Resources for Founders Affected by SVB

Action Stations

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 the

The Odin Times

team and

Sarah Drinkwater

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.

Patrick Ryan @ry_paddy

The collapse of SVB is a huge moment for the ecosystem. Below is a list of resources to help impacted startups and investors facing liquidity issues. Please add anything else you think is useful!

joinodin.comOdin | SVB ResourcesA curated collection of useful resources to guide you through the Silicon Valley Bank crisis.

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:

Garry Tan 陈嘉兴 @garrytan

The most important thing the FDIC and the US Government can do right now is *make the receivership as short as possible* There are thousands of US startups that banked at SVB, often as their *sole bank*. $250K per account is not going to last long. From the FDIC website:

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.