When the term “unicorn” was coined in 2013, it was based on the idea of the likelihood that a startup would reach the $1 billion-plus valuation–at that time, a rare thing with just 39 companies meeting the criteria. Since then, the number of unicorns has quickly grown to more than 460, and the term has evolved into a mindset about how a company chases after that coveted valuation.

A camel, when referring to startups, is essentially a company with the following characteristics:

1. Resilient–they are preparing for the future through thoughtful, strategic growth.
2. Cautious–they maintain reserves to help get through tough times and replenish during the good. Their value lies in being financially conservative, hiring the right team, and focusing on building the technology that will revolutionize their industries.
3. Committed–they are dedicated to business-building fundamentals and stress positive unit economics early on, and every day, to ensure the impact on long-term success.
4. Customer-focused–the products they deliver and business models are all driven by customers’ needs.

Some tips

1) Think of your investor relationship like a marriage

Investors shouldn’t just write a check and provide a little advice—they need to be partners that are hands-on, who not only know your business, but roll up their sleeves to help generate new revenue opportunities, maintain growth and manage overhead. Their partnership should have a focus on helping resiliency grow. A knowledgeable partner can be an oasis in the desert, opening doors, knocking down obstacles, and offering deep expertise.

2. Maintain and build the best talent.

A recent count of layoffs since the outbreak of the virus found that 36 private unicorn companies had laid off staff. The number let go represents nearly half of all reported layoffs for private companies. For some, layoffs might be inevitable, but for now, the first thing to do is to consider a hiring freeze. If that does not give you the breathing room you need, the most important thing is the survival of the company. If it does come to reducing your workforce, be cautious not to make any knee-jerk reactions by making drastic cuts.

Source Credit: Crunchbase