The unicorns are galloping south.
Top executives at billion-dollar start-ups Airbnb, Houzz, Pinterest, Slack, Snapchat and Stripe are among the keynote speakers lined up for the second annual Code Conference, brought to you by our partners at Re/code.
From Tuesday through Thursday of next week, influencers in technology, media and business at large will flock to Southern California (Ranchos Palos Verdes, 30 miles south of Los Angeles, to be precise) for the event. Other speakers include General Motors CEO Mary Barra, CBS CEO Leslie Moonves and U.S. Sen. Elizabeth Warren from Massachusetts.
You can bet that the term "unicorn" will come up frequently, often in jest.
According to The Wall Street Journal, there are now 93 private venture-backed companies valued at $1 billion or more, up from 56 a year ago. (Tweet This) With so much capital sloshing around start-up land, valuing businesses based on the great things they may do three to five to seven years down the road, fewer companies are finding a reason to go public.
In the first quarter, there were five tech IPOs that brought in $1.3 billion in proceeds, compared to an average of 15 per quarter last year, according to a report this week from PricewaterhouseCoopers.