Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

As 2019 comes to a close, we've been in a boom period, but what happens next?

The big picture: This question was partly answered when the first stampede of private unicorns hit the public market in the spring. The results were mixed — but mostly not good. (Uber, anyone?) And of course, WeWork didn't even make it to the Nasdaq bell-ringing, instead breaking down shortly after it filed its S-1.

Some pundits were quick to mock Silicon Valley as the "myth of the unicorns," to call everyone with a Patagonia vest and VC job an idiot, and to predict a collapse of startup life as we know it.

  • However, a more nuanced view is that the last decade gave birth to a new generation of tech-enabled companies whose novelty resides in their business models — many of them made possible only by the advent of the iPhone. Ordering groceries didn't go so well in the Dotcom era (RIP Webvan) … but what about doing it from your phone via Instacart's app, which pays an independent contractor (with a smartphone) to deliver your precious Oat milk from a store to your door? Could still fail, of course.

But one thing has been clear: For the most part, the public markets haven't shared the same optimism about a lot of these business models, which is why we've seen Uber and Lyft's stock prices struggle as they try to shine a very dim flashlight on a faraway era of profits. Even Slack has to explain why it has not turned a profit, while its top rival, Microsoft, is printing money and using it to go after Slack’s lunch with its increasingly popular rival, Teams.

  • The fun part: There's a whole other cast of companies prepping to go public next year, so we'll have plenty more opportunities to watch unicorns gallop (or stumble) into the market. As Dan warned, don't necessarily leave the unicorns for dead.
  • Who's in the pipeline? CB Insights has some predictions here.

Go deeper:

Editor's note: The story has been updated to note that it's Microsoft that's "printing money" (not Teams, an error inserted during editing). It has also been updated to eliminate elements from a separate Pro Rata story.

Go deeper

Updated 2 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: Key information about the effective COVID-19 vaccines — Oxford and AstraZeneca's vaccine won't just go to rich countries.
  2. Health: U.S. coronavirus hospitalizations keep breaking recordsWhy we're numb to 250,000 deaths.
  3. World: England to impose stricter regional systemU.S. hotspots far outpacing Europe's — Portugal to ban domestic travel for national holidays.
  4. Economy: The biggest pandemic labor market drags.
  5. Sports: Coronavirus precautions leave college basketball schedule in flux.

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.