Table 6 Comparison of results with prior... | Emerald Publishing

Table 6

Comparison of results with prior Unicorns' literature

Factor	Previous results	Findings in this work
Experience Heterogeneity	Kotha et al. (2022): Founders' experience significantly influences time-to-Unicorn status through resource pooling and partnerships Giardino et al. (2023): Founders' experience, skills, and adaptability key for innovation Thiess et al. (2016): Balance of management and start-up experience boosts early-stage performance Zimmerman (2008): Functional heterogeneity increases IPO capital	Not significant: Greater experience heterogeneity did not lead to shorter time-to-Unicorn status, supporting faster decision-making and resource mobilization
Educational Level Heterogeneity	Kotha et al. (2022): Educational level (doctoral degrees) showed no significant impact on time-to-Unicorn status Ensley et al. (1998): Educational diversity negatively linked to firm growth Zhang and Wang (2017): Educational level heterogeneity negatively affects start-up performance Pinelli et al. (2022): Heterogeneity positively impacts funds but can negatively moderate results	Significant: Higher educational level heterogeneity extends time-to-Unicorn status, indicating misalignment in team expertise The greater diversity in educational type is associated with a shorter time to achieve unicorn status
Educational Background Heterogeneity	Kotha et al. (2022): Educational background heterogeneity had no significant effect on time-to-Unicorn status Eklund and van Criekingen (2022): Educational background heterogeneity had significant effect in becoming a gazelle Pinelli et al. (2022): Positive impact of educational diversity on funds raised, but negative moderation when combined with other factors	Significant: Greater diversity in education type lengthens time-to-Unicorn status due to potential misalignment in cognitive frameworks and skills
Gender Heterogeneity	Kotha et al. (2022): Gender heterogeneity had no significant effect on the time-to-Unicorn status Hohl et al. (2021): Gender showed no effect on pitch success, but female founders had lower valuations Mauro et al. (2023): Gender diversity positively correlated with financial performance in high-growth firms Laique et al. (2023): No consistent financial relationship found	Not Significant: Gender heterogeneity in founders did not significantly impact time-to-Unicorn status
Age Heterogeneity	Kotha et al. (2022): Age of founders did not significantly impact the time to reach Unicorn status Richard and Shelor (2002): TMT age diversity negatively linked to ROA but positively associated with sales growth Dagsson and Larsson (2011): Age diversity influences firm performance, particularly in larger teams Tanikawa et al. (2017): Age diversity negatively impacts ROE.	Not Significant: Age heterogeneity did not significantly affect time-to-Unicorn status
Team Size	Kotha et al. (2022): Larger founding teams present resource pooling advantages but face coordination challenges, potentially delaying Unicorn status Miloud et al. (2012): Larger teams attract more investors Greer et al. (2011): Larger teams are prone to internal conflicts, potentially undermining efficiency Temel and Forsman (2022): Larger teams require coordinated strategic priorities	Significant: Larger founding teams lead to a longer time-to-Unicorn status due to coordination difficulties and potential conflicts within the team

Factor	Previous results	Findings in this work
Experience Heterogeneity	Kotha et al. (2022): Founders' experience significantly influences time-to-Unicorn status through resource pooling and partnerships Giardino et al. (2023): Founders' experience, skills, and adaptability key for innovation Thiess et al. (2016): Balance of management and start-up experience boosts early-stage performance Zimmerman (2008): Functional heterogeneity increases IPO capital	Not significant: Greater experience heterogeneity did not lead to shorter time-to-Unicorn status, supporting faster decision-making and resource mobilization
Educational Level Heterogeneity	Kotha et al. (2022): Educational level (doctoral degrees) showed no significant impact on time-to-Unicorn status Ensley et al. (1998): Educational diversity negatively linked to firm growth Zhang and Wang (2017): Educational level heterogeneity negatively affects start-up performance Pinelli et al. (2022): Heterogeneity positively impacts funds but can negatively moderate results	Significant: Higher educational level heterogeneity extends time-to-Unicorn status, indicating misalignment in team expertiseThe greater diversity in educational type is associated with a shorter time to achieve unicorn status
Educational Background Heterogeneity	Kotha et al. (2022): Educational background heterogeneity had no significant effect on time-to-Unicorn status Eklund and van Criekingen (2022): Educational background heterogeneity had significant effect in becoming a gazelle Pinelli et al. (2022): Positive impact of educational diversity on funds raised, but negative moderation when combined with other factors	Significant: Greater diversity in education type lengthens time-to-Unicorn status due to potential misalignment in cognitive frameworks and skills
Gender Heterogeneity	Kotha et al. (2022): Gender heterogeneity had no significant effect on the time-to-Unicorn status Hohl et al. (2021): Gender showed no effect on pitch success, but female founders had lower valuations Mauro et al. (2023): Gender diversity positively correlated with financial performance in high-growth firms Laique et al. (2023): No consistent financial relationship found	Not Significant: Gender heterogeneity in founders did not significantly impact time-to-Unicorn status
Age Heterogeneity	Kotha et al. (2022): Age of founders did not significantly impact the time to reach Unicorn status Richard and Shelor (2002): TMT age diversity negatively linked to ROA but positively associated with sales growth Dagsson and Larsson (2011): Age diversity influences firm performance, particularly in larger teams Tanikawa et al. (2017): Age diversity negatively impacts ROE.	Not Significant: Age heterogeneity did not significantly affect time-to-Unicorn status
Team Size	Kotha et al. (2022): Larger founding teams present resource pooling advantages but face coordination challenges, potentially delaying Unicorn status Miloud et al. (2012): Larger teams attract more investors Greer et al. (2011): Larger teams are prone to internal conflicts, potentially undermining efficiency Temel and Forsman (2022): Larger teams require coordinated strategic priorities	Significant: Larger founding teams lead to a longer time-to-Unicorn status due to coordination difficulties and potential conflicts within the team