Legal scholars worry that existing laws cannot adequately regulate large private companies (‘unicorns’). At the same time, unicorns are a key part of markets that seem to be flourishing. Are unicorns a problem that requires solving or a sign that entrepreneurial finance is working? This essay addresses that question by tracking outcomes for the 32 startups that qualified as unicorns when the moniker first emerged. It introduces a new typology of unicorn outcomes to guide policy makers and offers a preliminary hypothesis that private ordering by founders, employees, and investors is proving an effective alternative to ambitious regulatory reform.
Cable, Abraham, Time Enough for Counting: A Unicorn Retrospective (April 2, 2021).