Aileen Lee estimated that about 0.07 percent, or 1 in 1,538, of an assumed 60,000 U.S. venture-backed consumer and enterprise software startups became unicorns.

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 9: ARE UNICORNS REALLY WHITE? Valuation Gamification

"Aileen Lee estimated that about 0.07 percent, or 1 in 1,538, of an assumed 60,000 U.S. venture-backed consumer and enterprise software startups became unicorns."

Lee's original Unicorn Club analysis explicitly derives the 1-in-1,538 figure from an estimated denominator of 60,000 funded software and internet companies.

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Source title Welcome To The Unicorn Club: Learning From Billion-Dollar Startups

Source authors Aileen Lee

Source year 2013

Confidence high

Importance high