Today at least 73 private companies are valued at $1 billion by venture capital investors. Last year, 48 companies entered that category. Startup valuations are reaching new highs too with companies like Uber and Xiaomi valued much higher than many public companies. There are many reasons for this increase including companies waiting longer to IPO, more venture dollars in play, and institutional investors investing in winners before they go public. However the billion dollar club still represents only 0.4% of venture-backed companies. Many of these startups wont be winners.