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EMERGENCY POD: $SVIB implodes, contagion risk, advice for founders, and what’s next? | E1696
This Week in Startups
How Long Will the SBB Fiasco Last?
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Companies should figure out what their payroll is, stop paying any bills and tell all your vendors that you're impacted by the Silicon Valley Bank. Some companies with more than 250k accounts were not insured; 97% of SVB's customers are insured. If they can't get access to the funds and they can't do a bridge round with their existing investors, who would be forced to shut down? The board and individuals might be personally liable for those people's salaries. This is where you have to get legal in HR involved.
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