Paradoxically, only 10 days ago, when asked where I see opportunities in Asia, I had suggested to someone that there was a need for an Asian version of the Silicon Valley Bank. Obviously, since SVB’s demise, the sarcastic emojis I received from him on WhatsApp was understandable. It is ironic that the inspiration of my suggestion has become desperation for the customers for whom SVB was founded.
Having lived through the demise of my first employer, Lehman Brothers, I can empathise with employees, customers, depositors and vendors of SVB. Getting emails on updates on funding situations of portfolio companies from venture funds shows the widespread influence of SVB. It may feel like desperation and exasperation today, but it is also a testimony of the deep impact SVB has on the startup ecosystem.
This story is from the 8 April 2023 edition of Business World India.
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This story is from the 8 April 2023 edition of Business World India.
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