Measuring the impact of intellectual capital on entrepreneurial performance: a holistic approach

Purpose This study examines the role of intellectual capital (IC) in the valuation of unicorn startups, focusing on three components: human capital (HC), structural capital (SC) and relational capital (RC). Design/methodology/approach Adopting a deductive approach, this study conducts quantitative analysis by testing hypotheses to validate or refute the considered theories in this study. Data on 142 global unicorns (as of January 2025) were manually compiled from unpaid databases such as CB Insights and Tracxn. IC components were proxied using founding team size (HC), patent counts (SC) and investor networks (RC). Multiple regression analysis was used to examine the relationship between IC components and startup valuation. Findings Relational capital, particularly investor networks, had a significant positive impact on valuation. In contrast, structural and human capital showed no statistically significant effect. Research limitations/implications The study is limited by its sample size of 142 unicorns, focusing on a specific category of startups with patents, so the results may not be generalizable to all startups. Practical implications Startups may benefit from strengthening investor networks rather than over-investing in patenting or expanding founding teams to enhance valuation. Social implications Findings underscore the role of university–industry collaboration in supporting startups through patent licensing, advisory and network-building. Originality/value This is perhaps among the first empirical studies to examine how the tripartite intellectual capital (IC) framework influences unicorn valuation using a cross-national dataset. It bridges IC theory and entrepreneurial finance, highlighting the critical role of relational capital in high-growth ventures.