Aside from anecdotal stories like the Zirtual mess, unicorns don't simply vanish over the weekend like Bear Sterns. This means failure in technology doesn't look like failures in other industries.
Companies have been able to raise massive amounts of capital, amounts that companies can sit on for years while doing next to nothing. The strange thing about dead unicorns is that picking out the ones you expect may be in trouble is tricky. With the average company staying in the S&P 500 for a mere 18 years as of 2015, it's crazy to think that there wouldn't be major failures amongst a group of companies that's ballooned to 84 as of earlier in 2015 - especially as many of the privately held companies would have already gone public in earlier investment cycles.īill Gurley, who believes we're in a bubble. Rowe Price, Janus, and Fidelity are certainly getting an incredible deal on their investments. If no major companies are failing, and instead have access to permanently wide open streams of capital to fix insurmountable problems, perhaps we're in even more of a bubbly tech ecosystem than many think.Īnd, if the risk of failure is essentially zero, late stage investors like T. “I do think you'll see some dead unicorns this year,” said Gurley earlier in 2015 at SXSW.įor all the talk in technology about embracing failure, we've seen relatively little among the highly valued companies known as unicorns. According to famed Silicon Valley investor Bill Gurley, 2015 will be the year of at least one dead unicorn.
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