This chapter introduces the concept of ‘unicorns’ as exceptionally successful privately held start-ups that have reached a valuation of US$1 billion, and succinctly describes the most prolific entrepreneurial ecosystems from emerging economies per number of unicorn ventures. Providing an overview of the transformational force of these high-impact ventures, unicorns are portrayed as symbols of extraordinary growth and innovation in the digital age, garnering substantial disruptive potential and attention from investors, media, politicians and the general public. The chapter highlights the importance of unicorns not only as economic powerhouses but also as sources of inspiration and impact for entrepreneurs, investors and the broader business community, through an exploration of the factors that have influenced their development in the emerging entrepreneurial ecosystems of the Global South. Our focus is on China, India, Southeast Asia, Eastern Europe and Russia, Latin America, MENA and Africa; subsequent chapters of this book analyse these regions in detail.

This chapter examines the emergence of unicorn firms in Latin America, focusing on the interplay between local entrepreneurial ecosystems and firm strategies. Using an entrepreneurial ecosystem approach, we integrate the dual significance of tangible ecosystem resources (e.g., human capital, funding) and intangible digital assets (e.g., digital platforms and linkages) in driving firm success. We also analyse how national and local ecosystems in Argentina, Brazil, Colombia, Mexico and Peru impact the development of these high-growth firms. We identify strategies entrepreneurs use to leverage available resources and navigate institutional obstacles, emphasising the role of digital ecosystems in scaling operations beyond local boundaries. Our findings contribute to understanding the dynamics of unicorn emergence in Latin America and offer theoretical and practical insights into how entrepreneurs overcome institutional challenges and leverage digital strategies to achieve global or regional impact.