The Crisis of Venture Capital: America’s Broken Startup System

It's sorta not surprising that unicorns lose a lot of money. You only get a huge valuation by being a company of global scale, and that's always going to be something that spends a lot of money on expansion.

I do think that there's way too much focus on unicorns, and a lot of good but not earth-shattering ideas have a hard time connecting with seed money. But if you do want to look at the biggest profitability for investors, that's not going to be reflected in the P&L statements this year or even five years from now.