The Trouble With Tech Unicorns

Millions of users, cool brands, and charismatic bosses are not enough

Photo: Drew Angerer/Getty Images

Investors often describe the world of business in terms of animals, such as bears, bulls, hawks, doves and dogs. Right now, mere ponies are being presented as unicorns: privately held tech firms worth over $1bn that are supposedly strong and world-beating — miraculous almost. Next month Uber will…