There's a huge unstated detail there: to access that non-unicorn capital you need to be recurring revenue SaaS. The older focus on unicorn outcomes allowed for

There's a huge unstated detail there: to access that non-unicorn capital you need to be recurring revenue SaaS. The older focus on unicorn outcomes allowed for more creative revenue models and higher risks. Companies that don't have revenue really figured out but have an ultra compelling product can get unicorn-targeted funding. The VC interest in these smaller companies is predicated on the revenue and valuation multiple predictability that comes alongside recurring revenue SaaS. Much lower risk for an investor. The margin structure of these types of companies is a nice bonus. If you're a founder trying to get access to this reduced-target capital you need to have 10%+ monthly recurring revenue growth, gross margins above 70%, and ideally a clear acquirer. Not affiliated with this group, but this article explains in more detail: https://leadedge.com/why-we-like-saas-businesses/ https://leadedge.com/why-we-like-saas-businesses/