It’s been ten years since Welcome to the Unicorn Club was published, and now is a good time to reflect on what has happened since.
In 2013, Cowboy Ventures was just getting started. To inform our investment strategy, we collected and studied data on a group of U.S. venture-backed startups that grew to be worth more than $1 billion in 10 years and are captured using the term "unicorn" as a shorthand The magic of these companies. . sound.
Our preliminary analysis found that there were only 39 unicorns out of thousands of startups launched at that time. Some highlights:
The majority (62%) were IPOs or acquisitions. Most are consumer-facing: about 60% of the company and 80% of the value. Enterprise-oriented companies are 26 times more capital efficient (current valuation divided by private capital raised) and 2.4 times more efficient than consumer companies. During that decade, one company became a “super unicorn” (worth over $100 billion): Facebook. Contrary to popular stereotypes, the average age of unicorn founders is 34; for enterprise software companies, the number is 38. Most companies have three co-founders with similar work, study, and technology experience. The Bay Area is home to 70% of unicorns. With three cities, New York is the second largest hub. There is very little diversity: there are no female CEOs and only 5% of unicorns have female co-founders.
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