We need a new term for "unicorn" ... "Paper unicorn", perhaps. A better comparison would remove the confounding variable of valuation. Instead, it'd be intere

We need a new term for "unicorn" ... "Paper unicorn", perhaps. A better comparison would remove the confounding variable of valuation. Instead, it'd be interesting to look at start-ups in each region with >$200M in annual recognized revenue. Valuations fluctuate based on investor sentiment and market conditions. Revenue is more fundamental.