2016… the year that unicorns have to prove they are real

unicorns

If 2015 was the year of the unicorn, 2016 will be the year that unicorns have to prove they are real. The rush of excitement about the group of technology companies privately valued at $1 billion or more has given way to a more sober mood, and the acceptance that some of these billions are as illusory as horses with horns. The growth in the number of highly valued private technology companies — more than 140 in the US… — has been a product of two things. One is excitement over the idea that technology companies can transform entire industries with software and the internet. The second is the willingness of more investors to take a risk on private markets… Despite the excitement, venture capital has produced weak returns in recent decades — only a minority of funds have produced rewards high enough to compensate investors for illiquidity and opacity.

 

Editorial

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