... significant government programs. In China, both government capital and corporate giants (BAT—Baidu, Alibaba, Tencent) invest in hundreds of startups. In the U.K. and Singapore, state co-investing with private funds operates (through the British Business Bank, Temasek, etc.). The synergy between private and institutional investors creates stable conditions for the emergence of new unicorns. Macroeconomic Indicators: Economy Size, Education, Demographics Finally, a country's macroeconomic foundation largely ...