The ‘unicorn glut’ theory of startup misery

Unicorn traffic jam, meet unicorn glut.
Private-market tech companies worth $1 billion or more have long been an indicator of investor enthusiasm. The number of so-called unicorns minted in a particular period was a workable indicator of how hot the venture capital market was at the time.
For example, the pace at which new unicorns were born grew sharply in 2020, per CB Insights data, rising from 25 new $1 billion startups in the first quarter of that year to 47 by Q4. Then, the rate of unicorn births multiplied, reaching 115 in Q1 2021 and peaking at 146 in the second quarter of the same year

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