unicorns prancing in the bay area
The Bay Area is home to more than half of all U.S.-based “unicorns,” according to a new analysis by the Bay Area Council Economic Institute that shows the region’s dominance in the nation’s innovation landscape. A whopping 86 of 154 U.S.-based “unicorns” make their headquarters in the Bay Area. One of the biggest—Bay Area Council member Lyft—today (March 29) went public and watched its stock soar in early trading. Of the unicorns valued over $10B, seven of 12 are located in the Bay Area. Lyft’s early market surge put its valuation at around $29 billion, which is greater than the valuation of McKesson ($22B), a Bay Area Fortune 500 company that will officially relocate its headquarters to Texas on April 1.
Unicorns aren’t the only measure of the region’s innovation power. Bay Area companies received 46 percent of all 2018 U.S. venture capital investment, with 380 VC deals in Q4 of 2018 alone. Additionally, 17 percent of all U.S. patent registrations have a named inventor from the Bay Area. Overall, the Bay Area continues to experience growth through unparalleled innovation.