A zebra venture is a company that has a business model or technology that is considered to be outside the mainstream or "non-consensus". Zebras are known for being unique, and venture capitalists often view them as high-risk investments. However, because of their unorthodoxy, zebra ventures have the potential to generate large returns if they are successful.
There are a few factors that make a company a zebra. First, the company must have a business model or technology that is not widely accepted or understood. This means that the company is likely to face skepticism and resistance from potential customers, partners, and investors. Second, the company must have a small market share. This is because zebras often target markets that are niche or underserved by the mainstream market. Finally, the company must have a large potential for growth. This is because investors believe that zebras have the potential to disrupt their respective industries.
Despite their high risk, zebra ventures can be extremely rewarding for both the companies and the investors. For example, Uber, which is considered a zebra company, has a current valuation of $70 billion. This shows that zebra ventures have the potential to generate large returns if they are successful.