Unicorn Club: billionaire startups which features?article is Aileen Lee's article, is the founder of Cowboy Ventures, originally published in the TC. Many entrepreneurs, including finance their VCs, wants to build a $ 1 billion level of the company. Why investors seem value '$ 1 billion level Exit'? Historically, the top venture 2015 Latest Nike Shoes funds is extensive cultivation for many companies to put money, but only by a handful of companies acquired in ownership can get in return. In addition, traditional venture capital fund size has been expanded, requiring larger 'exit' to get an acceptable return. For example, Nike Lunar Mens if only the return of $ 400 million venture capital fund founded, also need to get 20% stake in two $ 1 billion valuation of the company or a $ 2 billion company before it can be realized when it is acquired or the market. Then a start-up companies how to achieve $ 1 billion valuation? Take a look at Facebook, LinkedIn and WorkDay etc. Can we learn from history it? To answer this question, Cowboy Ventures team was established in January 2003 has been a recent valuation of more than one billion US dollars (including listed and unlisted) US technology companies dataset. Its findings are as follows: 1, the valuation of more than one billion US dollars of 'unicorn club' has 39 members. Proportion of consumers eligible for venture capital and enterprise software startups 0.07%. Cowboy Nike Air Max 1 Hyperfuse Ventures digital believe all sides in the last 10 years, about 60,000 software companies eligible for venture capital. 0.07% means that for every 1 538 start-ups have a unicorn might emerge. 2 valuations unicorn, the past 10 years, the average annual new born four unicorn, where Facebook are 'super Unicorn' (worth over $ 100 billion). Every 10 years, born about 1-3 head super unicorn. Each year the number of newly born in the 1990s unicorn unicorn is a super Google, currently worth nearly Facebook3 times, as well as $ 160 billion worth of Amazon; 1980 is Cisco's; 1970's Apple, Oracle and Microsoft; 1960 Intel . As can be seen, each wave of technological innovation will be the birth of a number of super unicorn. (Then the next 10 years of technology innovation tide, what is it? Moving it?) In addition to the average value of the remaining outer Facebook 38 unicorn for $ 3.6 billion. 3, more consumer-oriented unicorn potential cumulative greater value (even if excluded Facebook bigger than enterprise type software startups) investment boom despite the recent consumer-oriented nature of start-ups seem to cool, but it is worth noting that over the past 20 years have three super unicorn is this type: Facebook, Google, Amazon. The cumulative value of such a unicorn (without Facebook) than business type than 60%. 85% is kind of (Twitter, Pinterest, Zulily etc.) not listed in the Unicorn. 4, but the higher the average value of the enterprise type unicorn, financing a lot of relatively small, that is, higher return on investment. Entrepreneurial unicorn average financing size of up to $ 138 million, is now worth 26 times the scale of financing. 3 typical high return on investment is Nicira, Splunk and Tableau, less than $ 50 million financing, but the average value of $ 3.8 billion. The Workday, ServiceNow and FireEye now worth 60 times more the amount of its financing. The consumer-oriented type unicorn average financing amounted to $ 348,000,000, Air Jordan 14 compared with 2.5 times more corporate type, while the value of 11 times the amount of the financing. This shows that the consumer-oriented start-ups succeed in rapidly changing environments down big huge success requires more capital. The founder and investor needs for the past 10 years in charge of consumer Internet companies are overvalued (note: now seems to have been close to the edge of the bubble). 5, the business model can be grouped into four categories: consumer e-commerce, consumer audience, SaaS and enterprise software. 1) The consumer-oriented e-commerce refers to the consumers to purchase goods or services (a total of 11); 2) consumer-oriented companies generally serve the audience type is free, supported by advertising or pipe monetization (11 companies); 3) SaaS means users pay to use cloud-based software (usually take freemium model, there are seven companies); 4) business companies: the purchase and use of large-scale enterprise software (10 companies). There are only four of these companies take priority policy move, but this is not surprising, because the iPhone come out in 2007. 6, success is a marathon and not sprint: on average 'cash event' will occur more than seven years, not including the list of those not yet listed 1/3. The realization of the long road. Only those companies which belong to heterogeneous YouTube and Instagram, was set up about two years buyers (Google, Facebook) to more than one billion US dollars to acquire. Also to be acquired nine companies on average valuation of $ 1.3 billion, this figure may be the best shot opportunity buyers avoid dragging behind unaffordable. 7,20-year-old inexperienced entrepreneurs who belong to minority heterogeneous (outlier). 30-year-old well-educated and have a history of the founder of the most successful entrepreneurs. The founder of the company business when the average age was 34 years. Yes, the age of Facebook founder Zuckerberg business when only 20 years old, but the second successful LinkedIn founder average age is 36 years, while the value of row 3 of Workday, the founder of the average age to 56 year old. But the unicorn at least 80 per cent of them have a co-founder previously have had entrepreneurial experience. And most of them came from the founder of the elite. But there are eight companies founded by dropouts, and the former five most valuable companies there are three founders were dropouts (Facebook, Twitter and ServiceNow). Audience-driven companies, such as Facebook, Twitter and Tumblr average age of business when the founder of the minimum of 30 years; the average age of e-commerce SaaS and founder of 35-36 years; average age of enterprise software founder 38 year old. The founder of the vast majority of the number of people Unicorn is a joint venture (35), co-founder of the average number of three. And the vast majority have a history of cooperation for many years, 90% of the co-founders are either students or working together; worked together before 60% of the co-founders; 46% of former classmates. And the joint venture company value than the individual entrepreneur's company higher. 8, the so-called 'major turning point' (Big pivot, product differentiation, namely the product was originally developed with great success last) nor in the majority. 90% of companies are committed to the initial product vision. The last successful product with the original product is Nike Air Max 95 360 not the same, only four companies, is Nike Free Womens a consumer-type: Groupon, Instagram, Pinterest and Fab. 9, San Francisco (not Silicon Valley) became the Unicorn House 39 there are 27 companies headquartered in the San Francisco Bay Area. 10, founder of the Nike Lunar Womens club unicorn diversity is not strong, of course, this 39 0.07% of the company itself is heterogeneous. Counting on them to find some potential to become a unicorn business start-ups is not realistic. But there are some amazing places to show common ground. Let's say 90 percent of business-type company founder / CEO have technical degrees; most companies have co-founder of two or more classmates or colleagues; most companies have at least one co-founder had entrepreneurial experience; founding NPC are over 30 years old. Another point to note is definitely not overnight success unicorn. Although it is generally granted a period of four years, but the most valuable companies often need at least 8 years to 'cash', and most will stay until after the founder of cash. During this period tend to be a lot of financing unicorn. Therefore, these entrepreneurial teams have a better vision of the company's ability to reach a consensus without receiving the impact of the economic boom. The problem now is that the next 10 years and what new unicorn members would be introduced? Unless noted, articles are original or compiled site, please indicate: articles from 36 Krypton