem to hear often – unicorn. Do you know what that means? Read on!

A unicorn is a privately-owned enterprise that’s valued at least one billion USD. We have a few such enterprises here in Africa; much less than what obtains in the US, and China. In the former, there’re are concentrated in Silicon Valley and the San Francisco Bay Area.

Recent research by Bavijas shows Africa has at least 7 unicorns. Can you mention one? Flutterwave! Most African unicorns are Nigerian-owned or-based. Flutterwave is one, amidst Jumia, OPAY and Interswitch. Outside Nigeria we have Fawry, Chipper, MNT-Halan, and Wave. 

It takes more than just innovative thinking for startups to assume a unicorn status. I hopefully believe Bavijas will someday be counted among the unicorns in Africa, whether or not I’m the CEO.

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