The Montreal-based Unicorns were originally formed in December 2000 by Nicholas Thorburn (stage name Nick "Neil" Diamonds, as well as a host of other aliases) and Alden Penner (stage name, Alden Ginger; Elvis Presley's fiancée when he died was Ginger Alden). They were later joined by drummer Jamie Thompson (stage name J'aime Tambeur) and Max Groadie ("the American Roadie, né Bill Horwood"). The band self-released their debut album Unicorns Are People Too in March 2003 through their own record label Caterpillars of the Community, with a limited press run of 500 copies.

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