By Ramakant Chaudhary
Corn starters, or similarly sounding corn-startups, essentially enhance appetites and make you hungry for the main course, either by satisfying taste buds or minting money for a mighty maze of economic growth. In India, corn is not just a staple food but a symbol of enjoyment, especially in the form of popcorn. Popcorn has become an essential part of the movie-watching experience, adding to the thrill of the cinematic climax, while also providing a healthy snack that satisfies the audience’s hunger. Just as corn enhances the movie-goer’s experience, there are crucial “corns” in the field of the economy that fuel the country’s growth.
These “economic corns” represent sectors and industries vital to India’s GDP, such as technology, manufacturing, and agriculture. Each plays a unique role in nourishing the economy and contributing to its steady rise. With India on the path to becoming the third-largest economy in the world, these key sectors are the ingredients spicing up the nation’s growth story.
Similar to how popcorn adds excitement to a movie, these industries inject energy into the economy, driving innovation, creating jobs, and ensuring sustainability. As global markets become more competitive, India’s diverse industries—much like the versatility of corn—are crucial in helping the country maintain its momentum. From cutting-edge technologies to traditional farming, every “corn” is crucial to India’s success.
There are some “CORNS” in the realm of startups as well, which puff up their sweet-salty contributions and burst into success, electrifying the journey of India’s economy. Startups have woven themselves into the very fabric of today’s business world, with every budding entrepreneur dreaming of launching the next big venture that not only rakes in profits but also shakes up the status quo. Startups are driving more than just job creation, playing a pivotal role in India’s economic growth.
In FY23, startups and corporates collectively contributed a substantial USD 140 billion, accounting for nearly 4 percent of the nation’s GDP. Along the journey to entrepreneurial stardom, startups chase after some rather amusingly named milestones—each more majestic than the last. From a humble “Minicorn” to the elusive “Soonicorn,” to the glittering “Unicorn,” and for the truly ambitious, the grand “Decacorn” and the fabled “Hectocorn.” In the meandering of thought flow, these quirky terms are unraveled, exploring what they really mean and why every startup founder secretly, or not so secretly, longs to claim their magical, mythical beast.
MINICORNS: They are companies valued between USD 1 million and USD 1 billion, positioning them uniquely in the startup ecosystem. The term “Minicorn” was first coined by Anand Sanwal, founder and CEO of CB Insights. While Minicorns may not receive the same level of attention as Unicorns, they are still highly valuable companies with strong growth potential. Often less risky than earlier-stage startups, Minicorns present attractive investment opportunities for venture capitalists and other investors.
SOONICORNS: Soon to be Unicorns,” are startups with the potential to soon join the unicorn club. These startups, expected to reach a valuation of USD 1 billion, are often backed by angel investors or financial speculators based on future growth projections or apparent valuations.
UNICORNS: A Unicorn is a startup that has achieved a valuation of USD 1 billion or more but less than USD 10 billion. The term “Unicorn” was coined by Aileen Lee, founder of Cowboy Ventures, in 2013. Unicorns are typically found in high-growth industries. India’s first unicorn emerged in 2011, and by January 2024, the country boasts 113 unicorns with a combined valuation of USD 350 billion. According to a CII-McKinsey study, Unicorns are expected to contribute USD1 trillion to the Indian economy by 2030 and generate 50 million jobs.
DECACORNS: A Decacorn is a startup valued at over USD10 billion. The world’s first decacorn was Facebook (now Meta), which achieved this status in 2017 after a $240 million investment round from Microsoft pushed its valuation beyond $10 billion. Swiggy, Flipkart, PhonePe, and Naykaa among others are listed as Decacorns as of the valuation in March 2023.
HECTOCORNS: A Hectocorn refers to a tech, financial, or fintech company valued at over USD 100 billion, often called a “Super Unicorn.” Some of the most notable Hectocorns include companies like Apple, Google, Microsoft, Facebook, Oracle, and Cisco.
ZOMBIE: A zombie startup is a firm that exists in a state of limbo—neither dead nor thriving. It has just enough resources to operate but isn’t growing or generating significant income. IMF economists conclude that zombie firms may cast a significant shadow over the economy. Many zombie firms lack substantial cash reserves, and with many of their loans having variable rather than fixed interest rates, rising rates are putting significant pressure on them. As the number of these struggling firms increases, so does the potential economic fallout if they are forced into bankruptcy or shut down permanently.
Ramakant Chaudhary is senior journalist and currently working with PRP Group as Content Head. He has worked in various editorial roles with Financial Express, Mint (Hindustan Times Group), The Times Of India, Jagran Post (Dainik Jagran Group), The Pioneer, and The Political and Business Daily. He writes going beyond headlines on: politics, government policy, economy, infrastructure, real estate, education, social issues, lifestyle, and health.