TechCrunch Master Template
TechCrunch Newsletter
TechCrunch logo
The Daily Crunch logo

By Haje Jan Kamps

Friday, March 10, 2023

Hi, Crunchers,

Today, there’s only one story on everyone’s lips: The sudden and dramatic collapse of Silicon Valley Bank (SVB), the 40-year-old Silicon Valley institution. With $209 billion of assets under management at the time of its failure, it’s the second-largest bank failure in U.S. history.

A huge number of startups suddenly found themselves in a pickle as the bank went through a Swift-Velocity Breakdown. In this special edition of the Daily Crunch, we summarize what the Sudden Value Bust means across the industry.

— Haje

 image

Image Credits: David Paul Morris/Bloomberg / Getty Images

The TechCrunch Top Story

  • Regulators stepping in: Natasha M reports that the bank and its 17 branches were closed by the California Department of Financial Protection and Innovation. The agency appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
  • So, er, what happened?: (TC+): Alex can be trusted to provide the context, and concludes that it seems like the rumor of SVB being in trouble caused a run on the bank, which put it in actual trouble soon after.
  • What the founders think: Several of my colleagues took to the (virtual) streets and got the lowdown on how founders are reacting to the bank’s collapse.

The demise of Silicon Valley Bank

Before the bank got shut down by regulators, a lot of things happened very quickly:

Building a lean B2B startup growth stack

Selecting the right tool for the job is easy when you already know exactly how to proceed.

Most B2B growth marketers don’t have a blueprint to work from, however, which is why Primer CEO Keith Putnam-Delaney shared a guest post with TC+ that identifies which tools are most appropriate for early-stage, midstage and late-stage startups.

“The current budget-constrained environment should be seen as a net positive by marketers,” he writes. “It will force teams to think deeply about what’s absolutely necessary, which tools will add efficiency (or subtract from it).”

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Read More

Building a lean B2B startup growth stack image

Image Credits: Jose Bernat Bacete / Getty Images (Image has been modified)

And some other news too

Okay, fine, there were other things happening besides SVB going straight to hell without passing “go” today as well. Here’s a smattering of things worth reading across the rest of the site…

A lot of news in cybersecurity today, as Carly reports that the SEC charges Blackbaud for failing to disclose the ‘full impact’ of a ransomware attack; Zack writes that Telehealth startup Cerebral shared millions of patients’ data with advertisers; and Zack also reports that PeopleGrove security lapse exposed users’ personal information. Meanwhile, Lorenzo dove in to explore how the FBI proved a remote admin tool was actually malware.

And here are some non-SVB, non-cybercrime headlines for you as well. Aren’t we generous today:

Read more stories on TechCrunch.com

Newest Jobs from Crunchboard

See more jobs on CrunchBoard

Post your tech jobs and reach millions of TechCrunch readers for only $200 per month.

Facebook Twitter Youtube Instagram Flipboard

View this email online in your browser

Privacy Policy | Terms of Service | Unsubscribe

© 2023 Yahoo. All rights reserved. 110 5th St, San Francisco, CA 94103