The term Unicorn first crept into the business vocabulary in 2013 and according to the Oxford Dictionary is a ‘start-up company valued at more than a billion dollars’. Interestingly the same dictionary offers an alternative definition – ‘something that is highly desirable but difficult to find or obtain’.
The term Unicorn first crept into the business vocabulary in 2013 and according to the Oxford Dictionary is a ‘start-up company valued at more than a billion dollars’.
Interestingly the same dictionary offers an alternative definition – ‘something that is highly desirable but difficult to find or obtain’.
My research tells me that in September 2022 there were 44 private $1b+ businesses headquartered in the UK. The average age of UK unicorns is seven years.
Unicorns have been described as businesses that focus on growth at all costs and it’s interesting to look at the perpetual losses that many of our UK unicorns are posting. They might have achieved phenomenal valuations but with huge burn rates, to be sustainable they need to make a profit at some stage or sell out before they run out of cash.
So what of Camels? A new term to me but one which resonates more with me and our Pabasso – Peer Advisory Board Associates members than Unicorn.
Entrepreneur Magazine describes a Camel as follows:
“Camels adapt to multiple climates. Camels survive without food or water for months.
When the time is right, they can sprint rapidly for sustained periods of time.
Unlike unicorns, camels are not imaginary creatures living in fictitious lands.
They are real, resilient and can survive in the harshest places on Earth.
While the metaphor may not be as flashy, these camels prioritize sustainability, and thus survival, from the get-go by balancing growth and cash flow.”
Now that sounds to me more like most businesses we know and the type of business most people would prefer to lead or work for – but granted not as sexy a label as Unicorn.
Given that very few businesses achieve Unicorn status then being a Camel is a pretty good second place – certainly better than being a Zombie which according to Wikipedia is ‘a company
that needs bailouts in order to operate’.
I like to think of our Pabasso – Peer Advisory Board Associates members as ‘Racing Camels’ – all the attributes of a normal Camel but with the desire to progress rapidly!
Watch out for the new label that is emerging which I will leave you to ponder – ‘Soonicorn’
Peer Advisory Boards are not a widely known concept among UK Business Leaders so we thought it might be useful to share a recent chat we had with one of our members who has recently sold his business.
After selling a business, many entrepreneurs face the question: What’s next? This article shares the journey of an exited business leader.
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