No one will replace Silicon Valley Bank and that’s a big problem for tech
Mark McQueen is the former chief executive officer of venture debt lender Wellington Financial LP, and was most recently president of CIBC Innovation Banking.
From a public policy standpoint, the innovation economy is part of many daily conversations within our legislatures and elsewhere. Whether it be reducing the cost of health care through artificial intelligence, new drug discovery, advanced carbon-capture innovations, faster rural internet or overall job creation, capital providers such as SVB play a key role in our daily lives.
Although there are almost 5,000 banks in North America, only a handful focus on startups, despite the importance of software, biotech and clean technology to the future of our economy, health and environment.
But that didn’t stop SVB and Dallas-based Comerica Bank from cherry-picking business with some of the best Canadian tech companies over the past 20-plus years.
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