유니콘 기업의 성장 과정과 성장 요인에 관한 연구:스트라이프와 스퀘어의 사례를 중심으로

초록

This paper aims to investigate determinants affecting growth of unicorns in each type of growth stage by analyzing the growth path of Stripe and Square, representative unicorns in the fintech industry. Through a case study, it separately draws firm-level strategic factors affecting each stage (i.e. startup-to-unicorn stage and post-unicorn stage before a decacorn or a exitcorn). It also suggests environmental factors of firm growth. According to the results of this study, main strategic factors of growth in the startup-to-unicorn stage are simple technology-service platform increasing customer convenience, differentiated business model based on disruptive innovation, and financing initial-stage growth capital from entrepreneurs with related startup experience and venture capitals with a deep understanding of the industry. In addition, main strategic factors in the post-unicorn stage are establishing a basis of persistent growth through partnership with diverse firms, expansion of market or customers through increasing entry into global market or B2C business, expansion of service areas based on the integration of existing core technology and cutting-edge technology, and continuously financing large-scale capital from investors specialized in later-stage growth capital. In addition, high growth rate of the new industry, deregulation, and advanced ecosystem of entrepreneurial finance are environmental factors for fast growth of Stripe and Square. Based on these results of case study, this paper discusses implications of corporate management and public policy.

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