A 10step playbook for founders with Silicon Valley Bank accounts

News Summary

  • In the technology world, Silicon Valley Bank (SVB) was one of the largest banks supporting small businesses, but today, tens of thousands of depositors are unable to access capital.This is not the first time I’ve witnessed a funding crunch.
  • The longer your runway, the higher your odds of success.In case you need more capital than the Federal Deposit Insurance Corporation (FDIC) insures, get in touch with current investors and be transparent about your SVB exposure.
  • Work to track all of this so you can stay organized in case deposit settlements take several weeks.You will find that good investors will step in to help because they understand that this situation will not last forever.
  • Within 48 hours, every single meeting I had was canceled.While I hope for the best for companies banking with SVB, it’s important for founders and CEOs to plan for the worst.
  • This will be the weekend that differentiates a good entrepreneur from a bad one.Here is a 10-step playbook for founders and CEOs that can increase your company’s odds of success:This weekend, you are in the war room.
  • Spend the time building a thoughtful plan based on the many scenarios that could play out.
Yesterday, the U.S. experienced its secondlargest bank failure in history. In the technology world, Silicon Valley Bank (SVB) was one of the largest banks supporting small businesses, but today, ten [+2892 chars]