Through analysis, it can be seen that Utah’s cultural atmosphere, talent base, capital base, and other resources are all necessary conditions for the cultivation of local Unicorns. Feldman found that among the more than 4000 technology start-ups in Utah, at least four start-ups are Unicorns. They even gradually participate in the upgrading of labor, housing, and public transportation markets in the cities where the companies are located, which has an important impact on the growth and cultivation of local Unicorns. In terms of research on the regional experience and solution strategies of Unicorn growth, McNeill found that venture capital and angel capital occupy an important position in start-up capital. Review of Related ResearchĮxisting research on Unicorns mainly includes the relevant geographical experience, risk management, valuation, and environment for the cultivation of Unicorns. Research Review and Analysis Framework 2.1. Therefore, from the perspective of the growth environment of Unicorns, this paper puts forward the analysis framework of the existence or absence of Unicorns and uses the qualitative comparative analysis method to analyze the condition path of the absence of Unicorns in the region, combined with the analysis of the existence path of Unicorns, so as to provide policy basis for each region to match the cultivation path of Unicorns and built a good environment to promote the development of Unicorns. What is the reason that these regions cannot cultivate Unicorns? What kind of cultivation path does the existing Unicorns grow up according to? Why can their regions cultivate a large number of Unicorns? As well as the function mechanism of growth environment factors on each country and the region Unicorn growth is worth our thorough research. However, as of 2018, only 26 of 233 regions in the world have Unicorns, that is, about 89% of regions do not have Unicorns. Unicorns not only develop themselves but also effectively promote the innovative development of upstream industry, downstream industry, and even cross-border industry, so as to improve the level of regional innovation and enhance regional economic strength. The number of Unicorns reflects the development trend of local enterprises and represents the level of regional innovation and development at the same time. According to the differences in the core conditions in the configuration and the characteristics of the cases contained, it is divided into two cultivation paths, which are driven by emerging industries and supported by the business environment combining with the status quo and characteristics of the cities where Unicorns are missing, it provides suggestions for the selection of the cultivation path of Unicorns in different regions. The research results indicate that the synergy of emerging industries, business environment, platform support, and financial support can foster Unicorns.

Combining with the growth environment of Unicorns, from the aspects of emerging industries, business environment, platform support, and financial support, we propose an overall analysis framework for the existence or absence of Unicorns, use the fuzzy set qualitative comparative analysis (fsQCA) method to carry out configuration analysis on the status quo of Unicorns in 40 cities in China, and analyze the cultivation path of Unicorns.

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