Emerging digital technologies brought a transformative impact on the development of unicorn companies. The entrepreneurial mechanism behind the high growth rate and high valuation of unicorn companies plays a significant role in understanding the growth of entrepreneurial companies. Grounded in the upper echelon theory, this paper constructs a joint effect model of entrepreneurial teams and innovation models jointly affecting the high growth of unicorn companies. Then, four configurations were obtained using the fuzzy-set qualitative comparative analysis method (fsQCA) to explain the success of unicorn companies. This research expands the applicable boundary of upper echelon theory in the research setting of unicorn companies. It provides entrepreneurial strategy maps for start-ups seeking continuous high growth in the era of the digital economy
Tan, Siqi; Zhu, Zhen; and Yang, Cheng, "The Configuration Structure of Entrepreneurial Team and InnovationModel for the Success of High Growth Unicorn Companies" (2022). WHICEB 2022 Proceedings. 42.