Silicon Valley Bank has a very good reputation and an incredible group of customers. It is the bank of record, not just for founders in Silicon Valley but venture capitalists who invest in them. A large bank with a big balance sheet buys it and makes sure that everybody who has cash in there has access to it. Or two, the government comes in and back stops us; now that's quite controversial.
Jason reacts to Silicon Valley Bank being shut down by the FDIC and breaks down what this means for founders and VCs.
(0:00) Breaking down the SVB situation
(4:28) FDIC press release
(7:41) What Jason hopes will happen
(10:16) Defcon 1
(12:39) Thoughts on emergency funding
(15:46) How does the SVB situation affect early-stage fundraising
(26:59) SVB sells their securities
(29:10) USV email to founders
(31:06) SVB CEO addresses the situation
(33:07) Bill Ackman’s response
(34:31)Mark Suster’s response
(35:52) Audience questions
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