alix: still with me, bill janeway of warburg pincus.st five years, this company is leading the pack of billion-dollar valuations. as many people like to say unicorns. how do you tell the difference between a unicorn and a real horse you want to bet on? bill: unicorns used to be scarce. now there are more than 80 of them. most coming out of silicon valley and san francisco. most of them offering some kind of disruptive service leveraging the billions of people on the internet with smartphones and cloud services to deliver disruptive services. think uber and airbnb. those are the poster kids. what is difference about the existence of these is the fact that thanks to open source software, cloud computing, the cost of starting one of these has dropped to zero. there are orders of magnitude more winner take all startups. as any of them get traction, it becomes possible to imagine the next facebook, the next twitter. they are attracting capital while still private from people who don't know what they are doing were driven by what is now known