Unicorns, technology businesses worth over $1 billion (£670 million), must be "unique" or "special", according to Eric Schmidt, the executive chairman of Google's newly-formed parent company, Alphabet Inc.
Speaking on BBC Radio 4 today with Rohan Silva, a former policy advisor to Prime Minister David Cameron and the cofounder of the Second Home coworking space, the billionaire said: "The moment you’ve got a product that’s better than somebody else it gets national or global promotion and that’s what’s leading to the rise of these new tech companies called unicorns, that are worth over a billion dollars.
