Several successful businesses have thrived from startup to unicorn status (a valuation of $1 billion or more) by prioritizing sustainability in their operations and business models. Here are some notable examples:
- Tesla, Inc.: Tesla is perhaps one of the most famous examples of a sustainable startup turned unicorn. Founded by Elon Musk in 2003, Tesla has revolutionized the electric vehicle industry. They’ve not only created high-performance electric cars. But also pushed for sustainable energy solutions, including solar power and energy storage systems.
- Beyond Meat: Beyond Meat is a plant-based meat substitute company founded in 2009. Their innovative approach to creating meat alternatives that taste and feel like real meat has led to significant growth. Beyond Meat products are more sustainable than traditional meat, as they require fewer resources and produce fewer greenhouse gas emissions.
- Airbnb: Although not a traditional sustainability-focused company. Airbnb has contributed to sustainability by promoting the use of existing accommodations instead of building new hotels. This has the potential to reduce the environmental impact of the hospitality industry. Airbnb reached unicorn status in 2011.
- Impossible Foods: Similar to Beyond Meat, Impossible Foods is a plant-based meat substitute company. Founded in 2011, they have gained unicorn status by creating plant-based meat products. That are nearly indistinguishable from real meat, while using significantly fewer natural resources in the process.
- Patagonia: Patagonia, founded in 1973, is a pioneer in the sustainable fashion industry. They have successfully blended eco-friendly practices with a profitable business model. Patagonia’s commitment to sustainability has helped it become a unicorn company in the outdoor clothing industry.
- Rivian: Founded in 2009, Rivian is an electric vehicle manufacturer specializing in electric trucks and SUVs. They’ve embraced sustainability by producing electric vehicles and also offering adventure-focused products. Rivian reached unicorn status and gained significant attention for its innovative approach.
- BYJU’S: BYJU’S is an Indian edtech startup founded in 2011 that provides online education. While not directly related to environmental sustainability. It has thrived by making quality education more accessible, reducing the need for physical infrastructure, and supporting digital learning, which can contribute to sustainability goals.
- Apeel Sciences: Apeel Sciences, founded in 2012, is a company that has developed a natural, plant-derived coating for fruits and vegetables. This coating extends the shelf life of produce, reducing food waste, and the need for preservatives. Apeel Sciences has achieved unicorn status by addressing a critical sustainability issue in the food industry.
These companies have shown that it’s possible to build successful businesses, while also prioritizing sustainability and making a positive impact on the environment and society. Their innovative approaches to sustainability have not only attracted investors but also gained them a strong customer following.