Unleashing The Unicorns
What to Expect From Press When Your Startup Hits the Billion-Dollar Spotlight
Editor’s Note: It’s been a whirlwind two months since the last edition of The Repute. I realize it's been too long, and for that, I apologize. Where have I been, you might ask? Deep in “build” mode, collaborating extensively with AI and data experts, and putting a tremendous amount of effort into developing new capabilities that I'm excited to roll out soon. But for now, I’m back and ready to dive into a few new topics.
My very first issue of The Repute back in January was "The Series A Founder's Roadmap to Media Buzz." I kicked it off fueled by my frustration with the common disconnect between Founders and Comms Pros regarding what's actually achievable in media coverage at that critical early stage of a company1. I was convinced that arming everyone with solid data could restore some sanity to the conversation—and it looks like that's exactly what's happening. The feedback has been overwhelmingly positive, with numerous founders telling me how the report has helped them set realistic expectations and better understand the return on their investment in communications.
So this time I’m focusing on Unicorns, the companies that’ve recently crossed the coveted $1 billon valuation mark. Yes, it's a monumental milestone for any company, signaling a blend of product-market fit, robust growth, and presumed staying power—all attributes that are incredibly appealing to customers, partners, investors, top talent, and other key audiences. A founder I'm quite close with recently described their company's elevation to Unicorn status as the "single most powerful door opener" in their company's history.
But a lot has changed since Aileen Lee first coined the term “Unicorns” in 2014 to describe companies that seemed almost mythically rare in their $1 billion valuations2. Today, the landscape is dramatically different, with a surge of companies—362 in 2022 alone—reaching that mark in the US. As a result, the goal posts have shifted, necessitating a new term. “Dragons”, with their soaring $12 billion-plus valuations, now represent the pinnacle of startup success. And as always, the gravitational laws of press still apply: the backlash against Unicorns as a cohort is now fully underway.
So, what does all this mean for press outcomes? Is achieving Unicorn status the golden ticket to coverage in the most prestigious press outlets? I dug deep into the data to find out. My recently completed study analyzed 2,600 articles about all 112 US-based companies that crossed the Unicorn threshold in 20233. The results reveal clear patterns. This analysis is a practical guide, packed with real insights, designed to help Unicorn CEOs and their Comms Pros effectively navigate the complexities of press engagement at this critical stage.
Last thing before we dive in: there’s a update from my Series A study. This report will concentrate on Top and Upper Tier media outlets, only briefly touching on the Mid Tier and omitting the Lower Tier entirely4. Given we're examining 112 companies, a focused approach was essential. Also, don’t miss the important footnote about our methodology, the tiering list, and a specific callout regarding Anthropic5.
OK, lets’s dive in!
Top Tier: Achievable But Rarer Than Expected
So, if you’re a CEO who's reached this much-vaunted stage, you might be expecting to pack your bags for Davos and eagerly check your mailbox for an invite to intimate salon dinners in NYC with Vanity Fair’s editors, right?6
...Right? ...Right?!?!? Well, let’s see what the data says.
How likely is it for your company to land Top Tier stories? Despite their impressive growth and success, the floodgates don’t exactly fling open: 85% of Unicorns had zero coverage in Top Tier outlets like the New York Times, the Wall Street Journal, and the Washington Post. But I’m even more focused on the 15% who do! That’s a huge increase vs. earlier stages of growth. As I've pointed out before, this isn't so much a judgment on the newsworthiness of your business as it is a reflection of the editorial structures of these publications—they're simply more inclined to cover more established companies.
"Reaching Unicorn status marks the first stage of growth where the numbers genuinely suggest that Top Tier media coverage is within reach."
What Percent of Unicorns Landed an Article in a Top Tier Outlet?
0 articles: 85% of Unicorn companies
1 or more articles: 15%
2 or more articles: 7%
3 or more articles: 4%
4 or more articles: 2%
5 or more articles: 2%
6 or more articles: 1%
Which topics are most likely to get covered by the Top Tier outlets? What’s the recipe for success in actually landing stories in this prestigious tier? I dove into the data and identified some clear patterns in the coverage, revealing the topics that seem to open doors to Top Tier media:
Fundraising: 21% of all Top Tier stories
Product and Partnerships: 21% (almost always about a Unicorn partnering with a much higher profile company)
Technology R&D: 18% (typically about medical companies)
Market Expansion: 15%
Regulatory and Legal: 9%
M&A: 6%
Executive Changes: 3%
Crisis/Issues: 3%
Other: 3%
Interestingly, our data set showed zero results in several categories often favored by executives for story pitches, including customer stories, executive profiles, and product reviews.
Amongst the Top Tier, which outlets had the greatest share of coverage about Unicorns?
The Wall Street Journal: 59%
The New York Times: 18%
The Washington Post: 12%
Harvard Business Review: 3%
Financial Times: 3%
The Guardian: 3%
BBC: 3%
Good News: High Odds For Upper Tier Coverage
So should we start scheduling hair and makeup for your CNBC debut? For the first time, the odds might actually be in your favor! I’m pleased to report that the odds of a Unicorn landing coverage in Upper Tier publications significantly increase as they progress from earlier stages. In fact, 76% of companies managed to secure at least one story in this echelon, with some even landing up to 10
What Percent of Unicorns Landed an Article in an Upper Tier Outlet?
0 articles: 24% of Unicorn companies
1 or more articles: 76%
2 or more articles: 55%
3 or more articles: 37%
4 or more articles: 24%
5 or more articles: 16%
6 or more articles:: 8%
7 or more articles: 6%
8 or more articles: 5%
9 or more articles: 4%
10 or more articles: 4%
Which topics are most likely to grab the attention of Upper Tier outlets? While coverage of Series A companies often focuses predominantly on Fundraising, the data reveals that Unicorns enjoy a broader spectrum of opportunities. Nevertheless, Fundraising continues to be your best bet for securing media interest.
Fundraising: 43%
Product and Partnerships: 24%
Technology R&D: 9%
Regulatory and Legal: 5%
Market Expansion: 4%
Issues: 3%
Other: 3%
Executive Changes: 1%
None: Customer Stories, Executive Profile, M&A
Amongst the Upper Tier, which outlets had the greatest share of coverage about Unicorns?
TechCrunch: 30%
Forbes: 18%
Bloomberg: 12%
Axios: 7%
CNBC: 7%
Reuters: 5%
Fortune: 3%
Business Insider: 3%
CBSNews: 2%
Other Publications: 14%
Interestingly, the Upper Tier outlets most likely to cover Unicorns— TechCrunch, Forbes, and Axios—closely mirror those that focus on Series A companies. However, there are two notable shifts: 1) Bloomberg has now emerged as a viable option, and 2) there's a considerably longer list of potential outlets, though each holds a very small share.
What about the 25% of companies that haven’t landed coverage in Upper Tier outlets at all? These can generally be divided into two categories: 1) those that simply aren’t prioritizing press outreach, effectively staying off the media radar—clearly, there are a handful, and 2) those that may be facing execution issues with their communications strategies and should consider seeking better support.
What Sentiment Should My Company Expect?
This one surprised me: I assumed Unicorns would face growing sentiment headwinds, as the promise of their business met the hash realities of operating at scale. However, the data tells a pretty different story. While negative sentiment steadily creeps in over the years as companies mature, 86% of stories are still positive.
Now, let's zoom in specifically on 2023, the year these companies reached Unicorn status. Despite a noticeable increase in negative stories compared to earlier stages, these were entirely offset by a consistently higher frequency of positive coverage, holding steady at 86%. The bottom line? The odds are still strongly in favor of achieving positive sentiment outcomes.
Curious about what topics generated negative sentiment? Over 80% of such stories fell into three categories: 1) executive departures, 2) legal and regulatory scrutiny, and 3) technological and security risks.
Interestingly, Upper Tier outlets tended to exhibit a moderately higher tendency toward positive sentiment compared to Top Tier (88% positive versus 73% positive). While this difference isn’t drastic enough to deter pitches to Top Tier outlets, it's an important factor to keep in mind.
Additional Findings
Challenging My Own Assumptions About AI’s Newsworthiness: I'll be open, given that 2023 was widely regarded as the breakout year of Artificial Intelligence, I expected AI to dominate the coverage of stories about Unicorns. However, it actually ranked third, following “Consumer Services” and “Energy and Environmental.” Somewhat surprisingly, it also ranked second to last in sentiment, just slightly above “Health and Wellness”, both of which were only marginally better than "Slightly Positive." Frankly, this isn’t a great starting point, as the media landscape is likely to become even more challenging in the coming years for AI.
Thoughts on SEO Implications: One of the first strategies companies often employ after landing a great article is to amplify it with SEO investments. Here's an interesting fact that might influence your approach: only 19% of articles in Top Tier outlets mentioned the Unicorn by name in the headline, which makes SEO efforts somewhat more challenging. In contrast, 59% of articles in Upper Tier outlets included the Unicorn's name in the headline. This discrepancy is something to consider carefully as you prioritize and craft your media targeting strategy. If you’re doing an exclusive and prioritize good SEO, it may actually make sense to cut your deal with an Upper Tier outlet instead.
"For the first time, the odds might actually be in your favor! I’m pleased to report that the odds of a Unicorn landing coverage in Upper Tier publications significantly increase as they progress from earlier stages.”
The Bottom Line
So, does achieving Unicorn status open up the floodgates of media coverage? The answer appears to be... sort of.
Reaching Unicorn status marks the first stage of growth where the numbers genuinely suggest that Top Tier media coverage is within reach. However, only 15% of Unicorns manage to achieve this, indicating that it requires not just a great story but also considerable effort to break through.
On the much brighter side, the aperture widens significantly for Upper Tier publications, where 76% of Unicorns have successfully secured coverage. There's a robust interest in hearing and covering your story, provided you strategize effectively.
And somewhat surprisingly, the odds of positive sentiment remain in your favor. Unless you're facing significant issues, you can proceed with confidence.
Becoming a Unicorn does indeed change how you're seen on the media landscape. I’d encourage all CEOs to actively engage with the press and harness the full power of this vital channel to their advantage.
Will
Publisher, The Repute
Founder and Principal, Valentine Advisors
will@valentine-advisors.com
The Fine Print: Methodology and Background
Scope: Evaluated press coverage of 114 US-based companies announcing $1 billion valuations in 2023.
Total Articles Analyzed: 2600
Data Source: All articles were sourced from Google News, focusing on the first 25 results for each company (10 articles per page). Note: In a small number of instances, companies had less than 25 results on Google News.
Coverage Period: Articles from June 2014 through December 2023 were included (with the overwhelming majority between 2022 and 2023)
Methodology: Used GPT-4.5 to analyze each article with a proprietary mix of 14 unique attributes for each business, and 20 unique attributes for each article.
Exclusions: Did not include TV, radio, podcast, or other non-text-based coverage due to cost and time constraints. Does not include non-English language coverage. Also does not include newsletters. I’ll likely look at these in the future.
Inclusions: Press releases and self-generated articles appearing in Google News are part of the analysis. Press Outlet Tiering Here is the press tiering list used for this analysis. Apologies in advance to anybody who feels a particular outlet was not properly tiered (feel free to email me if you'd like to discuss). This tiering system will get honed over time.
Press Outlet Tiering
Here is the press tiering list uwsed for this analysis. Apologies in advance to anybody who feels a particular outlet was not properly tiered (feel free to email me if you'd like to discuss). This tiering system will get honed over time.
Top Tier: BBC News, Financial Times, Harvard Business Review (HBR), New York Times, The Guardian, Vanity Fair, Wall Street Journal, Washington Post.
Upper Tier: Includes names like Al Jazeera English, Axios, Barron’s, Bloomberg, Business Week, CBC News, CNBC, CNN, Entrepreneur, Fast Company, Forbes, Fortune, Good Morning America, Los Angeles Times, National ABC News, National CBS News, National Fox News, National NBC News, New York Magazine, NPR (National Public Radio), Politico, Quartz, Reuters, Rolling Stone, Slate, TechCrunch, Telecom Lead, The Atlantic, The Boston Globe, The Chicago Tribune, The Economist, The New Yorker, The Telegraph, The Today Show, Time Magazine, Today, USA Today, Vox, Wired, Local market media outlets in the following top 10 DMA's: Atlanta, Boston, Chicago, Dallas-Fort Worth, Houston, Los Angeles, New York, Philadelphia, San Francisco-Oakland-San Jose, Washington, D.C.-Baltimore.
Mid Tier: Also Includes names like Ars Technica, Bustle, CNET, Cheddar, CleanTechnica, Digital Trends, Engadget, ExecutiveBiz, GeekWire, HuffPo (Huffington Post), Mashable, Mother Jones, Salon, The Daily Beast, The Independent, The Mirror, The Verge, TMZ, VentureBeat, VICE News, Yahoo, Yahoo News, ZDNet, Local market outlets related to the following markets: Charlotte, Cleveland-Akron, Denver, Detroit, Indianapolis, Miami-Fort Lauderdale, Minneapolis-St. Paul, Orlando-Daytona Beach-Melbourne, Phoenix, Portland, OR, Raleigh-Durham, Sacramento-Stockton-Modesto, Seattle-Tacoma, St. Louis, Tampa-St. Petersburg-Sarasota.
Lower Tier: All other publications not mentioned in other tiers, including press release wire services. This includes Businesswire, PR Newswire, Global News Wire.
In all fairness, I sense that misalignment is more frequently driven by Comms resources not setting realistic expectations, versus the other way around.
If my internet sleuthing is correct, Lee noted that there were only 39 software companies founded in the the first decade of the 2000s that achieved a $1 billion valuation or higher from venture capitalists. In 2023 - a relatively down year for VC funding - that many were minted every 4 months!
Much to my surprise, I’ve seen varying numbers about the actual number of companies reaching Unicorn status from different sources. It’s annoying to me too, as this seems fairly binary. But whether it's 110, 114, or something else, I’m confident in the directional trends of this research.
How much Mid Tier coverage should you expect? The answer is “lots”. As a unicorn, it should be open season on generating coverage about your business in this tier, especially your trades. They should WANT to cover your move.
A few thoughts on Methodology:
You can see the full press tiering list in the “Fine Print Section” above.
I analyzed the Top 25 articles available for each company on Google News. In almost zero circumstances were there Top or Upper Tier stories that fell below the Top 25 results. I chose to review Google News because it is a very accurate portrayal of what is actually being read about a company. I’m confident this captures the vast majority of Top and Upper stories focusing on these companies, but it might not cover every quote or incidental mention.
Anthropic is the outlier in this group, so I didn’t include it in the study. Despite becoming a Unicorn in 2023, their valuation has since increased to $18.5 billion, meaning they’re actually a Dragon. Because of who they are and their head-to-head competition with OpenAI, they are at the epicenter of one of the most significant macro business trends ever. As a result, they get included in a ton of stories, vastly different from the rest. I just did a quick data look at their top stories on Google News, and they had 30+ stories in the Top and Upper Tier in just 2.5 months. It's a totally different ballgame. They remind me of Uber, Facebook, and Airbnb at their start, being catapulted onto the press scene. They’re definitely not the typical Unicorn.
It was fun creating the images for this piece and thinking about the tropes of success and status for growth companies. Davos, a CNBC standup, a WSJ hedcut portrait (the one with the pixels), on stage at a conference with Kara Swisher. What are the other non-material memes of “making it” at this stages that I’m missing?