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Unicorns ruled for a decade. Tech needs a new beast
Rather than a mythical creature, why not ‘thoroughbreds’?
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The number of startup unicorns being created globally is now in decline, thanks in part to higher interest rates and greater scrutiny from investors.
ST PHOTO: LIM YAOHUI
Parmy Olson
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It’s been a decade since the term “unicorn” was coined by Silicon Valley venture capitalist Aileen Lee to describe start-ups that reached a US$1 billion (S$1.35 billion) valuation. The name quickly became coveted.
Yet today, unicorns aren’t so rare. Having reached a peak in the heady, liquid days of 2021, the number of start-up unicorns being created globally is now in decline, to 95 in 2023 from 621 in 2021, according to market intelligence firm CB Insights, thanks in part to higher interest rates and greater scrutiny from investors.
