Resources for Founders Affected by SVB
A surreal week.
I spoke at an event at Silicon Valley Bank on Tuesday.
The US regulator shut down the US bank on Friday morning.
I woke up this morning to the news that the The Bank of England ‘intends’ to place the UK bank into a bank insolvency procedure.
There’s a lot of finger-pointing happening already as to the cause of this rapid collapse. But my first instinct is to be helpful.
I worked with theteam and this morning to see how we could help founders and funds affected by the situation.
We’ve put together a list of resources for founders and funds here. You can also add additional resources through the form.
Secondly the team at Odin are working on an emergency funding product to help startups affected - and they’re aiming to have it released before the end of the weekend.
Finally - the government responses in both the US and UK have been underwhelming so far. The second order effects of what has happened are going to have far-reaching effects on the wider economy if a more robust response / support is not immediately made avaialable to depositors at the bank.
By some reports almost 50% of venture backed startups in the US banked with SVB.
If you’re in the US, here’s a thread from Garry Tan on how to reach out to your congressman to highlight the situation:
In the UK the Bank of England unhelpfully described SVB as having a ‘limited presence.’
There is a letter being sent to Jeremy Hunt today highlighting the impact of the collapse on not just UK startups, but the economy as a whole. I’m a signatory. If you’re a funded founder and would like to sign it, respond to this email or dm me on twitter and I’ll share the details.
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