Research on the Development Path and Growth Mechanism of Unicorn Enterprises

Combining with the growth environment of Unicorns, from the aspects of emerging industries, business environment, platform support, and financial support, we propose an overall analysis framework for the existence or absence of Unicorns, use the fuzzy set qualitative comparative analysis (fsQCA) method to carry out configuration analysis on the status quo of Unicorns in 40 cities in China, and analyze the cultivation path of Unicorns. The research results indicate that the synergy of emerging industries, business environment, platform support, and financial support can foster Unicorns. According to the differences in the core conditions in the configuration and the characteristics of the cases contained, it is divided into two cultivation paths, which are driven by emerging industries and supported by the business environment; combining with the status quo and characteristics of the cities where Unicorns are missing, it provides suggestions for the selection of the cultivation path of Unicorns in different regions.