If you wake up on a Casper mattress, hail a Lyft to get to your desk at WeWork, use DoorDash to order lunch to the office, hail another Lyft home, and have Uber Eats bring you dinner, you have spent your entire day interacting with companies that will collectively lose nearly \$13 billion this year. Most have never announced, and may never achieve, a profit.
Too many consumer-tech companies nearing their public offerings are selling magic shows at a science fair. The unicorns aren’t doomed, even if their old valuations are. But they have to change their stories, and their businesses. Magic made them. Only math will save them.