Stanford Graduate School of Business

“Ilya... describes an industry trained to care far more about the size of a possible success than about how often the bets fail.”

“619 unicorns were created between 2020–2022; only 99 have exited. At five years, the cohort sits at 20% cumulative exit rate. The 1999–2015 and 2016–2019 cohorts were at 54% and 52% at the same mark.”