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Risking your neck to run with the unicorns

Startups and investors are finding there's a huge price to pay for that coveted US$1 billion valuation

SAFEGUARDS: A law firm's study in May showed that approximately 30% of unicorn investors had negotiated protections against a so-called down-round IPO - a situation in which the results of an offering indicated a lower valuation than the latest round of private funding had.

New York

IN THE world of Wall Street, where numbers are everything, one number is especially coveted: one billion. Technology startups that achieve US$1 billion in valuation before going public - so-called unicorns - can attract the attention of prominent venture capital firms and draw