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LogoutA privately owned startup firm with a valuation of over $1 billion is referred to as a “unicorn” in the venture capital sector. Aileen Lee, the founder of CowboyVC, a seed-stage venture capital firm located in Palo Alto, California, was the first to coin the phrase.
Unicorns are also a term used to describe a phenomenon in the human resources (HR) industry. HR managers may have high expectations for filling a position, prompting them to seek applicants with greater qualifications than are necessary for the job. In essence, these hiring managers are seeking a unicorn, which creates a gap between their ideal prospect and who they can recruit from the pool of available candidates.