A "unicorn" is venture capital slang for a company with a valuation of at least $1B. Conventional wisdom says that one "unicorn" can "make" a fund, or a VC's reputation. One can argue that the majority of the VC industry is built around searching for, and swinging for the fences in hope of, that unicorn.
But, Christopher Calnan writes in the Austin Business Journal, they're tough to find, and for the moment at least, don't bother looking in Central Texas.
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