lead: the famous Silicon Valley venture capitalists, Benchmark Capital general partner Bill · Gerry (Bill Gurley) the personal blog wrote that the unicorn financing ecosystem becomes more and more dangerous, all those involved will be at risk.
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last February, "fortune" magazine editor Aileen · Griffith (Erin Griffith) and Dan · Mike (Dan Primack) announced on 2015 is the "unicorn" era, they pointed out that: "according to the" fortune "statistics, there have been more than 80 companies valuation of $1 billion or more." By January 2016, the number soared to 229. Reason for such a rapid growth, the key reason is that the unicorn financing very easy: determine a far higher than the last round of valuation, organize a show, solicit quotations, then you can see the bank account more than hundreds of millions of dollars. 12 to 18 months later, the same trick can be repeated – it is very simple.
although the surface does not seem so obvious, but the investment community has undergone tremendous changes, resulting in a significant increase in the value of Unicorn investment risk, the complexity is also increasing. The fate of all Unicorn participants, founder of the company, employees of the company, Vc firm and its limited partner (LP), is in danger, and is closely related to the Unicorn phenomenon. The carrying amount of the high valuation, high burn rate (and the resulting amount of money demand), as well as IPO and acquisitions are an unprecedented downturn, creating a complex and unique environment, CEO and investors make a lot of unicorns and difficult to be taken by surprise.
a lot of people have noticed that the sum of the shareholders’ value created by the big Unicorn companies has completely masked the loss of the doomed unicorn. This is actually a very old topic, the main reason is that the generation of revolutionary company (Airbnb, Slack, Snapchat, Uber) was a great success. Although this may be a relief, but most people do not invest in a basket of unicorns, there is no index can buy. On the contrary, the majority of participants in this ecosystem are affected by the specific performance of the company, but also bear the corresponding responsibility. Because of this, we must understand the changing market structure.
causes the key events bubble may be John · Carey Luo (John Carreyrou); survey report October 16th needle in the "Wall Street journal" published on Theranos. John is the first to reveal the logic behind the company: just because a company can from the small number of investors in the high valuation of financing, it can not be guaranteed: (1), everything goes smoothly, or (2) > these shares