Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone
“Any bank is happy to take a startup’s money,” Lee said.
“They understood startups, they understood venture capital,” said Leah Ellis, CEO and co-founder of Sublime Systems, a company in Somerville, Massachusetts commercializing a process to make low-carbon cement. “They were woven into the fabric of the startup community that I’m part of, so banking with SVB was a no brainer.”Article content
Bob Ackerman, founder and managing director of venture funder AllegisCyber Capital, likened last week’s flood of withdrawal demands from Silicon Valley Bank’s to a self-inflicted wound by “a circular firing squad” intent on “shooting your best friend.”Article content Even though all of Silicon Valley Bank’s depositors are being made whole, its demise is expected to leave a void in the technology sector that may be difficult to fill. In an essay that he posted on his LinkedIn page, prominent venture capitalist Michael Moritz compared Silicon Valley Bank to a “cherished local market where people behind the counters know the names of their customers, have a ready smile but still charge the going price when they sell a cut of meat.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Biden tells U.S. to have confidence in banks after Silicon Valley Bank and Signature Bank collapseThe Silicon Valley Bank collapse is the second largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual.
Lire la suite »
What happened to Silicon Valley Bank, and what its collapse means for banks and investorsThe downfall of SVB and Signature Bank had implications for banking, investing and the economy. Here’s what to know about the Silicon Valley Bank collapse
Lire la suite »
Bank falls drag Canada’s main stock index lower on Silicon Valley Bank contagion fears‘Financials in general are going to be a very volatile space for the coming few weeks and months’
Lire la suite »
Joe Biden tells U.S. to have 'confidence' in banks after Silicon Valley collapseU.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run
Lire la suite »
Joe Biden tells U.S. to have 'confidence' in banks after Silicon Valley collapseU.S. regulators closed the Silicon Valley Bank on Friday after it experienced a traditional bank run
Lire la suite »
From wine country to London, Silicon Valley Bank's failure shakes worldwideIt was called Silicon Valley Bank, but its collapse is causing shockwaves around the world.
Lire la suite »