Most founders we speak to want their companies to become a unicorn.
The good news is that the rate of unicorn creation is accelerating. The bad news? The odds aren’t good. A startup has 1.28-percent chance of growing to be valued at more than $1 billion, according to CB Insights.
Philip Michael is not like many millennials. How many adults under age 40 can say they have an $85 million investment portfolio and have worked to develop a 13-story building? Michael is a venture capitalist and CEO and managing partner of NYEG, a real estate and investment firm based in New York City.
We don’t chase unicorns. I chase solid business models. There’s nothing wrong with having a business that peaks and stays at $2M ARR as long as it’s not over-leveraged. It’s all about the business. Not everyone or everything has to be a FAANG.
Philip Michael, CEO and managing partner of NYEG, a real estate and investment firm in New York City.
After moving to New York City from Denmark in 2011, Michael pivoted Click here to read entire article