TechCrunch Master Template TechCrunch Newsletter
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| Hi, Crunchers, Today, thereâs only one story on everyoneâs 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, itâs 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. â Haje |
| | Image Credits: David Paul Morris/Bloomberg / Getty Images |
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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 bankâs collapse. |
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The demise of Silicon Valley Bank Before the bank got shut down by regulators, a lot of things happened very quickly: For you, special price: Manish and Ingrid caught wind that Silicon Valley Bank was in talks to sell itself. Get out while you can: Natasha M and Alex reported that VC firms started advising their portfolio companies to move money out of SVB (TC+). A bump in the road: Natasha MÂ wrote that some SVB customers were struggling to wire funds out of the bank. In free fall: Natasha M and Alex followed up with their report that SVBâs shares were tanking, as the whole mess was unfolding. Filling the void: Never ones for wasting a good crisis, startups are leaping into the breach to fill the vacuum SVB is leaving behind for the ecosystem, Natasha M and Mary Ann reported. Maybe aim better: You might imagine that someone at Silicon Valley Bank would have paused to think: âHmm, maybe today is not the right time to declare that weâre shoring up our balance sheet,â Connie writes, and concludes that SVB shot itself in the foot rather spectacularly in the wake of crypto bank Silvergateâs announcement that itâs shutting down. Jacquelyn analyzed the Silvergate downward spiral for TC+. So, er, what now?: As SVB funds are locked up (at least until Monday, regulators say), how do you meet payroll, etc.? Alex takes a closer look at what startups are up against (TC+). |
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| Selecting the right tool for the job is easy when you already know exactly how to proceed. Most B2B growth marketers donât 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. âThe current budget-constrained environment should be seen as a net positive by marketers,â he writes. âIt will force teams to think deeply about whatâs absolutely necessary, which tools will add efficiency (or subtract from it).â TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code âDCâ for a 15% discount on an annual subscription! Read More |
| | Image Credits: Jose Bernat Bacete / Getty Images (Image has been modified) |
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