Forbes' ?? Unicorn Predictions for 2024 and a look back over the last 10 lists.
Elliot Grossbard ???
I take a Growth?listic approach to building sustainable growth. I work with startups - scaling founder-led sales and SMBs ? A growth mindset isn't just for individuals; it's the driving force behind successful companies.
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Favorite thoughts from Jeff Becker 's ?? Dump in his Monday Morning Meeting.
? Snoop Dogg at the Olympics is legendary
? When a lot of people love something, it’s worth exploring why
? Grown men fighting on Twitter is hilariously immature and unprofessional
? Keep the main thing the main thing
? Candor is a gift, but without compassion, it can also be a knife
This one stands above the rest:
Sales is not manipulation or coercion, it’s helping someone else see an opportunity to create an impact they didn’t know they were capable of.
Let me begin by saying, any article by Forbes that begins with "Damn, we’re good." needs to be edited better.
Forbes released its tenth annual list of venture-backed startups they predict will reach unicorn status. Teaming up with TrueBridge Capital Partners these are the companies they believe are most likely to reach a $1 billion valuation. Among the 225 chosen ones, an astounding 58% reached ?? status.
Forbes introduced the list in 2015 with the aim of identifying potential unicorns before they gained widespread recognition. From its inception, the list relied on quantitative analysis, using company-provided data on key metrics including revenue, revenue growth, valuation, valuation growth, and employee count.
DoorDash stands out as arguably the most impressive choice made, not just for that year but across the entire history of the list. The food delivery giant now boasts a $51 billion market cap on the Nasdaq . Other home runs include Duolingo , now publicly traded with a market cap of $8 billion, Figma , now valued at $12.5 billion; HR software firm Rippling , now valued at $13.5 billion; and Astera Labs , now publicly traded with a market cap of $6.2 billion.
It's not all rainbows ?? though. Five ventures collapsed, with the biggest failure uBiome who went bankrupt following an FBI raid over questionable billing methods.
In this year's lineup, AI dominates. Codeium offers an AI-powered autocomplete for programming. Scribe leverages AI to streamline training, surpassing traditional Zoom screen-sharing. Firework.ai promises businesses rapid AI product deployment in just five days, keeping costs low. Meanwhile, Replicate hosts 25,000 open-source AI models enabling developers to experiment and find their ideal fit.
Five companies this year include female cofounders who also serve as CEOs: Equip , Fireworks AI, Midi Health , Promise , and Scribe. This marks a slight shift from last year when six companies had female cofounders, but only three were led by female CEOs. These figures, mirroring Silicon Valley's funding patterns, remain persistently lower than desired.
Speaking about funding....
I analyzed the 25 companies on the list and discovered the following:
What does this mean? You can come up with your own theories.
Leading the 2024 list are companies involved in generative AI, productivity, and fintech. Building on the digital momentum sparked by the pandemic, they've harnessed the power of AI to propel their growth to new heights.
AI is the hottest investment and talent magnet today, fueling a rapid-fire innovation race. While countless companies claim AI as their focus, a select few are truly leading the charge. By transforming complex AI into user-friendly tools for businesses and consumers, these pioneers are capturing the imagination of investors and positioning themselves for explosive growth.
What are the qualifications to be considered for the list?
To be eligible, companies must be privately held, U.S.-based venture-backed startups valued under $1 billion. The company’s headquarters or CEO must reside in the United States. Applicants must also agree to provide requested data for evaluation.
They start by inviting leading venture capitalists to nominate their most promising portfolio companies. TrueBridge processes confidential startup data through a rigorous analytical model to generate the initial list, which is then shared with Forbes.
The Next Billion-Dollar Startups model relies on a combination of quantitative and qualitative factors which include headcount, user base, revenue, valuation, and funding, as well as their growth rates. By examining a company’s track record, vision, and ability to stand out in a competitive landscape, we gain deeper insights into its potential for future success.
Credit and much thanks to Elana Gold who's post first made me aware the list came out today. Elana is a great asset to the VC world and one can learn a lot from her. Plus she has her own newsletter too!
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Why another newsletter and why on LinkedIn? I have a monthly and weekly one, and I felt the need for a daily one. My reasoning, to be brutally honest, is a self-serving one.
Almost a year ago Gary Vaynerchuk ; yes "GaryVee", who is to me someone different than he may or may mean to you reading this. Gary and I first met in person back in 2013. Since then I've learned a lot from him, and even more importantly, select what to apply and what is not for me. Over the years I've had the opportunity to share a cup of ? with him, catch right before the Jets play the Dolphins, or a quality 1-on1 in the green room before one of his keynotes. I've appreciated each second of what is arguably the busiest guy in the digital age. He's now a friend and more importantly, a mentor of mine involving digital, marketing, and branding. Read the rest of the story here.
Why LinkedIn? Mostly because I have little experience in Substack and no experience with beehiiv . But I'm going to learn.
So maybe you can help me. I've narrowed it down to the list below, however I'm open to others.
Some details about me:
Elliot Grossbard - Some call me "E".
I'm into growth, learning from others, and freely and willingly sharing what I know and learn so others can too. I have a strong group of mentors ranging from ages 92, 69, 49, and 20. I own and read many books by experts and leaders in their fields such as Guy Kawasaki and Harvey Mackay the other mentors of mine, Daniel Pink , Adam Grant , Jeb Blount , Jason Fried , Kim Scott , Tim Ferriss , and many others.
My areas of expertise are sales, marketing, business, leadership, branding, networking, and building relationships. I am lucky to have what I like to refer to as my own "personal board of directors"; trustworthy and wise friends.
My consulting company, "Growthlistic ", takes a holistic approach to help startups, challenged companies, and professionals get unstuck and create sustainable growth.
Names for this daily newsletter I am meditating on are:
? Elliot's Edge
? Gross Growth
? E-Growth Insights
? The E-volution
? The E-ffect
? The Growth E-ffect
? Let's E-volve
? An E-volving Mindset
? Elliot's Growth-Bard
? Elliot's Grow-Bard
? The Growth Bard
? The Gross Bard
? Elliot’s “E”-nsights
? Elliot's "E"-sights
? Elliot's Evolution
? E-volve with Elliot
? The E Factor
? E-volutionary Growth
Looking for what your candid thoughts and if you have the time, I'd love a description suggestion.
P.S. - When describing "bard" in a modern context, one might use phrases like - A storyteller of knowledge, A master of words and wisdom, A modern-day sage, A curator of insights, A beacon of inspiration. (All I have never been called lol)
Come along for the journey or don't. I'm looking forward to some bandwagon jumpers.
Hope it was worth visiting...leave a comment if you did (or didn't)