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Technology company
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A technology company (or tech company) is an electronics-based technological company, including, for example, business relating to digital electronics, software, and internet-related services, such as e-commerce services.[1][2][3]

Details
According to Fortune, as of 2020, the ten largest technology companies by revenue are: Apple Inc., Samsung, Foxconn, Alphabet Inc., Microsoft, Huawei, Dell Technologies, Hitachi, IBM, and Sony.[4] Amazon has higher revenue than Apple, but is classified by Fortune in the retail sector.[5] The most profitable listed in 2020 are Apple Inc., Microsoft, Alphabet Inc., Intel, Meta Platforms, Samsung, and Tencent.[4]

Apple Inc., Alphabet Inc. (owner of Google), Meta Platforms (owner of Facebook), Microsoft, and Amazon.com, Inc. are often referred to as the Big Five multinational technology companies based in the United States. These five technology companies dominate major functions, e-commerce channels, and information of the entire Internet ecosystem. As of 2017, the Big Five had a combined valuation of over $3.3 trillion and make up more than 40 percent of the value of the Nasdaq-100 index.[6]

Many large tech companies have a reputation for innovation, spending large sums of money annually on research and development. According to PwC’s 2017 Global Innovation 1000 ranking, tech companies made up nine of the 20 most innovative companies in the world, with the top R&D spender (as measured by expenditure) being Amazon, followed by Alphabet Inc., and then Intel.[7]

As a result of numerous influential tech companies and tech startups opening offices in proximity to one another, a number of technology districts have developed in various areas across the globe.[8] These include: Silicon Valley in the San Francisco Bay Area, Silicon Wadi in Israel, Silicon Docks in Dublin, Silicon Hills in Austin, Tech City in London; Digital Media City in Seoul, Zhongguancun in Beijing, Cyberjaya in Malaysia and Cyberabad in Hyderabad.

A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model.[1][2] While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to become registered, startups refer to new businesses that intend to grow large beyond the solo founder.[3] At the beginning, startups face high uncertainty[4] and have high rates of failure, but a minority of them do go on to be successful and influential.[5]

Actions
Startups typically begin by a founder (solo-founder) or co-founders who have a way to solve a problem. The founder of a startup will begin market validation by problem interview, solution interview, and building a minimum viable product (MVP), i.e. a prototype, to develop and validate their business models. The startup process can take a long period of time (by some estimates, three years or longer), and hence sustaining effort is required. Over the long term, sustaining effort is especially challenging because of the high failure rates and uncertain outcomes.[6] Having a business plan in place outlines what to do and how to plan and achieve an idea in the future. Typically, these plans outline the first 3 to 5 years of your business strategy. [7]

Design principles
Models behind startups presenting as ventures are usually associated with design science. Design science uses design principles considered to be a coherent set of normative ideas and propositions to design and construct the company’s backbone.[8] For example, one of the initial design principles is "affordable loss".[9]

Heuristics and biases in startup actions
Because of the lack of information, high uncertainty, the need to make decisions quickly, founders of startups use many heuristics and exhibit biases in their startup actions. Biases and heuristics are parts of our cognitive toolboxes in the decision-making process. They help us decide quickly as possible under uncertainty but sometimes become erroneous and fallacious.[10]

Entrepreneurs often become overconfident about their startups and their influence on an outcome (case of the illusion of control). Entrepreneurs tend to believe they have more degree of control over events, discounting the role of luck. Below are some of the most critical decision biases of entrepreneurs to start up a new business.[10]

Overconfidence: Perceive a subjective certainty higher than the objective accuracy.
Illusion of control: Overemphasize how much skills, instead of chance, improve performance.
The law of small numbers: Reach conclusions about a larger population using a limited sample.
Availability bias: Make judgments about the probability of events based on how easy it is to think of examples.
Escalation of commitment: Persist unduly with unsuccessful initiatives or courses of action.
Startups use several action principles to generate evidence as quickly as possible to reduce the downside effect of decision biases such as an escalation of commitment, overconfidence, and the illusion of control.

Mentoring
Many entrepreneurs seek feedback from mentors in creating their startups. Mentors guide founders and impart entrepreneurial skills and may increase the self-efficacy of nascent entrepreneurs.[11] Mentoring offers direction for entrepreneurs to enhance their knowledge of how to sustain their assets relating to their status and identity and strengthen their real-time skills.[12]

Principles
There are many principles in creating a startup. Some of the principles are listed below.

Lean startup
Lean startup is a clear set of principles to create and design startups under limited resources and tremendous uncertainty to build their ventures more flexibly and at a lower cost. It is based on the idea that entrepreneurs can make their implicit assumptions about how their venture works explicit and empirically testing it.[13] The empirical test is to de/validate these assumptions and to get an engaged understanding of the business model of the new ventures, and in doing so, the new ventures are created iteratively in a build–measure–learn loop. Hence, lean startup is a set of principles for entrepreneurial learning and business model design. More precisely, it is a set of design principles aimed for iteratively experiential learning under uncertainty in an engaged empirical manner. Typically, lean startup focuses on a few lean principles:

find a problem worth solving, then define a solution
engage early adopters for market validation
continually test with smaller, faster iterations
build a function, measure customer response, and verify/refute the idea
evidence-based decisions on when to "pivot" by changing your plan’s course
maximize the efforts for speed, learning, and focus
Market validation
A key principle of startup is to validate the market need before providing a customer-centric product or service to avoid business ideas with weak demand.[14] Market validation can be done in a number of ways, including surveys, cold calling, email responses, word of mouth or through sample research.[15]

Design thinking
Design thinking is used to understand the customers’ need in an engaged manner. Design thinking and customer development can be biased because they do not remove the risk of bias because the same biases will manifest themselves in the sources of information, the type of information sought, and the interpretation of that information.[16] Encouraging people to “consider the opposite” of whatever decision they are about to make tends to reduce biases such as overconfidence, the hindsight bias, and anchoring (Larrick, 2004; Mussweiler, Strack, & Pfeiffer, 2000).

Decision-making under uncertainty
In startups, many decisions are made under uncertainty,[4] and hence a key principle for startups is to be agile and flexible. Founders can embed options to design startups in flexible manners, so that the startups can change easily in future.

Uncertainty can vary within-person (I feel more uncertain this year than last year) and between-person (he feels more uncertain than she does). A study found that when entrepreneurs feel more uncertain, they identify more opportunities (within-person difference), but entrepreneurs who perceive more uncertainties than others do not identify more opportunities than others do (no between-person difference).[4]

Partnering
Startups may form partnerships with other firms to enable their business model to operate.[17] To become attractive to other businesses, startups need to align their internal features, such as management style and products with the market situation. In their 2013 study, Kask and Linton develop two ideal profiles, or also known as configurations or archetypes, for startups that are commercializing inventions. The inheritor profile calls for a management style that is not too entrepreneurial (more conservative) and the startup should have an incremental invention (building on a previous standard). This profile is set out to be more successful (in finding a business partner) in a market that has a dominant design (a clear standard is applied in this market). In contrast to this profile is the originator which has a management style that is highly entrepreneurial and in which a radical invention or a disruptive innovation (totally new standard) is being developed. This profile is set out to be more successful (in finding a business partner) in a market that does not have a dominant design (established standard). New startups should align themselves to one of the profiles when commercializing an invention to be able to find and be attractive to a business partner. By finding a business partner, a startup has greater chances of becoming successful.[18]

Startups usually need many different partners to realize their business idea. The commercialization process is often a bumpy road with iterations and new insights during the process. Hasche and Linton (2018)[19] argue that startups can learn from their relationships with other firms, and even if the relationship ends, the startup will have gained valuable knowledge about how it should move on going forward. When a relationship is failing for a startup it needs to make changes. Three types of changes can be identified according to Hasche and Linton (2018):[19]

Change of business concept for the start up
Change of collaboration constellation (change several relationships)
Change of characteristic of business relationship (with the partner, e.g. from a transactional relationship to more of a collaborative type of relationship)
Entrepreneurial learning
See also: Validated learning
Startups need to learn at a huge speed before running out of resources. Proactive actions (experimentation, searching, etc.) enhance a founder’s learning to start a company.[20] To learn effectively, founders often formulate falsifiable hypotheses, build a minimum viable product (MVP), and conduct A/B testing.

Business Model Design
With the key learnings from market validation, design thinking, and lean startup, founders can design a business model. However it’s important not to dive into business models too early before there is sufficient learning on market validation. Paul Graham said "What I tell founders is not to sweat the business model too much at first. The most important task at first is to build something people want. If you don’t do that, it won’t matter how clever your business model is."[21]

Founders/entrepreneurs
Main article: Organizational founder
Founders or co-founders are people involved in the initial launch of startup companies. Anyone can be a co-founder, and an existing company can also be a co-founder, but the most common co-founders are founder-CEOs, engineers, hackers, web developers, web designers and others involved in the ground level of a new, often venture. The founder that is responsible for the overall strategy of the startup plays the role of founder-CEOs, much like CEOs in established firms. Startup studios provide an opportunity for founders and team members to grow along with the business they help to build. In order to create forward momentum, founders must ensure that they provide opportunities for their team members to grow and evolve within the company.[22]

The language of securities regulation in the United States considers co-founders to be "promoters" under Regulation D. The U.S. Securities and Exchange Commission definition of "Promoter" includes: (i) Any person who, acting alone or in conjunction with one or more other persons, directly or indirectly takes initiative in founding and organizing the business or enterprise of an issuer;[23] However, not every promoter is a co-founder. In fact, there is no formal, legal definition of what makes somebody a co-founder.[24][25] The right to call oneself a co-founder can be established through an agreement with one’s fellow co-founders or with permission of the board of directors, investors, or shareholders of a startup company. When there is no definitive agreement (like shareholders’ agreement), disputes about who the co-founders are, can arise.

Self-efficacy
Self-efficacy refers to the confidence an individual has to create a new business or startup. It has a strong relation with startup actions.[26] Entrepreneurs’ sense of self-efficacy can play a major role in how they approach goals, tasks, and challenges. Entrepreneurs with high self-efficacy—that is, those who believe they can perform well—are more likely to view difficult tasks as something to be mastered rather than something to be avoided.

Stress
Startups are pressure cookers. Don’t let the casual dress and playful office environment fool you. New enterprises operate under do-or-die conditions. If you do not roll out a useable product or service in a timely fashion, the company will fail. Bye-bye paycheck, hello eviction.

Iman Jalali, chief of staff at ContextMedia[27][unreliable source?]
Entrepreneurs often feel stressed. They have internal and external pressures. Internally, they need to meet deadlines to develop the prototypes and get the product or service ready for market. Externally they are expected to meet milestones of investors and other stakeholders to ensure continued resources from them on the startups.[28] Coping with stress is critical to entrepreneurs because of the stressful nature of start up a new firm under uncertainty. Coping with stress unsuccessfully could lead to emotional exhaustion, and the founders may close or exit the startups.

Emotional exhaustion
Sustaining effort is required as the startup process can take a long period of time, by one estimate, three years or longer (Carter et al., 1996; Reynolds & Miller, 1992). Sustaining effort over the long term is especially challenging because of the high failure rates and uncertain outcomes.[28]

Founder identity and culture
Some startup founders have a more casual or offbeat attitude in their dress, office space and marketing, as compared to executives in established corporations. For example, startup founders in the 2010s wore hoodies, sneakers and other casual clothes to business meetings. Their offices may have recreational facilities in them, such as pool tables, ping pong tables, football tables and pinball machines, which are used to create a fun work environment, stimulate team development and team spirit, and encourage creativity. Some of the casual approaches, such as the use of "flat" organizational structures, in which regular employees can talk with the founders and chief executive officers informally, are done to promote efficiency in the workplace, which is needed to get their business off the ground.[29]

In a 1960 study, Douglas McGregor stressed that punishments and rewards for uniformity in the workplace are not necessary because some people are born with the motivation to work without incentives.[30] Some startups do not use a strict command and control hierarchical structure, with executives, managers, supervisors and employees. Some startups offer employees incentives such as stock options, to increase their "buy in" from the start up (as these employees stand to gain if the company does well). This removal of stressors allows the workers and researchers in the startup to focus less on the work environment around them, and more on achieving the task at hand, giving them the potential to achieve something great for both themselves and their company.

Failure
The failure rate of startup companies is very high. A 2014 article in Fortune estimated that 90% of startups ultimately fail. In a sample of 101 unsuccessful startups, companies reported that experiencing one or more of five common factors were the reason for failure; lack of consumer interest in the product or service (42% of failures), funding or cash problems (29%), personnel or staffing problems (23%), competition from rival companies (19%) and problems with pricing of the product or service (18%).[5] In cases of funding problems it can leave employees without paychecks. Sometimes these companies are purchased by other companies if they are deemed to be viable, but oftentimes they leave employees with very little recourse to recoup lost income for worked time.[31] More than one-third of founders believe that running out of money led to failure. Second to that, founders attribute their failure to a lack of financing or investor interest. These common mistakes and missteps that happen early in the startup journey can result in failure, but there are precautions entrepreneurs can take to help mitigate risk. For example, startup studios offer a buffer against many of the obstacles that solo entrepreneurs face, such as funding and insufficient team structure, making them a good resource for startups in their earliest phases.[32]

Re-starters
Failed entrepreneurs, or restarters, who after some time restart in the same sector with more or less the same activities, have an increased chance of becoming a better entrepreneur.[33] However, some studies indicate that restarters are more heavily discouraged in Europe than in the US.[34]

Training
See also: Entrepreneurship education
Many institutions and universities provide training on startups. In the context of universities, some of the courses are entrepreneurship courses that also deal with the topic of startups, while other courses are specifically dedicated to startups. Startup courses are found both in traditional economic or business disciplines as well as the side of information technology disciplines. As startups are often focused on software, they are also occasionally taught while focusing on software development alongside the business aspects of a startup.[35]

“The best way of learning about anything is by doing.” – Richard Branson

Founders go through a lot to set up a startup. A startup requires patience and resilience, and training programs need to have both the business components and the psychological components.[36] Entrepreneurship education is effective in increasing the entrepreneurial attitudes and perceived behavioral control,[37] helping people and their businesses grow.[36] Most of startup training falls into the mode of experiential learning (Cooper et al., 2004; Pittaway and Cope, 2007), in which students are exposed to a large extent to a real-life entrepreneurship context as new venture teams (Wu et al., 2009).[13] An example of group-based experiential startup training is the Lean LaunchPad initiative that applies the principles of customer development (Blank and Dorf, 2012) and Lean Startup (Ries, 2011) to technology-based startup projects.

As startups are typically thought to operate under a notable lack of resources,[38] have little or no operating history,[39] and to consist of individuals with little practical experience,[40][41] it is possible to simulate startups in a classroom setting with reasonable accuracy. In fact, it is not uncommon for students to actually participate in real startups during and after their studies. Similarly, university courses teaching software startup themes often have students found mock-up startups during the courses and encourage them to make them into real startups should they wish to do so.[35] Such mock-up startups, however, may not be enough to accurately simulate real-world startup practice if the challenges typically faced by startups (e.g. lack of funding to keep operating) are not present in the course setting.[42]

To date, much of the entrepreneurship training is yet personalized to match the participants and the training.

Ecosystem

A startup ecosystem can contribute to local entrepreneurial culture.
The size and maturity of the startup ecosystem is where a startup is launched and where it grows to have an effect on the volume and success of the startups. The startup ecosystem consists of the individuals (entrepreneurs, venture capitalists, angel investors, mentors, advisors); institutions and organizations (top research universities and institutes, business schools and entrepreneurship programs and centres operated by universities and colleges, non-profit entrepreneurship support organizations, government entrepreneurship programs and services, Chambers of commerce) business incubators and business accelerators and top-performing entrepreneurial firms and startups. A region with all of these elements is considered to be a "strong" startup ecosystem.

One of the most famous startup ecosystems is Silicon Valley in California, where major computer and internet firms and top universities such as Stanford University create a stimulating startup environment. Boston (where Massachusetts Institute of Technology is located) and Berlin, home of WISTA (a top research area), also have numerous creative industries, leading entrepreneurs and startup firms. Basically, attempts are being made worldwide, for example in Israel with its Silicon Wadi, in France with the Inovallée or in Italy in Trieste with the AREA Science Park, to network basic research, universities and technology parks in order to create a startup-friendly ecosystem.

Although there are startups created in all types of businesses, and all over the world, some locations and business sectors are particularly associated with startup companies. The internet bubble of the late 1990s was associated with huge numbers of internet startup companies, some selling the technology to provide internet access, others using the internet to provide services. Most of this startup activity was located in the most well-known startup ecosystem – Silicon Valley, an area of northern California renowned for the high level of startup company activity:

The spark that set off the explosive boom of "Silicon startups" in Stanford Industrial Park was a personal dispute in 1957 between employees of Shockley Semiconductor and the company’s namesake and founder, Nobel laureate and co-inventor of the transistor William Shockley… (His employees) formed Fairchild Semiconductor immediately following their departure… After several years, Fairchild gained its footing, becoming a formidable presence in this sector. Its founders began leaving to start companies based on their own latest ideas and were followed on this path by their own former leading employees… The process gained momentum and what had once begun in a Stanford’s research park became a veritable startup avalanche… Thus, over the course of just 20 years, a mere eight of Shockley’s former employees gave forth 65 new enterprises, which then went on to do the same…[43]

Startup advocates are also trying to build a community of tech startups in New York City with organizations like NY Tech Meet Up[44] and Built in NYC.[45] In the early 2000s, the patent assets of failed startup companies were being purchased by people known as patent trolls, who assert those patents against companies that might be infringing the technology covered by the patents.[46]

Investing

Diagram of the typical financing cycle for a startup company
Startup investing is the action of making an investment in an early-stage company. Beyond founders’ own contributions, some startups raise additional investment at some or several stages of their growth. Not all startups trying to raise investments are successful in their fundraising.

In the United States, the solicitation of funds became easier for startups as result of the JOBS Act.[47][48][49][50] Prior to the advent of equity crowdfunding, a form of online investing that has been legalized in several nations, startups did not advertise themselves to the general public as investment opportunities until and unless they first obtained approval from regulators for an initial public offering (IPO) that typically involved a listing of the startup’s securities on a stock exchange. Today, there are many alternative forms of IPO commonly employed by startups and startup promoters that do not include an exchange listing, so they may avoid certain regulatory compliance obligations, including mandatory periodic disclosures of financial information and factual discussion of business conditions by management that investors and potential investors routinely receive from registered public companies.[51]

Investors are generally most attracted to those new companies distinguished by their strong co-founding team, a balanced "risk/reward" profile (in which high risk due to the untested, disruptive innovations is balanced out by high potential returns) and "scalability" (the likelihood that a startup can expand its operations by serving more markets or more customers).[citation needed] Attractive startups generally have lower "bootstrapping" (self-funding of startups by the founders) costs, higher risk, and higher potential return on investment. Successful startups are typically more scalable than an established business, in the sense that the startup has the potential to grow rapidly with a limited investment of capital, labor or land.[52] Timing has often been the single most important factor for biggest startup successes,[53] while at the same time it’s identified to be one of the hardest things to master by many serial entrepreneurs and investors.[54]

Startups have several options for funding. Revenue-based financing lenders can help startup companies by providing non-dilutive growth capital in exchange for a percentage of monthly revenue.[55] Venture capital firms and angel investors may help startup companies begin operations, exchanging seed money for an equity stake in the firm. Venture capitalists and angel investors provide financing to a range of startups (a portfolio), with the expectation that a very small number of the startups will become viable and make money. In practice though, many startups are initially funded by the founders themselves using "bootstrapping", in which loans or monetary gifts from friends and family are combined with savings and credit card debt to finance the venture. Factoring is another option, though it is not unique to startups. Other funding opportunities include various forms of crowdfunding, for example equity crowdfunding,[56] in which the startup seeks funding from a large number of individuals, typically by pitching their idea on the Internet.

Startups can receive funding via more involved stakeholders, such as startup studios. Startup studios provide funding to support the business through a successful launch, but they also provide extensive operational support, such as HR, finance and accounting, marketing, and product development, to increase the probability of success and propel growth. [57]

Necessity of funding
While some (would-be) entrepreneurs believe that they can’t start a company without funding from VC, Angel, etc. that is not the case.[58] In fact, many entrepreneurs have founded successful businesses for almost no capital, including the founders of MailChimp, Shopify, and ShutterStock.[59]

Valuations
If a company’s value is based on its technology, it is often equally important for the business owners to obtain intellectual property protection for their idea. The newsmagazine The Economist estimated that up to 75% of the value of US public companies is now based on their intellectual property (up from 40% in 1980).[60] Often, 100% of a small startup company’s value is based on its intellectual property. As such, it is important for technology-oriented startup companies to develop a sound strategy for protecting their intellectual capital as early as possible.[61] Startup companies, particularly those associated with new technology, sometimes produce huge returns to their creators and investors—a recent example of such is Google, whose creators became billionaires through their stock ownership and options.

Investing rounds
When investing in a startup, there are different types of stages in which the investor can participate. The first round is called seed round. The seed round generally is when the startup is still in the very early phase of execution when their product is still in the prototype phase. There is likely no performance data or positive financials as of yet. Therefore, investors rely on strength of the idea and the team in place. At this level, family friends and angel investors will be the ones participating. At this stage the level of risk and payoff are at their greatest. The next round is called Series A. At this point the company already has traction and may be making revenue. In Series A rounds venture capital firms will be participating alongside angels or super angel investors. The next rounds are Series B, C, and D. These three rounds are the ones leading towards the Initial Public Offering (IPO). Venture capital firms and private equity firms will be participating.[62] Series B: Companies are generating consistent revenue but must scale to meet growing demand. Series C & D: Companies with strong financial performance looking to expand to new markets, develop new products, make an acquisition, and/or preparing for IPO.

History of startup investing
After the Great Depression, which was blamed in part on a rise in speculative investments in unregulated small companies, startup investing was primarily a word of mouth activity reserved for the friends and family of a startup’s co-founders, business angels, and Venture Capital funds. In the United States, this has been the case ever since the implementation of the Securities Act of 1933. Many nations implemented similar legislation to prohibit general solicitation and general advertising of unregistered securities, including shares offered by startup companies. In 2005, a new Accelerator investment model was introduced by Y Combinator that combined fixed terms investment model with fixed period intense bootcamp style training program, to streamline the seed/early-stage investment process with training to be more systematic.

Following Y Combinator, many accelerators with similar models have emerged around the world. The accelerator model has since become very common and widely spread and they are key organizations of any Startup ecosystem. Title II of the Jumpstart Our Business Startups Act (JOBS Act), first implemented on 23 September 2013, granted startups in and startup co-founders or promoters in US. the right to generally solicit and advertise publicly using any method of communication on the condition that only accredited investors are allowed to purchase the securities.[63][64][65] However the regulations affecting equity crowdfunding in different countries vary a lot with different levels and models of freedom and restrictions. In many countries there are no limitations restricting general public from investing to startups, while there can still be other types of restrictions in place, like limiting the amount that companies can seek from investors. Due to positive development and growth of crowdfunding,[66] many countries are actively updating their regulation in regards to crowdfunding.

Investing online
The first known investment-based crowdfunding platform for startups was launched in Feb. 2010 by Grow VC,[67] followed by the first US. based company ProFounder launching model for startups to raise investments directly on the site,[68] but ProFounder later decided to shut down its business due regulatory reasons preventing them from continuing,[69] having launched their model for US. markets prior to JOBS Act. With the positive progress of the JOBS Act for crowd investing in US., equity crowdfunding platforms like SeedInvest and CircleUp started to emerge in 2011 and platforms such as investiere, Companisto and Seedrs in Europe and OurCrowd in Israel. The idea of these platforms is to streamline the process and resolve the two main points that were taking place in the market. The first problem was for startups to be able to access capital and to decrease the amount of time that it takes to close a round of financing. The second problem was intended to increase the amount of deal flow for the investor and to also centralize the process.[70][71]

Internal startups
Internal startups are a form of corporate entrepreneurship.[72] Large or well-established companies often try to promote innovation by setting up "internal startups", new business divisions that operate at arm’s length from the rest of the company. Examples include Bell Labs, a research unit within the Bell System and Target Corporation (which began as an internal startup of the Dayton’s department store chain) and threedegrees, a product developed by an internal startup of Microsoft.[73] To accommodate startups internally, companies, such as Google has made strides to make purchased startups and their workers feel at home in their offices, even letting them bring their dogs to work.[74]

Unicorns
See also: List of unicorn startup companies
Some startups become big and they become unicorns, i.e. privately held startup companies valued at over US$1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures. According to TechCrunch, there were 452 unicorns as of May 2019, and most of the unicorns are in the USA, followed by China. The unicorns are concentrated in a few countries. The unicorn leaders are the U.S. with 196 companies, China with 165, India with 107[75] and the U.K. with 16.[76] The largest unicorns included Ant Financial, ByteDance, DiDi, Uber, Xiaomi, and Airbnb. When the value of a company is over US$10 billion, the company will be called as a Decacorn. When the company is valued over US$100 billion, Hectocorn will be used.

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pizza google drive msn dunkin donuts capital one dollar general number favors ask off turn off television bring pepper spray with move Let’s move on next tourist spot like really like night night young live I’m going live like there’s no tomorrow Mr Morris here point have point believe hold Just hold hand today I’m going see today bring bring pen happen don’t submit your report on time next This next best thing without can’t live without phone go bed always wash face large There’s large amount data online about that topic all That’s all know about Dinosaurs million have million questions about this book must watch this movie together home go home now under hid it under bed water filled tub with water room at end corridor write prescription this mother very lovely woman area This area this house needs fixed national That virus has become national concern money She needs money buy medicine story She shared story media young She young hopeful fact It’s fact: shopping improve your mood month It’s that time month! different Just because she’s different it doesn’t mean she’s bad lot have lot explaining do right Turn right when reach corner study Let’s study English lessons together book borrow your English book eye She has pink eye job love job word Describe yourself one word are angry now I’m sure forget about this later business thriving issue This issue side Whose side are on anyway kind Always kind even strangers four There are four seasons year head Let’s head back it’s freezing out here far We’ve gone too far now we’re lost black She has long black hair long She has long brown hair both They both love chocolate ice cream little have two little boys with now house quiet without yes hope say yes after all this time has finally learned love since Ever since mom died has been cranky angry at world long That was such long time ago provide provide with list your services service have specific dental service treat this around went around block friend You’re good friend important You’re important father father important sit Let’s sit outside together away He’s away right when away power With great power comes great responsibility hour I’ve been checking temperature every hour game Let’s play game often buy from bakery as often as yet He’s yet home line There’s long line at grocery cashier political stay away from political discussions end It’s end era all pets Have ever tried this cake stand stand still minute bad did was bad lose can’t lose however buy this bag however need save up it first member She’s member babysitter’s club pay Let’s pay groceries law There’s law against jay-walking meet meet aunt car Let’s go inside car city This city that never sleeps almost I’m almost done with report include Did remember include summary your report continue continue working tomorrow set Great let set appointment later I’ll finish it later community community very tight knit much There’s much learn English language name What’s your name five give five reasons why need watch that video had puppy named Bark white love white sneakers least She’s least productive among all employees president She was class president back high school learn I’d love learn more about English language real real name change change that things get better team They hired team design their new office minute She’s laughing every minute every day best This best potato salad I’ve ever tasted several have several old clothes need donate idea It was your idea go beach remember kid loved that toy when was kid body She worked out hard achieve toned body information This information need nothing There’s nothing now ago Three years ago visited Japan first time right You’re right go back there lead Just lead way I’ll follow social feel awkward these social gatherings understand how feel big groups or small groups always feel little shy at first back Looking back knew was always introvert watch Let’s watch sun set on horizon together They’re together now follow I’ll follow home around You’ll always have around parent Every parent trying hard doing their best only are only allowed go out today stop stop that face Why your face red anything ask anything create Did create that presentation It was good public This public property already asked resend report speak Could speak little louder others others haven’t arrived yet read read somewhere that this house haunted level level are that game allow allow your kids play outside house add it okay add bit sugar tea office Welcome office spend How much did spend on your last shopping spree door left door open health must take good care your health person are good person art This work art sure Are sure this alone such are such brave little boy war war has finally ended history She history professor party Are going party tonight within support everyone within small community grow everyone grow thrive their careers result result this outreach program amazing open Are open teaching on weekends change Where change diaper morning It’s such beautiful morning! walk Come take walk with reason are reason came home low blood pressure has gotten really low win win this match work together research How your research going girl That girl class guy I’ve seen that guy school before early come work early every day food Let’s buy some food I’m hungry! before talk before go home moment moment she walked room puppy started jump dance again himself cooked this Turkey himself air am loving cold night air here teacher are best teacher ever force Don’t force play with other kids offer offer ride home enough Boys that’s enough playing today both both need change into your sleep clothes now education just get best education across Your dog ran across park although she felt tired she still couldn’t sleep remember think she still remember after ten years foot foot got caught one ropes second This second time she got late this month boy There’s boy class who keeps pulling have ice cream dessert toward took step toward able able send your report today age average marrying age these days off cat ran off with dog policy They have generous return policy everything Everything on sale love love you’re wearing! process Wait give time process everything you’re telling music love music including Around 20 people attended including Bob Beth consider hope consider project proposal appear How did that appear out nowhere actually I’m actually just heading out buy I’m going buy these shoes probably He’s probably still asleep human Give break only human wait it alright wait few minutes serve This blow dryer has served well years market Let’s visit Sunday market die don’t cat die let’s take vet send send package address expect can’t expect much from their poor service home can’t wait go home! sense did sense that something was okay build going build dream house stay stay with few weeks fall careful might fall oh Oh no left phone at home! nation have act as one nation plan What’s your plan this time cut Don’t cut your hair college met college interest Music interest mine death Death such heavy topic course course did take up college someone there someone who go with experience exciting experience! behind I’m scared check what’s behind that door reach can’t reach him won’t answer phone local This local business kill Smoking kill six have six books about Psychology remain These remain on top shelf effect Wow effect that mascara great! use use your phone yeah Yeah did call earlier suggest did suggest that class same English class control Where’s remote control raise It’s challenging discipline kids these days care don’t care about think perhaps Perhaps arrive at compromise little There’s little bird outside window late am running late doctor’s appointment hard That test was hard field He’s over there by soccer field else anyone else coming pass pass by grocery store former She was former housemate sell sell your old couch online major It’s major issue project sometimes Sometimes forget turn off porch lights require They’ll require show your I D along tag along your road trip development This news development really interesting themselves They take care themselves report read report it was great! role She’s going play role Elsa better Your singing has gotten much better! economic Some countries are facing economic crisis effort government must make effort solve this up grades have gone up decide decide where eat rate How would rate hotel’s service strong They have strong customer service here! possible Maybe it’s possible change their bathroom amenities heart heart full drug She got patent drug she has created cure cancer show show how solve this puzzle leader are wonderful leader light Watch face light up when mention name voice Hearing mom’s voice all need right now wife wife away weekend whole have whole house myself police police have questioned about incident mind This relaxation technique really eases mind finally finally move out from old apartment pull baby niece likes pull hair return give tickles return free best things life are free military dad military price This price pay lying report Did report this police less am praying less stress this coming new year according According weather report it’s going rain today decision This big decision explain I’ll explain everything later promise son son cute! hope hope I’ll have son one day even Even they’ve broken up they still remain friends develop That rash could develop into something more serious view This view amazing! relationship They’ve taken their relationship next level carry carry bag town This town extremely quiet road There’s road that leads edge woods drive can’t drive there need walk arm broke arm during practice true It’s true I’m leaving company federal Animal abuse now federal felony! break Don’t break law better better learn how follow rules difference What’s difference between happiness contentment thank forgot thank pie she sent us receive Did receive pie sent value value friendship much international Their brand has gone international! building This building tall! action next action going critical full work load full now model great leader great model how things join wants join soccer team season Christmas favorite season! society Their society holding fund raiser because I’m going home because mom needs tax How much current income tax director director yelled ‘Cut!’ early I’m too early appointment position position your hand properly when drawing player That basketball player cute agree agree! cute! especially especially like blue eyes record record minutes this meeting pick Did pick color theme already wear that you’re going wear party paper use special paper your invitations special Some special paper are even scented! space leave some space write down your phone number ground ground shaking form new island was formed after that big earthquake support need your support this project event We’re holding big event tonight official official wedding photos are out! whose Whose umbrella this matter does it matter anyway everyone Everyone thinks stole that file center hate being center attention couple couple on their honeymoon now site This site big! end It’s end era project This project file due tomorrow hit hit burglar with bat base All moms are their child’s home base activity musical activity suggest toddler star son draw star! table saw draw it while was writing on table need need enroll good preschool court There’s basketball court near house produce Fresh farm produce best eat could eat that all day American sister dating American teach love teach English lessons oil Could buy some cooking oil at store half Just half liter situation situation getting out hand easy thought said this was going easy cost cost fuel has increased! industry fuel industry hiking prices figure government figure out how fix this problem face can’t bear face this horrendous traffic again again street Let’s cross street image There’s image stored inside mind itself bike itself pretty awesome phone Plus it has phone holder either either walk or commute work data How simplify this data cover Could cover during emergencies quite I’m quite satisfied with their work picture Picture this: lake cabin lots peace quiet clear That picture clear inside head practice Let’s practice dance number piece That’s piece cake! land Their plane going land soon recent This most recent social media post describe Describe yourself one word product This favorite product their new line cosmetics doctor doctor wall post this up on wall patient patient much pain now worker She’s factory worker news saw that on news test have pass this English test movie Let’s watch movie later certain There’s certain kind magic air now north Santa lives up north love l love Christmas! personal This letter very personal open Why did open read it support support simply simply won’t tolerate bad behavior third This third time you’ve lied technology Write about advantages technology catch Let’s catch up soon please! step Watch your step baby baby adorable computer turn on computer type need type your password attention have your attention draw draw this film That film absolutely mind-blowing Republican Republican candidate tree That tree has been there generations source are source strength red I’ll wear red dress tonight nearly nearly died that accident! organization Their organization doing great things street kids choose Let choose color cause have see cause effect this experiment hair I’ll cut hair short change look look at items bought point point all this century We’re living 21st century Mary evidence evidence clearly shows that guilty window I’ll buy window curtains next week difficult Sometimes life difficult listen have listen your teacher soon launch course soon culture hope they understand culture better billion target have 1 billion dollars account by end year chance there chance that this brother brother always have back energy Now put that energy into walking period They covered period twenty years course Have seen course already summer I’ll go beach summer less Sometimes less more realize just realize that have meeting today hundred have hundred dollars that lend available am available work on your project plant Plant seed likely It was likely deer trail opportunity It was perfect opportunity test theory term I’m sure there’s Latin term it short It was just short stay at hotel letter already passed letter intent condition know condition am choice have no choice place Let’s meet out at meeting place single am single parent rule It’s rule law daughter knows how read now administration take this up with administration south am headed south husband just bought ring birthday Congress It debated at Congress floor She floor manager campaign handled their election campaign material She had nothing material report population population nearest big city was growing well wish well call am going call bank economy economy booming medical -She needs medical assistance hospital I’ll take nearest hospital church saw church last Sunday close -Please close door thousand There are thousand reasons learn English! risk Taking risk rewarding current your current address fire Make sure your smoke alarm works case fire future -The future full hope wrong That wrong answer involve need involve police defense your defense or reason did this anyone Does anyone know answer increase Let’s increase your test score security Some apartment buildings have security bank need go bank withdraw some money myself clean up by myself certainly certainly help clean up west drive West arrive California sport favorite sport soccer board see board seek Seek find per Lobster $20 per pound subject favorite subject English! officer Where find police officer private This private party rest Let’s take 15 minute rest behavior This dog’s behavior excellent deal used car good deal performance Your performance affected by your sleep fight don’t fight with throw German ball! top are top student quickly Let’s finish reading this quickly past past English was as good as it today goal speak English fluently second second goal increase confidence bed go bed around 10pm order would like order book author author this series world-famous fill need fill (up) gas tank represent represent family focus Turn off your phone TV focus on your studies! foreign It’s great having foreign friends drop don’t drop eggs! plan Let’s make plan blood hospital needs people give blood upon Once upon time princess lived castle agency Let’s contract agency help with marketing push door says ‘push ’ ‘pull ‘ nature love walking nature! colou color blue no ‘No’ one shortest complete sentences recently cleaned bathroom most recently think it’s your turn this time store I’m going store buy some bread reduce reuse recycle are ways help environment sound like sound wind chimes note take notes during lesson fine movie let’s buy popcorn! near Near far wherever are believe that heart goes on movement environmental movement international movement page turn page 62 enter enter building on left share Let share idea than Ice cream has more calories than water common Most people find something common with each other poor had poor harvest this year because it was dry other This pen doesn’t work try other one natural This cleaner natural there aren’t chemicals it race watched car race on TV concern Thank your concern but I’m fine series your favorite TV series significant job earns significant amount money similar These earrings don’t match but they are similar hot Don’t touch stove it’s still hot language Learning new language fun each Put flower each vase usually usually shop at corner store response didn’t expect response come soon dead phone dead let charge it rise sun rise at 7:00 a m animal kind animal that factor Heredity factor your overall health decade I’ve lived this city over decade article Did read that newspaper article shoot wants shoot arrows at target east Drive east three miles save save all cans recycling seven There are seven slices pie left artist Taylor Swift recording artist away wish that mosquito would go away scene painted colorful street scene stock That shop has good stock postcards career Retail sales good career some people despite Despite rain still have picnic central There good shopping central London eight That recipe takes eight cups flour thus haven’t had problems thus far treatment propose treatment plan your injury beyond town just beyond those mountains happy Kittens make happy exactly Use exactly one teaspoon salt that recipe protect coat protect from cold weather approach cat slowly approached bird lie Teach your children lie size size that shirt dog think dog good pet fund have savings fund college serious She serious she never laughs occur Strange things occur that empty house media That issue has been discussed media ready Are ready leave work sign That store needs bigger sign thought I’ll have give it some thought list made list things do individual buy individual or group membership simple appliance comes with simple instructions quality paid little more quality shoes pressure There no pressure finish right now accept accept credit card answer Give your answer by noon tomorrow hard That test was very hard resource library has many online resources identify can’t identify that plant left door on your left as approach meeting We’ll have staff meeting after lunch determine Eye color genetically determined prepare I’ll prepare breakfast tomorrow disease Face masks help prevent disease whatever Choose whatever flavor like best success Failure back door success argue It’s good idea argue with your boss cup Would like cup coffee particularly It’s particularly hot outside just warm amount It take large amount food feed elephant ability has ability explain things well staff There are five people on staff here recognize recognize person this photo indicate reply indicated that she understood character trust people good character growth company has seen strong growth this quarter loss farmer suffered heavy losses after storm degree Set oven 300 degrees wonder wonder Bulls win game attack army attack at dawn herself She bought herself new coat region internet services are your region television don’t watch much television box packed dishes strong box TV There good movie on TV tonight training company pay your training pretty That pretty dress trade stock market traded lower today deal got good deal at store election Who think win election everybody likes ice cream physical Keep physical distance six feet lay baby crib general impression restaurant was good feeling have good feeling about this standard standard fee $10 00 bill electrician send bill message have text message on your phone fail fail see funny about that outside cat goes outside sometimes arrive When your plane arrive analysis I’ll give analysis when I’ve seen everything benefit There are many health benefits quinoa name What’s your name sex know sex your baby yet forward Move car forward few feet lawyer legal helped write present everyone present meeting begin section stadium are sitting environmental science economy politics political politician issues are news glass much heavier than plastic answer Could answer question skill best skill woodworking sister lives close PM movie starts at 7:30 PM professor Dr Smith professor operation mining operation employs thousands people financial keep accounts at financial institution crime police fight crime stage caterpillar larval stage butterfly ok Would it ok eat out tonight compare should compare cars before buy one authority City authorities make local laws miss you when see again design need design new logo sort Let’s sort these beads according color one only have one cat act I’ll act on your information today ten baby counted ten toes knowledge have knowledge fix that gun Gun ownership controversial topic station There train station close house blue favorite color blue state After accident was state shock strategy new corporate strategy written here little prefer little cars clearly instructions clearly written discuss We’ll discuss that at meeting indeed Your mother does indeed have hearing loss force It takes lot force open that door truth tell truth song That’s beautiful song example need example that grammar point democratic Does Australia have democratic government check check work sure it’s correct environment live healthy environment leg boy broke leg dark Turn on light it’s dark here public Masks must worn public places various That rug comes various shades gray rather Would rather have hamburger than hot dog laugh That movie always makes laugh guess don’t know just guess executive company’s executives are paid well set Set glass on table study needs study test prove employee proved worth hang hang your coat on hook entire ate entire meal 10 minutes rock There are decorative rocks garden design windows don’t open by design enough Have had enough coffee forget Don’t forget stop at store since She hasn’t eaten since yesterday claim made insurance claim car accident note Leave note you’re going late remove Remove cookies from oven manager manager look at your application help Could help move this table close Close door sound dog did make sound enjoy enjoy soda network Band name internet network legal legal documents need signed religious She very religious she attends church weekly cold feet are cold form fill out this application form final divorce was final last month main main problem lack money science studies health science at university green grass green memory has good memory card They sent card birthday above Look on shelf above sink seat That’s comfortable seat cell Your body made millions cells establish They established their business 1942 nice That’s very nice car trial They are employing on trial basis expert Matt IT expert that Did see that movie spring Spring most beautiful season firm ‘no was very firm she won’t change mind Democrat Democrats control Senate radio listen radio car visit visited museum today management That store has good management care She cares mother at home avoid should avoid poison ivy imagine imagine pigs could fly tonight Would like go out tonight huge That truck huge! ball threw ball dog no said ‘no ’ don’t ask again close Close window finish Did finish your homework yourself gave yourself haircut talk talks lot theory theory that’s good plan impact drought had big impact on crops respond hasn’t responded text yet statement police chief gave statement media maintain Exercise helps maintain healthy weight charge need charge phone popular That’s popular restaurant traditional They serve traditional Italian food there onto Jump onto boat we’ll go fishing reveal Washing off dirt revealed boy’s skinned knee direction direction city from here weapon No weapons are allowed government buildings employee That store only has three employees cultural There cultural significance those old ruins contain carton contains dozen egges peace World leaders gathered peace talks

Posted by Queensland State Archives on 2019-08-12 05:15:34

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