The Rise of the Underdog Unicorn Founders
A groundbreaking study by Defiance Capital has shattered long-held assumptions about the pedigree of successful entrepreneurs. Analyzing 845 unicorns and 2,018 founders across the U.S. and U.K. from 2013 to 2023, the report reveals that 70% of unicorns were founded by underdogs – immigrants, women, and people of color.
Remarkably, 17% of unicorns in 2023 had at least one female founder, a significant increase from the past. The study challenges the notion that a prestigious background is necessary for success, with only 34% of founders having worked at elite employers.
Instead, the "DNA" of a unicorn founder is defined by three factors: an unwavering "no plan B" mentality, a "chip on the shoulder" that fuels their drive, and an unlimited self-belief. Many of these founders developed resilience from early experiences of feeling unfairly treated or limited.
The pivotal role of immigrant founders is also highlighted, with 62% of unicorns having at least one founder of immigrant descent. This finding underscores the contributions of diverse perspectives and the brain drain phenomenon.
As Defiance Capital founder Christian Dorffer notes, "There's a huge opportunity for new funds to come in and specifically set out to look for these founders." The study serves as a call to embrace the underdog spirit and pave the way for a more inclusive and diverse entrepreneurial future.
