Every unicorn is just a horse with a traffic cone

The mythology around startups has gone from inspiring to absurd.
A "unicorn" used to mean something rare: a company with a billion-dollar valuation and a business that worked.

Now? It mostly means "a company good at storytelling and burning other people's money."

The data paints a sobering picture:
• A vast majority of startups fail, often cited around 90%
• Reports suggest only a tiny fraction of venture-backed companies ever reach unicorn status, often around 1%
• Bain & Company's analysis highlights that very few unicorns (some reports suggest less than 1%) actually produce over $1 billion in real revenue and cash flow
• A 2023 CB Insights study found over 150 unicorns had already lost their status due to valuation markdowns or collapse

The reality is this: for every glittering "success story," there's a herd quietly being led to pasture.

The problem isn't ambition. It's inflation.
Valuation inflation. Expectation inflation. Ego inflation.

Too many "unicorns" were built in a world of zero interest rates and infinite patience. When money was free, mediocrity could masquerade as magic. Now that capital has a cost, the horns are falling off fast.

What separates the handful that survive?
They actually run a business.

They obsess over gross margin, not brand hype.
They earn growth through product-market fit, not marketing spin.
And they raise capital to accelerate performance, not to postpone reality.

Unicorn status might look glamorous, but it's not an endgame. It's a spotlight. And under that light, fundamentals either shine or melt.

So maybe it's time to stop chasing mythical creatures and start building profitable ones.
Because a horse that runs a long race beats a unicorn that trips on its own horn every time.