I suspect if the heterosexual couple's search for partners for their ménages à trois also included bisexual men, they'd have way better luck finding their unicorn.
Just sayin'...
Just sayin'...
1
What a comedown for a symbol. Christian purity to billion-dollar fantasy.
Another NYT piece lending evidence to the fact that New York continues to ruminate envy of Silicon Valley. The shift of wealth and power continues westward.
Did this story touch a nerve? Even to this day, Silicon Valley will never hold a candle to New York in terms of wealth. You're going to be in for a rude awakening when it all comes crashing down.
1
I've lost count how many unicorns (maybe not to the extent of crossing the $1b mark, but for a startup bleeding gobs of money and VC's are still throwing money at them, that's as "magical" as any unicorns can get) in the past tech boom, before the tech bubble eventually burst in 2000. There were so many spectacular flameouts and god-knows how much money they burnt up, it's unbelievable. Yet, it does not tarnish any of those VC's and angels who lost money in them, big time. And while they might profess special knowledge of how to spot successful startups, most are not even up the mediocre level. If they have enough money in the bank, even an idiot can hit a mark with the shotgun approach and try it enough times (just ask Marc Andreessen). If they make investments in thousands of startups, and get lucky with one GOOG stake, that's all it takes.
3
I really enjoyed the article's parallel between tech unicorns of today and the alicorns of the Middle Ages. Their rise and fall is so closely aligned and very well explained! I think it is a shame that the author introduces "sexual unicorns" in the last two paragraphs, branching the article into an unrelated direction when it should have been nicely wrapping up.
"If today’s unicorns are at all different from those in the past, it’s because they actually do perform a powerful sort of alchemy, transforming our baser instincts into noble ones. Silicon Valley’s search for unicorns underscores that making as much money as possible with computers is something more than a business; it is an epic struggle to change the world, where the victors soar to unimaginable heights, becoming not just successful companies but legends."
We've seen this before. Whenever the public--and NYT contributors--start to believe the "this time is different" claims of the financial self-promoters, then it's only a matter of time before the bubble pops. Mr. Chen would do well to go back and review financial history--for example, read "Devil Take the Hindmost" by Edward Chancellor. It's actually not different this time.
We've seen this before. Whenever the public--and NYT contributors--start to believe the "this time is different" claims of the financial self-promoters, then it's only a matter of time before the bubble pops. Mr. Chen would do well to go back and review financial history--for example, read "Devil Take the Hindmost" by Edward Chancellor. It's actually not different this time.
2
"This time is different" may be the most destructive phrase in the history of mankind.
2
The biggest unicorn in the room is the plutocracy's ability to keep enough Americans dreaming that they, too, can become rich, and join them on the other side of the divide, to support a system that rewards only the top 1-5% instead of a more communal system that can sustain a healthy middle class, and bring dignity and security to millions more Americans. Not only will the tech bubble burst, but our system is headed for a reckoning, too.
7
In working on remaking the U.S. back to an industrial society one of my main problems is the lack of understanding of investing in manufacturing in the software investment machine.
Please give an equal chance to the wealth creation abilities of manufacturing: the U.S. needs both your expertise as well as your capital.
Real non-ideological capitalism, through manufacturing, needs saving to make a strong country.
Please give an equal chance to the wealth creation abilities of manufacturing: the U.S. needs both your expertise as well as your capital.
Real non-ideological capitalism, through manufacturing, needs saving to make a strong country.
3
" If today’s unicorns are at all different from those in the past, it’s because they actually do perform a powerful sort of alchemy, transforming our baser instincts into noble ones. Silicon Valley’s search for unicorns underscores that making as much money as possible with computers is something more than a business; it is an epic struggle to change the world, where the victors soar to unimaginable heights, becoming not just successful companies but legends."
It would appear Mr. Chen has partaken of the Kool-Aid. This time it's different...this time, it's actually an epic struggle to change the world, and more than just chasing a buck from vaporware that has no revenue stream or customer base.
Um, isn't that what people say with every bubble? This time it's different. And, um, isn't what happens every time is people look back afterwards and say "Oops, how silly of us to have gotten mass hysteria over those silly things."
(In my best Spock voice) Fascinating.
It would appear Mr. Chen has partaken of the Kool-Aid. This time it's different...this time, it's actually an epic struggle to change the world, and more than just chasing a buck from vaporware that has no revenue stream or customer base.
Um, isn't that what people say with every bubble? This time it's different. And, um, isn't what happens every time is people look back afterwards and say "Oops, how silly of us to have gotten mass hysteria over those silly things."
(In my best Spock voice) Fascinating.
4
They still have done better than all of you n...???!!!
Are you talking about the tech industry or the venture capital industry? I'd like to think there's a difference.
The bubble never began for some (real/authentic) workers!
1
Valuation vs. profit and why people will always love a thrilling story on how money is made from thin air vs. cold, hard, boring work. It's the same reason that made people from a different century passionately study alchemy - the mirage of getting money quickly and with a juicy success story. What they don't get is that these people who build/contribute to building unicorns work very hard to get there and on top everything have to cope with all the pressure from investors, board members, VCs, users, general public. It's not a fairytale, but cold, hard work. This hype is carried on by the great marketing machine that invented the story in the first place and now cannot stop shooting it in all directions.
Rest assured, at the end of the day, we all have to put money on the table. If there is no profit, the unicorn, decacorn, *corn dream will end up as a nightmare. Any startup founder in this world, not just from Sillicon Valley, knows this. Beside changing the world, profit is another *good* reason to make business. Somehow, the second reason is not juicy enough, neither for the press, nor for social networks
Rest assured, at the end of the day, we all have to put money on the table. If there is no profit, the unicorn, decacorn, *corn dream will end up as a nightmare. Any startup founder in this world, not just from Sillicon Valley, knows this. Beside changing the world, profit is another *good* reason to make business. Somehow, the second reason is not juicy enough, neither for the press, nor for social networks
4
I'm not a professional in finance, but doesn't it seem insane to value a company by how much capital is invested in it rather than on its ability to profit? Yet that seems to be the case for many of these unicorn companies.
And how many companies rely almost entirely on online ad revenues? I think there may be a reckoning coming and a lot of what now seems to be gold will wind up being iron pyrite.
And how many companies rely almost entirely on online ad revenues? I think there may be a reckoning coming and a lot of what now seems to be gold will wind up being iron pyrite.
13
the valuation in one sense is correct [based on what someone is willing to pay for], so it is not based how much capital in invested, but what % of the equity was exchanged for that capital invested.
the one simplification that most people overlook where preferred shares [i.e. VC money] gets paid out first where simple $1B for 10% equity = $10B valuation.
Look at recent flame out of former Unicorn, Good Technology. While the acquired price was $500M [half unicorn], the actual common shares were closer to trash.... http://bit.ly/1j5OoZN
the one simplification that most people overlook where preferred shares [i.e. VC money] gets paid out first where simple $1B for 10% equity = $10B valuation.
Look at recent flame out of former Unicorn, Good Technology. While the acquired price was $500M [half unicorn], the actual common shares were closer to trash.... http://bit.ly/1j5OoZN
Step back for the meta-view: fantasy valuations are possible because of a savings glut in the super-investor class - too many dollars chasing too view goods. This will end in yet another asset bubble bursting. And then the rush will be on to the next asset bubble to sponge up excess savings.
13
Strange unicorn which we debunk
displays with pride its solitary antler,
incredulous about the trunk
that makes another elephantler.
In our room today an elephant
may be a gal who’s hetero,
picking ménages to seem piquant
and prove she’s sexually metro.
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