Lee coined the often-used Silicon Valley term unicorn in a TechCrunch article “Welcome To The Unicorn Club: Learning from Billion-Dollar Startups” as profiled in a New York Times article. A unicorn is generally defined as a privately held startup that has a $1 billion valuation – something rare (like a unicorn).
Lee joined Kleiner Perkins (KPCB) in 1999 and was the founding CEO of RMG Networks, a company backed by KPCB. Lee worked at Kleiner Perkins for 13 years and left in 2012 to start Cowboy Ventures. In 2017, Lee added Ted Wang to the firm as a general partner.