Well, hello! I’m usually in our members’ inboxes to report the daily news, but today I have the pleasure of steering the helm of our Sunday Briefing. Kate is covering SXSW in Austin and it’s quite the time to gather among the world’s tech entrepreneurs and investors, to say the least.
The unofficial American startup bank of choice, Silicon Valley Bank, collapsed on Friday, and it’s sent the tech industry into a tailspin. It’s notably the largest bank fallout since Washington Mutual and investment banks Lehman Brothers and Bear Stearns fell in 2008. Startups’ payrolls are in jeopardy and investors’ funds are at risk, but the steak dinners at SXSW were already paid for, I guess?
While SVB has (had?) a Vancouver office, it only provided venture debt rather than banking services. However, there are second-hand impacts that could surface. For example, local tech companies that either used SVB as their bank of choice when in the U.S or received funding from American investors who banked with SVB could be in a precarious situation. If this sounds like something you’re navigating, give me a shout at [email protected].
Now onto today’s briefing. It’s 1,133 words: a four-minute read.
-Allison, @allisongacad
P.S. If someone else sent you this, you can subscribe right here, right now. If you’re already subscribed, consider becoming a member:
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💡 Ideas and insights
Chris Neumann, partner with Panache Ventures, writing on his blog: What Does SVB's Collapse Mean for Canadian Founders?
Monique Morden, president of TIMIA Capital, writing on her company’s blog about how to achieve gender equality between founders: The fight of the female founder
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