The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Three Core Lessons for Founders From the SVB Crisis From Financial Agility (Banking) to Constructing Scenario Plans and Mastering Crisis Communications | How The Western World Has Not Been Responsible with its Money & Why The Fed Is Backing Itself I
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Mar 24, 2023 
Mike Maples, Co-founder of Floodgate, shares invaluable insights from the recent SVB crisis. He emphasizes the necessity of scenario planning and financial agility for startups, advising founders on managing banking relationships effectively. Maples also highlights the critical role of crisis communication, encouraging transparency and radical humanity in tough times. He critiques the Western world's financial irresponsibility and urges for reform, making this discussion a must-listen for entrepreneurs navigating uncertainties.
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Scenario Planning for Startups
- Use scenario planning to map choices against uncertain outcomes, like different lockdown durations during COVID-19.
- Prepare for various scenarios and communicate your plans clearly to stakeholders.
SmarterDx's Response to SVB Crisis
- Michael Gau at SmarterDx handled the SVB crisis well by presenting clear scenarios and options to investors.
- He discussed potential outcomes and facilitated a collaborative discussion about the best course of action.
Financial Agility for Startups
- Prioritize financial agility over becoming a financial expert. Set up at least three bank accounts with some runway in each.
- Ensure easy transfer of funds between these accounts for quick reactions to unforeseen events.
