Unicorns: The Engine of Creative Destruction and Elite Circulation

Casas i Klett, T. & Cozzi, G., Elite Quality Report 2024: The Sustainable Value Creation of Nations, Zurich: Seismo, 2024, DOI: 10.33058/seismo.30892.0001

3 Pages Posted: 14 May 2024

See all articles by Weilei (Stone) Shi

Weilei (Stone) Shi

Cheung Kong Graduate School of Business

Rupert Hoogewerf

affiliation not provided to SSRN

Tomas Casas

University of St. Gallen - SoM: School of Management

Alexander Tonn

University of St.Gallen

Date Written: April 30, 2024

Abstract

This paper, part of the Elite Quality Report 2024 contributions, examines the impact of unicorns, which are pivotal to structural reforms and elite renewal in national economies. Unicorns—startups valued at over USD one billion—play a crucial role in Schumpeterian creative destruction, fostering new ideas and a dynamic flow of resources that enhance the quality of elite systems without extracting undue rents. This study delineates how unicorns contribute to economic vibrancy through a virtuous cycle of innovation and elite circulation.
Our analysis draws upon data from the Global Unicorn Index 2024 by Hurun Research and the EQx2024, comparing the emergence and impact of unicorns across different economies with a particular focus on the US and China. The paper provides insights into how unicorns shape global economic landscapes and elite quality, offering a nuanced understanding of their role in sustainable value creation and elite circulation within modern economies.

Keywords: Unicorns, elite quality, long-term value, index, elites, elite quality, institutions, value creation, value extraction, economic development, political economy, global rankings, international business

Suggested Citation

Shi, Weilei (Stone) and Hoogewerf, Rupert and Casas, Tomas and Tonn, Alexander, Unicorns: The Engine of Creative Destruction and Elite Circulation (April 30, 2024). Casas i Klett, T. & Cozzi, G., Elite Quality Report 2024: The Sustainable Value Creation of Nations, Zurich: Seismo, 2024, DOI: 10.33058/seismo.30892.0001, Available at SSRN: https://ssrn.com/abstract=4812641 or http://dx.doi.org/10.2139/ssrn.4812641

Weilei (Stone) Shi

Cheung Kong Graduate School of Business ( email )

T5 1-2FL, Lane 988
Shenchang Rd
Shanghai, Shanghai
China

Rupert Hoogewerf

affiliation not provided to SSRN

Tomas Casas

University of St. Gallen - SoM: School of Management ( email )

Dufourstrasse 40a
St. Gallen, CH-9000
Switzerland

Alexander Tonn (Contact Author)

University of St.Gallen ( email )

St.Gallen, 9000
Switzerland

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
35
Abstract Views
238
PlumX Metrics