Silicon Valley Bank and Its Impact on the Innovation Economy

4min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

I was looking at some of what these people were saying, you know, especially as you say, there's been kind of this turn against the venture capitalist it's been a very revealing moment for them. I think most people their needs are really material and also social and political and Silicon Valley has just been unable to solve those things from a purely kind of technological and economic approach. If people don't have health care, you can't really invent your way out of that. Which is why also sort of relatedly I find it kind of offensive or obscene that we see these life extension startups struggling to get everyday healthcare.

Paris Marx is joined by Jacob Silverman to discuss the collapse of Silicon Valley Bank, how it’s part of a larger crisis in the tech sector, and why it’s turning people against the industry’s venture capitalists.

Jacob Silverman is a journalist and the host of The Naked Emperor, a new CBC podcast. Follow Jacob on Twitter at @SilvermanJacob.

Tech Won’t Save Us offers a critical perspective on tech, its worldview, and wider society with the goal of inspiring people to demand better tech and a better world. Follow the podcast (@techwontsaveus) and host Paris Marx (@parismarx) on Twitter, and support the show on Patreon.

The podcast is produced by Eric Wickham and part of the Harbinger Media Network.

Also mentioned in this episode:

Jacob wrote about the lessons from the Silicon Valley Bank collapse in the Globe and Mail.
Paris wrote about how the SVB collapse should be a radicalizing moment against venture capitalists.
A video circulated about Jason Calacanis bragging about SVB offering him favorable banking services.
A screenshot shows a founder complaining about Chase closing his bank account because his company doesn’t have a physical office, saying SVB never required one.
Peter Thiel’s Founders Fund told its portfolio companies to pull their money out of SVB before its collapse.
SVB’s President pushed for Congress to reduce regulations and oversight on banks like SVB as it grew.

Support the show