Hidden champions are relatively small but highly successful companies that excel in their niche but are not well-known to the general public. The term was coined by Hermann Simon. He first used the term in 1990 as a title of a publication in a scientific German management journal, describing the small, highly specialized world-market leaders in Germany. According to his definition, a company must meet three criteria to be considered a hidden champion:
- Number one, two, or three in the global market, or number one on the company's continent, determined by market share
- Revenue below $5 billion
- Low level of public awareness
