The unicorn creation, globally, has accelerated nearly forty-fold over the past decade, from an average of four companies per year between 2003-2013 to 148 per year between 2014-2024. While the average time to reach unicorn status has remained steady at six to seven years, AI companies now achieve unicorn status in an average of 4.7 years, according to a report by global early-stage venture capital firm Antler.
One of the key findings of the report, titled The Anatomy of Greatness, is the shift in founder age. The average unicorn founder age at the time of founding has risen from 30 to 33 years over the past decade. In contrast, AI-unicorn founders have become younger, with the average age falling from a 2020 peak of 40 to 29 in 2024.
Notably, the decade-long study analysed 1,629 unicorn companies and 3,512 founders between 2014 and 2024.
The report also highlighted the geographic democratisation of unicorn creation. In the early 2010s, unicorns were concentrated across 30 cities in eight countries. However, between 2014-2024, unicorns emerged from more than 300 cities across 45 countries. While the United States remains the leading home of unicorns, its share has declined from roughly two-thirds to approximately one-half.
India has also emerged as a significant contributor within the Asia-Pacific region, producing 109 unicorns between 2014 and 2024. Bengaluru (46 unicorns), Mumbai (19) and Gurugram (15) feature among the region’s leading unicorn hubs. Indian institutions such as IIT Delhi rank among the top global universities producing unicorn founders.
Commenting on the report, Fridtjof Berge, co-founder and chief business officer at Antler, said, “In today’s decentralised world, innovation can come from anywhere. With rapid advances in AI, billion-dollar companies are emerging faster than ever — and that pace is only set to accelerate.”
Divita Aggarwal, associate at Antler India, and Susmit Patodia, ex-associate partner at Antler, who co-led the research, added, “The data shows that repeat founders account for approximately 40 per cent of unicorn creators, and around 26 per cent of unicorn founders are immigrants, 81 per cent of whom are based in the United States. STEM backgrounds dominate among unicorn founders, making up roughly 60 per cent. At the same time, women represent only 6 per cent of total unicorn founders, despite an increase in female founder representation over the past decade.”
The report also finds regional differences in scaling velocity as unicorns in North America and Asia-Pacific reach unicorn status in five to six years on average, compared with over nine years in Europe.
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