> Ilya Strebulaev, a professor in the Venture Capital Initiative at Stanford Graduate School of Business, analysed data from 500 unicorns between 1997 and 2019

Unicorns between 1997 and 2019 include many patently unsustainable businesses whise valuation was total froth, and whose investors lost enormous amounts of money. I'm not sure this was a sign of anything other than participating in a feast of capital.