What do you mean by the term Unicorn? State the features a Start-up should possess to be referred as a Unicorn?

A Unicorn is a privately held start-up company which has achieved a valuation US$ 1 billion. This term was coined by venture capitalist Aileen Lee, first time in 2013. Unicorn, a mythical animal represents the statistical rarity of successful ventures. A start-up is referred as a Unicorn if it has following features: (i) A privately held start-up. (ii) Valuation of start-up reaches US$ 1 Billion. (iii) Emphasis is on the rarity of success of such start-up. (iv) Other common features are new ideas, disruptive innovation, consumer focus, high on technology etc. However, it is important to note that in case the valuation of any start-up slips below US$ 1 billion it can lose its status of 'Unicorn'. Hence a start-up may be Unicorn at one point of time and may not be at another point of time.