From Zero to Scale: what unicorns taught us on how to build a successful company
From Zero to Scale: what unicorns taught us on how to build a successful company
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
From Zero to Scale: what unicorns taught us on how to build a successful company
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
This article kicks off a series exploring the journey from a high-potential startup to a fully realized, successful company. We’ll examine what it takes to achieve and sustain this elevated status, drawing insights from unicorns and leaders from IRIS’ portfolio. Join us as we uncover practical lessons for startups aiming to become industry leaders.
In the world of startups, certain milestones stand out as universal markers of success. Among these, achieving “unicorn” status has become a prominent goal since Aileen Lee, founder of Cowboy Ventures, introduced the term in 2013. Originally defined as “U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors,” the term has since expanded to encompass companies worldwide.
The unicorn designation, much like the esteemed Michelin Star in the culinary world, has become a symbol of excellence and achievement. Both accolades demand exceptional leadership, unwavering dedication, and consistent innovation. Just as chefs must maintain the highest standards to retain their Michelin Stars, startups must continually innovate and deliver outstanding performance to preserve their unicorn status.
However, what’s often overlooked is that achieving unicorn status is only the beginning; maintaining and growing beyond it presents an entirely different challenge. Losing this status, akin to losing a Michelin Star, can be devastating, signifying a company’s inability to sustain its once-claimed standards.
While unicorn status remains a significant milestone, it is not — and never was — the sole indicator of success.
At IRIS, we view unicorn status not merely as a “valuation statement” but as a “confirmation” of a company’s potential to become an industry leader and deliver on its technological promise. Although achieving this status can serve as a powerful strategic marketing tool — boosting talent acquisition and facilitating fundraising — it can also complicate customer negotiations and invite increased regulatory scrutiny. To be truly successful, companies must move beyond the initial hype, demonstrating sustained growth, profitability, and the ability to transform potential into tangible, long-term outcomes.
In the post-COVID market, where economic turbulence has shifted focus towards profitability, the lens through which we view unicorns often presents a skewed reality. To gain a more balanced perspective, we’ll delve into the journeys of two unicorns from IRIS’ portfolio: Shift Technology (since 2021) and Kyriba (since 2019). Through discussions with their respective CEOs, Jeremy Jawish and Jean-Luc Robert, we’ll uncover no-nonsense leadership insights for startups aspiring to become market leaders.
Hint: It has a lot to do with the people!
Turning Vision into reality: “It’s all about finding the right talent and executing.”
There is no “overnight success” when it comes to bringing a company to a billion-dollar valuation. The equation is well known, yet we don’t see unicorns at every street corner — only 54 in France and 69 in Germany. It requires having a clear vision and executing it effectively. Once the initial stages are validated with a strong market presence, a solid product, and a fine-tuned strategy, what separates successful companies from the rest is harnessing the right talent. After navigating the early growth phases as startups and scale-ups, advancing to the next level becomes a leadership challenge. Leadership becomes an entirely different game once you unlock high growth, and can take various forms:
For Shift Technology, the importance of talent is paramount as CEO Jeremy Jawish explains, “We did a study — 20% of our code changes every month. So over a year, everything changes. When you consider that we don’t own any other asset, the real asset of the company is our people. It changes so fast that there’s no long-term IP in our code. So the value of the company is definitely in our people.” Jeremy also highlights his time management approach with a clear focus on culture: “For me personally, the last five years have been 80% recruiting or ensuring the team is happy in their jobs, and 20% focused on execution.”
Jean-Luc Robert shares a similar perspective regarding Kyriba’s journey. “The number one thing is execution, and execution is people. Spend the time recruiting, finding the right talent, and retaining that talent. That’s what it’s all about. It’s not just about hiring a senior guy; if he doesn’t work out, you replace him and lose a year. So I think it’s a race to success.” What propelled Kyriba to the next stage is simple to explain yet hard to do: “It’s not about strategy, market, or platform evolution. It’s all about finding the right talent and executing.”
Keeping Focus During High Growth: “The faster you grow, the more difficult it is to keep the house together.”
Day 1 or Day 1000, the game doesn’t entirely change, but the scale surely does. Hypergrowth demands an unwavering commitment to core principles, coupled with the flexibility to adjust tactics rapidly. It’s a delicate balance of consistency and adaptability — maintaining the essence of what made the company successful while evolving to meet the demands of scale is a trap. Once you find your rhythm, tested what works and doesn’t, you make your way up as you go. Jean-Luc puts it simply, “Get the best product, get the best people and keep the people happy to make our customers happy. These three things are fundamental. If one of them falls apart, you’re dead. So I think it’s always the same thing since day one. Doesn’t change. It’s a focus. It’s a vocation and it’s a state of mind. So I think it’s the same thing.”
Jeremy Jawish of Shift Technology offers a more nuanced perspective on the growth journey: “For us, it’s not always about high growth. Our average deal is around $400,000 of ARR, so we can very quickly go from high growth to ‘oh, things are slipping.’” This volatility creates a unique challenge — the need to rapidly accelerate or decelerate growth in response to market conditions. Jawish emphasizes the importance of adaptability: “The hardest part for us is being able to very quickly turn the engine on and then very quickly know when to slow down a bit.” This requires not just agility, but also a keen sense of timing and market awareness.
Entering the Big League: “Larger companies that used to be partners now see us as competition.”
Achieving unicorn status paints a target on a company’s back. However, attention is a double-edged sword. Jawish reflects, “If we raised at less than a billion, 990 million, I think the impact would have been different on the market.” The perception of success and the accompanying scrutiny can shift dynamics, turning former allies into competitors.
Jean-Luc adds, “The competition keeps us on our toes and makes us move much faster. Internally, we say we have about 24 months ahead of the game. It’s a lot, but it’s not a lot. It keeps us accelerating towards platform sales. Competition is good because it fosters a competitive environment and ensures we stay sharp.”
Unicorns find themselves at the center of a competitive battlefield. Jawish reflects, “We’re constantly thinking about, are we going to be able to displace these companies that have been here for 50 years.” While now capable of challenging established players, unicorns also face threats from new entrants capitalizing on the market they’ve helped revitalize. This puts pressure on unicorns from both established companies and emerging startups, requiring rapid product iterations, strategic pivots, and continuous talent acquisition to maintain their competitive edge.
Growing Beyond the Unicorn Title: What’s Next?
For both Shift Technology and Kyriba, the journey doesn’t end at a billion-dollar valuation. Jawish notes, “The valuation itself is good for founders because it means less dilution and attracts more capital and talent. However, it’s not the mission itself to be a unicorn. Our focus remains on impacting the market and staying true to our mission.”
Jean-Luc echoes this sentiment, “Creating a global brand means getting the best product, the best people, and keeping everyone happy. This focus hasn’t changed since day one. It’s a vocation and a state of mind.”
As we wrap up, it’s important to reflect on what the term “unicorn” truly represents today. Unicorn status signifies much more than just a lofty valuation; it represents companies that have moved beyond mere potential to achieve substantial, real-world success. These businesses have advanced past the startup phase, demonstrating significant profitability and growth. They embody the potential to deliver transformative technology on a global scale and generate $100M+ in revenue, positioning themselves as tomorrow’s tech giants. By expanding internationally and establishing themselves as major industry players, these companies prove their ability to achieve lasting success and solidify their place in the big leagues.
