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{"id":29068,"date":"2023-04-12T21:52:03","date_gmt":"2023-04-12T21:52:03","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/"},"modified":"2023-04-12T21:52:04","modified_gmt":"2023-04-12T21:52:04","slug":"turns-out-most-unicorns-today-are-more-myth-than-reality","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/","title":{"rendered":"Turns out most unicorns today are more myth than reality"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/<\/a><\/br>
\nTurns out most unicorns today are more myth than reality<\/br>
\n2023-04-12 21:52:03<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

The pace at which<\/span> new billion-dollar startups are minted is in freefall.<\/p>\n

Given what we\u2019ve seen recently concerning the late-stage funding market, we shouldn\u2019t be shocked. As late-stage dollars retreat and capital served up in mega-rounds \u2014 deals worth $100 million or more \u2014 evaporates<\/a>, the fuel that once lifted many a startup rocket into the valuation stratosphere has sputtered. It makes sense that fewer companies would reach unicorn altitude.<\/p>\n

Initially, I wanted to make an argument crossing falling M&A activity and initial public offerings with the decline in new unicorn creation<\/a>, pointing out that without the ability to exit, of course<\/em> the pace at which new unicorns were created would fall. If paper marks failed to turn liquid, paper marks would become worth less, right?<\/p>\n

\n

The Exchange explores startups, markets and money. <\/em><\/strong><\/p>\n

Read it every morning on TechCrunch+<\/a> or get The Exchange newsletter<\/a> every Saturday.<\/em><\/strong><\/p>\n

\n

That\u2019s too generous an interpretation, because it rests on the assumption that the unicorns minted in the past were actually worth what they were purported to be.<\/p>\n

\"\"<\/a>Sure, the last venture capital supercycle really did build some real unicorns. Uber is worth north of $60 billion; Coinbase is worth a bit more than $16 billion this morning \u2014 you can fill in other names. But those are the outliers: Most unicorns have not found an exit, and as the market discovers that most billion-dollar startups aren\u2019t natural, the capital flowing into them has slowed to a trickle.<\/p>\n

Let\u2019s take the argument one step further: If most unicorns did not exit during the boom and now cannot do so with their real valuations being lower than their last private mark (and is likely under the $1 billion threshold today), was the startup in question ever really a unicorn?<\/p>\n

I would posit that the answer is no. Most unicorns never were what they were purported to be. Instead, a lot of startups were granted big budgets to LARP as unicorns thanks to outsized venture capital funds, in turn predicated on a combination of low interest rates and a choppy global economy brought on by COVID.<\/p>\n

Don\u2019t believe me? Check this chart from the new CB Insights Q1 venture report<\/a>:<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/ Turns out most unicorns today are more myth than reality 2023-04-12 21:52:03 The pace at which new billion-dollar startups are minted is in freefall. Given what we\u2019ve seen recently concerning the late-stage funding market, we shouldn\u2019t be shocked. As late-stage dollars retreat and capital served up in mega-rounds \u2014 deals worth $100 million or […]<\/p>\n","protected":false},"author":1,"featured_media":29069,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-29068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nTurns out most unicorns today are more myth than reality - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turns out most unicorns today are more myth than reality - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/04\/12\/turns-out-most-unicorns-today-are-more-myth-than-reality\/ Turns out most unicorns today are more myth than reality 2023-04-12 21:52:03 The pace at which new billion-dollar startups are minted is in freefall. 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