Where and in what fields are they distributed? What are the unicorn enterprises in Shanghai? High tech | Industry | Enterprises

Release time:Apr 15, 2024 03:54 AM

In the new situation, it is necessary to accelerate the cultivation of a group of leading enterprises with core competitiveness and high growth enterprises with strong explosive power, providing strong support for accelerating the construction of a technology innovation center with global influence and serving the construction of a modern industrial system. As a typical representative of the new economy and new driving force, innovative enterprises such as unicorns often have characteristics such as technological leadership, market advancement, rapid growth, and clear distribution preferences. They are pioneers and leaders of new industries, technologies, models, and formats.

"Birthplace gathering place"

In recent years, with the deepening of a new round of technological revolution and industrial transformation, batches of unicorn enterprises have emerged from all over the world. The report shows that the number of unicorn companies worldwide has increased from over 10 in 2013 to 1361 in 2022. Among them, the number of unicorn enterprises in China accounts for about 1/4 of the world, and the growth momentum is very strong.

In the past three years, despite being affected by various factors such as the epidemic, China's unicorn enterprises have still increased by about 50% against the trend. In the first half of 2023, the number of unicorn enterprises added nationwide was 24, accounting for 90% of the global total, fully demonstrating the strong resilience and vitality of the Chinese economy.

As the economic center city of China and an international financial hub facing the world, Shanghai not only has abundant talent resources, strong innovation capabilities, and a superior business environment, but also has a relatively developed financial system and a rich capital market, becoming an important birthplace and gathering place for global unicorn enterprises. Based on the analysis, unicorn enterprises in Shanghai exhibit distinct characteristics in the following aspects:

One is the large number and rapid growth of enterprises.

In 2022, there were a total of 66 unicorn enterprises in Shanghai, ranking fourth in the world, second only to 79 in China and far exceeding 33 in Shenzhen. From the perspective of growth history, over 60% of unicorn companies in Shanghai entered the market after 2014 and achieved rapid growth in a relatively short period of time, such as Baidu's Xiaodu Technology, Dongjiu Xinyi, which had received over 1.5 billion US dollars in strategic financing, and Nanxin Technology, which successfully listed on the Shanghai Stock Exchange this year.

To some extent, this proves that Shanghai has achieved significant results in optimizing the business environment, cultivating new economic drivers, and strengthening urban core functions.

The second is to focus on market driven innovation based on business models.

From the perspective of industrial distribution, more than half of unicorn enterprises were born in Shanghai's advantageous and distinctive "3+6" industrial system. Among them, artificial intelligence enterprises account for 12% of the total number of unicorn enterprises in Shanghai, and integrated circuit enterprises account for 11%. Didi Autonomous Driving, Yitu Technology, Zebra Network, and others have all grown into leaders in related industries in China; As a leading enterprise in domestic power and battery management chips, Nanxin Semiconductor has developed for 8 years and has become a leading supplier of power and battery management chips in China.

From the perspective of segmentation, the Internet and technology industries are the most concentrated areas of Shanghai Unicorn enterprises. Compared to others, Shenzhen places more emphasis on intelligent hardware, mainly gathering technology based unicorn enterprises based on technological innovation; Unicorn enterprises in Beijing are mostly involved in e-commerce, cultural entertainment and Internet finance; Hangzhou focuses on Internet finance and e-commerce; Shanghai focuses more on e-commerce, artificial intelligence, and cultural entertainment. The "Internet plus" characteristics of these cities are obvious, and many market driven unicorn enterprises based on business model innovation have been cultivated.

Thirdly, the technological content is becoming increasingly high.

As a group of enterprises with strong innovation capabilities and enormous growth potential, unicorn enterprises represent to a certain extent the new trend of technological change and the new direction of industrial development, demonstrating strong scientific and technological innovation attributes.

In recent years, the proportion of high-tech enterprises among unicorn enterprises in Shanghai has shown a significant upward trend, exceeding 70%. It can be said that high-tech enterprises are increasingly becoming the mainstream of unicorn enterprises, and the technological content of unicorn enterprises is becoming higher and higher.

Along with it, technological progressiveness enables enterprises to obtain high returns, technological maturity enables enterprises to obtain industrial growth capacity, and technological marketability enables enterprises to obtain internal and external agglomeration benefits. High tech enterprises among unicorn enterprises have become pioneers in promoting industrial transformation and building emerging industries.

For example, the newly established unicorn company Yingsi Intelligence in 2022 is an end-to-end innovative drug research and development company driven by artificial intelligence, established in 2019. It has now become a leading enterprise in the field of AI pharmaceuticals; Founded in 2020, Muxi Integrated Circuit is committed to providing full stack GPU chips and solutions for heterogeneous computing.

The fourth is to live by resources.

From the perspective of spatial distribution, unicorn enterprises in Shanghai show a more obvious preference for the central urban area, mainly distributed within the scope of the central urban area, and forming two main agglomeration areas with the Huangpu River as the boundary: the first is the core agglomeration area with the inner ring of Puxi as the main area. Regions with abundant scientific and technological innovation resources such as Xuhui, Changning, and Yangpu have a higher density of unicorn enterprises. The second is the sub core cluster area formed in Pudong with Zhangjiang High tech Park as the center.

Generally speaking, the central urban area has relatively richer technological innovation resources, better infrastructure conditions, faster policy response speed, and more convenient entrepreneurial services, which can provide a superior business environment for unicorn enterprises.

In recent years, with the increase in the number of unicorn enterprises and the improvement of the overall entrepreneurial environment in Shanghai, the related spatial layout has begun to show a diffusion trend. However, overall, high-tech enterprises represented by unicorn enterprises are deeply influenced by agglomeration economies in their spatial distribution, which can easily lead to path dependence in location selection, resulting in a lock-in effect in the agglomeration zone and a continuous strengthening of agglomeration degree.

"Gradient cultivation classification support"

It should be said that with the continuous strengthening of urban core functions and the increasingly optimized comprehensive business environment, Shanghai's attraction to global unicorn enterprises is becoming stronger. But compared to the world's top cities such as San Francisco, known as the unicorn capital, and New York, ranked second in the world, there are still gaps and shortcomings.

In terms of quantity, San Francisco and New York have 181 and 126 unicorn companies respectively, which is twice to three times that of Shanghai. In terms of scale, among the top ten unicorn companies in the world, there are a total of 5 companies in China on the list, but none of them come from Shanghai; Among the top ten unicorn companies in China, Shanghai companies were not included, but rather companies from Beijing, Hangzhou, Shenzhen, Dongguan, and Guangzhou.

From the perspective of growth trend, the growth of unicorn enterprises in top domestic cities such as Beijing, Shanghai, Shenzhen, and Hangzhou has generally remained stable, but cities such as Guangzhou, Suzhou, and Nanjing are increasingly awakening, and the upward trend is very obvious. For example, Guangzhou, as the city with the fastest growth in the number of unicorn enterprises in China last year, has grown nearly threefold within a year and has made a breakthrough in giving birth to the super unicorn of GAC Aion.

Unicorn enterprises are an important indicator of the development of the new economy. During the 14th Five Year Plan period, Shanghai has set the goal of "gradient cultivation, classification support for a group of potential global top 500 and overestimated unicorn enterprises". In recent years, Shanghai has been continuously exploring and practicing to cultivate and support a group of benchmark small and medium-sized enterprises with innovation support, typical driving force, and demonstration leading role. Gradually, a gradient cultivation system has been formed, with key double innovation enterprises as the economic vitality guide, specialized, refined, and new enterprises as the industrial driving force support, and listed enterprises as the typical enterprise strength model.

Wherever innovative achievements emerge endlessly, there must be a vibrant and deeply rooted innovation ecosystem. Next, we need to increase the cultivation and service efforts of unicorn enterprises, focus on opening up new fields and tracks for development, and continuously shape new driving forces and advantages for development. It is necessary to work together in the following areas to help more innovative enterprises stand out and grow.

One is to actively explore and cultivate, enrich and improve the service list of unicorn enterprises, and focus on discovering and reserving enterprises that master "unique skills" and "hardcore technology".

It is recommended to explore the establishment of a unicorn enterprise empowerment center, establish a Shanghai unicorn enterprise cultivation base and service workstation, and widely connect resources such as government, investment and financing, third-party think tanks, large enterprises, and research institutes. Following the path of "discovery, cultivation, service, and connection", we can better assist startups in focusing on and accelerating their growth.

The second is to strengthen innovative services, establish a normalized butler style service mechanism and service team, coordinate and solve the problems faced by unicorn enterprises in the development process, link various innovative resources to provide professional and market-oriented services for enterprises, and promote their accelerated growth into technology leading enterprises with international influence.

The third is to accurately support the innovative development of enterprises. Strengthen the leading position of unicorn enterprises in technological innovation, and support unicorn enterprises to undertake more national and municipal major scientific and technological projects in original innovation and key core technology research.

At the same time, it is necessary to increase financial support for unicorn enterprises, establish innovation investment mother funds dedicated to early investment, small investment, technology investment, and innovation, and establish talent and achievement transformation special funds, angel investment, and seed investment special funds to provide stronger capital support and talent empowerment for related enterprises' technological research and development, achievement transformation.

In addition, it is possible to promote the establishment of unicorn enterprise clusters around leading industries in key areas with foundation and conditions, attract unicorn and its ecosystem enterprises to settle and layout globally, and give policy preferences to enterprises that purchase research and development and production land and add layout projects in Shanghai.

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