Research SummaryDigital platforms have revolutionized business sectors; however, despite their significant success, platform unicorns remain rare. While extensive research exists on digital platform growth, it is uncertain what entrepreneurial decisions achieve unicorn status. We address the research question of what combination of complementary entrepreneurial decisions increases and decreases the likelihood of becoming a platform unicorn. The study examines 125 digital mental health platform ventures, including 12 unicorns, using the Dealroom database and decision tree methodology. We provide combinations of complementary decisions concerning fundraising timing, funding sources, digital technologies, and business model choices that affect a platform venture's probability of becoming a unicorn. The study offers decision profiles for navigating the uncertainties of the digital age. We discuss implications for strategic entrepreneurship and a judgment‐based approach.Managerial SummaryIn the digital age, achieving unicorn status depends on the right combination of complementary decisions about fundraising timing, funding sources, digital technology, and business model choices. Entrepreneurs dealing with uncertainty frequently rely on their intuition to make such decisions. Our research complements intuition with evidence that can now be obtained by deploying artificial intelligence tools like decision trees and highlights complementary decision profiles that have a higher likelihood of becoming unicorns, such as profiles with early‐stage funding, no government funding, and deep tech serving the B2B market. Conversely, we identify combinations with less than 1% success rates, indicating failed judgments. Research insights can help entrepreneurs and investors make better‐informed decisions to enhance mental health platform venture success and be aware of possible failure.

中文翻译：

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哪些创业决策促成了数字平台独角兽的诞生？

研究摘要数字平台彻底改变了商业领域;然而，尽管取得了重大成功，但平台独角兽仍然很少见。虽然对数字平台的增长进行了广泛的研究，但不确定哪些创业决策能达到独角兽地位。我们解决了一个研究问题，即哪些互补的创业决策组合会增加和降低成为平台独角兽的可能性。该研究使用 Dealroom 数据库和决策树方法调查了 125 家数字心理健康平台企业，其中包括 12 家独角兽企业。我们提供关于筹款时间、资金来源、数字技术和商业模式选择的互补决策组合，这些决策会影响平台企业成为独角兽的可能性。该研究为驾驭数字时代的不确定性提供了决策概况。我们讨论了对战略创业和基于判断的方法的影响。管理摘要在数字时代，要获得独角兽地位取决于关于筹款时机、资金来源、数字技术和商业模式选择的互补决策的正确组合。应对不确定性的企业家经常依靠他们的直觉来做出这样的决定。我们的研究用现在可以通过部署人工智能工具（如决策树）获得的证据来补充直觉，并强调了更有可能成为独角兽的互补决策概况，例如具有早期资金、没有政府资助和服务于 B2B 市场的深度技术的概况。相反，我们识别出成功率低于 1% 的组合，表明判断失败。 研究见解可以帮助企业家和投资者做出更明智的决策，以提高心理健康平台的风险投资成功并意识到可能的失败。