What It Takes To Lead A Unicorn

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Becoming a unicorn is no easy feat, but leading one?  That’s an entirely different challenge.  In 2023, the number of global unicorns surpassed 1,250—a testament to the growing influence of startups disrupting industries worldwide.  But behind every story of fundraising success we read on the news is a CEO navigating the weighty responsibility that comes with a billion-dollar valuation.

One of the key lessons from the experiences of leaders in this space is that unicorn CEOs face unique challenges in three particular areas:

1. Leaders of Unicorns See What Others Don’t, and Often Bank Their Whole Company on It.  The ability to spot an opportunity that others miss is often what sets unicorn founders apart. In fact, it might be the entire job requirement.  Having a vision isn’t all that rare, but having the conviction and commitment to act on it is, particularly when there’s little external validation. For the vast majority of unicorn CEOs, the journey has almost invariably begun by trusting themselves and their team when others won’t.
2. Managing the Pressures of Leading a Unicorn.  As valuations grow, so do the expectations of investors, employees, and the market alike, and crossing the billion-dollar mark brings with it pressures most CEOs never get to experience.  It is almost poetic how the very thing that most CEOs are trying to accomplish quickly becomes simply another challenge to overcome.  The pressure unicorn CEOs are subjected to go much deeper than meeting financial goals or keeping investors happy. In fact, for many the greatest source of pressure resides within, stemming deep from the CEOs ambitions to accomplish more even after having hit a status as mythical as the day Aileen Lee coined the term.
3. Where Does One Even Go After Hitting Unicorn Status?  Becoming a unicorn isn’t the end of the story.  On the contrary, it’s just the beginning for both the company and its leadership.  As the company scales and grows so too must the CEOs. In most cases, this means stepping away from the granular, hands-on approach that might have driven early success and learning to lead larger, more complex organizations.  This change is far from painless, and the process itself is equally far from obvious.

The key to sustaining growth lies not just in scaling the business but in scaling their own leadership as unicorn leader.  This is why leading a unicorn is not a destination—it’s a constant journey of adaptation, pressure, and growth.