Observations of billion dollar tech startups

An interesting look at "U.S.-based tech companies started since January 2003 and most recently valued at $1 billion by private or public markets" (TechCrunch). A few surprising ideas including that "The “big pivot” after starting with a different initial product is an outlier" and "consumer-oriented [firms] have been more plentiful and created more value in aggregate, even excluding Facebook."

Update: More here (AVC)