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Excerpts of an interview with investment company Benchmark venture capitalist Bill Gurley are presented in which he discusses the significantly high valuations of high technology companies during the early 21st century and the importance of initial public offerings (IPOs) as the true measure of liquidity. According to the article, Gurley believes that high technology firms based in Silicon Valley, California, and venture-backed businesses were on an unstable path.

The article focuses on American start-up companies that have become billion-dollar firms and the use of the term "unicorn" to describe them. The author explains that the term was first used by venture capitalist Aileen Lee in an article featured by online publication "TechCrunch," discusses the criticism of the term, and explores the current state of the venture capital business in Silicon Valley, California.