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2 - Unicorns from Emerging Economies: A Framework for Analysing Their Genesis and Nature

Published online by Cambridge University Press:  05 December 2025

By
Veneta Andonova ,
Juana García Duque  and
Diego Finchelstein
Edited by
Veneta Andonova ,
Diego Finchelstein  and
Juana García Duque
Veneta Andonova
Affiliation:
Universidad de los Andes, Colombia
Diego Finchelstein
Affiliation:
Universidad de San Andrés (Argentina)
Juana García Duque
Affiliation:
Universidad de los Andes, Colombia
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Summary

Unicorns from emerging economies have a significant impact on entrepreneurial ecosystems locally, regionally and globally; however, little is known about these privately held entities. This chapter presents the analytical framework that brings the research in this book together; it is meant as a structured system for understanding the forces of the distal and proximal environments under whose influence unicorns emerge. The building blocks of the proposed analytical framework include: macro trends, such as the health of the global economy; geopolitical power balance and the race for technological superiority; the elements of the local entrepreneurial ecosystem; and the specific characteristics of unicorns. To a degree, these all enable opportunities for accelerated growth to arise within the context of the emerging economies of the Global South.

Keywords

unicornsventure capitalGlobal Southentrepreneurial ecosystemsentrepreneurial framework conditionsAlibabaBaiduTencentMercado LibreJumia

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Unicorns from Emerging Economies
Creating Value through Technology and Innovation
 , pp. 23 - 53
Publisher: Cambridge University Press
Print publication year: 2026

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