I agree with all the key points you have listed, I just wanted to add that a unicorn became a status symbol that can impact a variety of things: * A supplier t

I agree with all the key points you have listed, I just wanted to add that a unicorn became a status symbol that can impact a variety of things: * A supplier to the unicorn may perceive the company as a future star, which makes them decide to provide goods & services at a discounted price with the intention of having their business for multiple years with potential for new business areas * A future employee can perceive the company as "the next big thing" and decide to work there in part, because of their status symbol * The medium-large investors may mentally perceive the company as a 'sure bet'. * Small investors may perceive the company as "one of the ones that the big investment guns have approved off" * Future & current customers may perceive them as a successful company * The 'unicorn' name is catchy, increasing the brand value All in all, 'unicorns' is just a measurement stick. In theory a $990M can be just as successful as the $1B in the medium-long run, however, the perceived view from humans (yes, all of us), can have a material impact on the business