The volatility caused by COVID-19 is like nothing we have faced before. The pace in which things are changing is neck breaking. Yet some of those changes started out as small shifts before any of this even began.
A string of recently failed IPOs raised a red flag on the mythical unicorn. Then concerns of the impact of COVID-19 began and those red flags turned into blaring alarms for many startups as they realized the approach modeled by many unicorns would be unsustainable in this environment.