During last year’s Khosla Ventures Summit, leading tech venture capitalist (VC) Vinod Khosla raised a very interesting question: what is the difference between a US$0 million and a US$0 billion company? Companies that are just starting out do not have a product, employees, or revenue—only a promise. So why, then, do different companies end at up very different places? Why do some, like WhatsApp, become unicorns, with stratospheric valuations, while some become modest lifestyle businesses, and so many others fail? Is it purely chance, or is there a structured way to go about building a billion-dollar company?