Ministry of SMEs and Startups to Establish Korean-Style Criteria for Unicorn Companies
[Asia Economy Reporter Yoo Hyun-seok] Standards for unicorn companies are expected to be established to suit the domestic situation.
According to the Ministry of SMEs and Startups on the 17th, work is underway to establish domestic standards for unicorns, prospective unicorns, and baby unicorn companies.
Typically, a unicorn company refers to a company valued at over 1 trillion won. A prospective unicorn is a company valued at over 100 billion won but not yet a unicorn, and a baby unicorn refers to promising startups before becoming prospective unicorns.
These standards generally follow the evaluation by the U.S. market research firm CB Insights. Accordingly, about 11 unicorn companies are estimated to exist domestically, including Coupang, Krafton, Yellow Mobile, and Baedal Minjok.
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However, in line with opinions that new standards considering not only financial status but also the company's sustainable growth potential and job creation capability are necessary, efforts to establish domestic standards are being promoted.
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