Move over Unicorns, Decacorns, and Centaurs. There's a more important club in town.
Shifting from $B valuation to $B revenues is a step in the right direction. This thinking has to and will change given current economic conditions.
Taking it further, it would be more helpful if we can move to free cash flow or margins (even more indicative of a healthy business) and have a way to characterize this group.
Great post, Nikhil! As a corollary, I think Goodhart's Law is a great way to frame the misguided approach to unicorn fetishisation over the past decade (i.e. “when a measure becomes a target, it ceases to be a good measure.”).
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