Silicon Valley Bank's collapse rattled the technology industry that had been the bank's backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.
The crisis"has forced every company to reassess their banking arrangements and the companies that they work with," said Rajeeb Dey, CEO of London-based startup Learnerbly, a platform for workplace learning. Silicon Valley quickly established itself as the"go-to" spot for venture capitalists looking for financial partners more open to unconventional business proposals than its bigger, more established peers who still didn't have a good grasp of technology.
Bob Ackerman, founder and managing director of venture funder AllegisCyber Capital, likened last week's flood of withdrawal demands from Silicon Valley Bank to a self-inflicted wound by"a circular firing squad" intent on"shooting your best friend."