Loved the article, Tod. Thanks for sharing.

My question on any such analysis:

Suppose we find a thousand other companies with the following characteristics:

  1. Easy-to-dismiss ideas
  2. Competitive markets
  3. Reinventing customer behavior
  4. Untested founders
  5. Zero monetization

What are the chances of one of them turning out to be a unicorn?

Note: I do LOVE the final summary. My reservation is only about the elements outlined above.

Entrepreneur, Author and Teacher, co-founder of Based in Silicon Valley. More about him at

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store