The venture capital ecosystem in Africa is thriving. With multiple large investor rounds and exits in the 2020s, the continent transitioned from having not a single unicorn in 2016 to seven start-ups worth over US$1 billion in less than a decade, while five unicorns were born in 2021 alone. Even though many start-ups on the continent gain traction organically, the current paradigm is no substitute for finding a competitive regional strategy that offers a sustainable flow of successful scale ups that then obtain unicorn status. There is a vast difference in institutional structure, resources and capabilities between African countries and what is found elsewhere. Africa faces different sets of challenges that require a unique approach to venture creation. Reforms capable of strengthening existing policy frameworks, skills development initiatives and a financing architecture that supports entrepreneurship along the entire value chain will be critical in the African context. This chapter situates policy innovation in the context of Africa’s bubbling venture capital ecosystem as a key contributor to unicorn emergence.

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.

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.

On the basis of the previous chapters, we summarise the dimensions along which unicorns from developed and emerging economies differ, recognising the relative strengths of the constituent elements of the entrepreneurial ecosystems of China, India, MENA, Africa, Latin America, Southeast Asia, Central and Eastern Europe and Russia as described in this book. This overview serves as a point of departure for researchers and policymakers in further assessing and understanding the transformational potential of unicorns for countries of the Global South. We offer a list of conjectures that require additional data, analysis and validation to find an answer to the overarching question: Will unicorns from emerging economies be able to materialise into significant and tangible economic and social improvements?

This chapter examines the factors which influence the entrepreneurial ecosystems in member countries of the Association of Southeast Asian Nations (ASEAN). We present four stylised case studies of successful entrepreneurship featuring Asian unicorns: Bitkub, PrimaKu, Bolttech and Maya. The entrepreneurial ecosystem in Singapore is vibrant, with a growing number of start-ups and venture capital funding sources. Indonesia is seen as the home of somewhat surprisingly successful ventures, whereas the entrepreneurial ecosystems of Thailand and the Philippines are still at an earlier stage of development. The region’s entrepreneurial climate has been continuously improving, facilitating the emergence of more start-ups and a more supportive ecosystem. ASEAN economies embrace digital technologies and leverage them for economic and social advancement. E-commerce businesses in ASEAN have significant growth potential.