For over a decade, the tech industry has been chasing unicorns--those elusive startups valued at over 1 billion. The obsession began in 2013, when Aileen Lee--a Palo Alto–based VC--coined the term that captured the imaginations first of founders and investors, and then prime ministers and presidents. But these mythical beasts are also rare: only 1 percent of VC-backed startups ever reach this status. As society enters the age of AI, and financial markets put renewed value on business fundamentals, our understanding of what makes a successful tech company is evolving. Promise alone doesn't make a national, regional or global champion.