SILICON VALLEY BANK'S DEMISE DISRUPTS THE DISRUPTORS IN TECH
AppleMagazine|March 16, 2023
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.
SILICON VALLEY BANK'S DEMISE DISRUPTS THE DISRUPTORS IN TECH

"They were the gold standard, it almost seemed weird if you were in tech and didn't have a Silicon Valley Bank account, Stefan Kalb, CEO of Seattle startup Shelf Engine, said during an interview as he started the process of transferring millions of dollars to other banks.

The Biden administration's move guaranteeing all Silicon Valley Bank's deposits above the insured limit of $250,000 per account resulted in a "palpable sigh of relief" in Israel, where its booming tech sector is "connected with an umbilical cord to Silicon Valley," said Jon Medved, founder of the Israeli venture capital crowdfunding platform OurCrowd.

But the gratitude for the deposit guarantees that will allow thousands of tech startups to continue to pay their workers and other bills was mixed with moments of reflection among entrepreneurs and venture capital partners rattled by Silicon Valley Bank's downfall.

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.

Entrepreneurs who had deposited all their startups' money in Silicon Valley Bank are now realizing it makes more sense to spread their funds across several institutions, with the biggest banks considered safer harbors.

Kalb started off Monday by opening an account at the largest bank in the U.S., JP Morgan Chase, which has about $2.4 trillion in deposits. That's 13 times more than the deposits at Silicon Valley Bank, the 16th largest in the U.S.

Bank of America is getting some of the money that Electric Era had deposited at Silicon Valley Bank, and the Seattle startup's CEO, Quincy Lee, expects having no difficulty finding other candidates to keep the rest of his company's money as part of its diversification plan.

"Any bank is happy to take a startup's money, Lee said.

This story is from the March 16, 2023 edition of AppleMagazine.

Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.

This story is from the March 16, 2023 edition of AppleMagazine.

Subscribe to Magzter GOLD to access thousands of curated premium stories, and 8,000+ magazines and newspapers.

MORE STORIES FROM APPLEMAGAZINEView All
'The Last of Us' TV Adaptation Resonates Beyond Gamers
AppleMagazine

'The Last of Us' TV Adaptation Resonates Beyond Gamers

In the HBO series "The Last of Us," a fungal infection has taken over Earth, rendering the United States an apocalyptic landscape protagonists Joel and Ellie need to traverse.

time-read
4 mins  |
March 16, 2023
BELGIUM BANS TIKTOK FROM GOVERNMENT PHONES AFTER US, EU
AppleMagazine

BELGIUM BANS TIKTOK FROM GOVERNMENT PHONES AFTER US, EU

Belgium is banning TikTok from government phones over worries about cybersecurity, privacy and misinformation, the country's prime minister said, mirroring recent action by other authorities in Europe and the U.S.

time-read
1 min  |
March 16, 2023
MONEY: JOB PLUS A SIDE GIG? AVOID THESE MISTAKES
AppleMagazine

MONEY: JOB PLUS A SIDE GIG? AVOID THESE MISTAKES

At the beginning of the year, many people have their eyes set on goals.

time-read
3 mins  |
March 16, 2023
CALIFORNIA COURT RULES FOR UBER, LYFT IN RIDE-HAILING CASE
AppleMagazine

CALIFORNIA COURT RULES FOR UBER, LYFT IN RIDE-HAILING CASE

App-based ride-hailing and delivery companies like Uber and Lyft can continue to treat their California drivers as independent contractors, a state appeals court ruled Monday, allowing the tech giants to bypass other state laws requiring worker protections and benefits.

time-read
2 mins  |
March 16, 2023
INSIDER Q&A-NINTENDO'S BOWSER
AppleMagazine

INSIDER Q&A-NINTENDO'S BOWSER

With a new theme park attraction opened last month, an upcoming major motion picture and the sequel to a massive hit video game about to be released, everything's coming up Nintendo.

time-read
4 mins  |
March 16, 2023
IDRIS ELBA RETURNS AS LUTHER IN GRISLY NETFLIX FILM
AppleMagazine

IDRIS ELBA RETURNS AS LUTHER IN GRISLY NETFLIX FILM

For anyone holding on to some latent hope that Idris Elba will be the next James Bond, I have some bad news:\" Luther: The Fallen Sun\" puts (another) nail in that very firmly sealed coffin.

time-read
3 mins  |
March 16, 2023
HYBRIDS: TOYOTA PRIUS VS KIA NIRO
AppleMagazine

HYBRIDS: TOYOTA PRIUS VS KIA NIRO

The Toyota Prius, which has become synonymous with hybrid cars the past 20 years, is fresh off a full redesign for 2023.

time-read
3 mins  |
March 16, 2023
GOVERNMENT RACES TO REASSURE US THAT BANKING SYSTEM IS SAFE
AppleMagazine

GOVERNMENT RACES TO REASSURE US THAT BANKING SYSTEM IS SAFE

Depositors withdrew savings and investors broadly sold off bank shares this week as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall.

time-read
4 mins  |
March 16, 2023
AUDIENCE FOR 95TH OSCARS REBOUNDS SLIGHTLY TO 18.7 MILLION
AppleMagazine

AUDIENCE FOR 95TH OSCARS REBOUNDS SLIGHTLY TO 18.7 MILLION

Whether it was the lingering drama of The Slap or the prominence of blockbusters in the best picture race, a bigger audience was lured back to the Oscars this year.

time-read
2 mins  |
March 16, 2023
SILICON VALLEY BANK'S DEMISE DISRUPTS THE DISRUPTORS IN TECH
AppleMagazine

SILICON VALLEY BANK'S DEMISE DISRUPTS THE DISRUPTORS IN TECH

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.

time-read
4 mins  |
March 16, 2023
RELATED STORIES
What Does ‘Now' Look Like?
New York magazine

What Does ‘Now' Look Like?

The Whitney Biennial returns, unusually late and uncommonly strong.

time-read
5 mins  |
April 11-24, 2022
MAKING MICRO ADJUSTMENTS
Gun Digest The Magazine

MAKING MICRO ADJUSTMENTS

Here's how to fine-tune your reloading ...and your accuracy.

time-read
4 mins  |
March 2022
Extreme Winter Sports for Adrenaline Junkies
Newsweek

Extreme Winter Sports for Adrenaline Junkies

Just because it’s winter doesn’t mean you can’t get your outdoor adrenaline fix. round the world, thrill seekers have found ways to stay active, even in the harshest of conditions. Whether you prefer your adventures on land or water, there’s something for everyone. From diving with the narwhals to hopping out of a helicopter strapped to skis to sailing on ice, these extreme sports were made for extreme weather. —Meghan Gunn

time-read
3 mins  |
February 25 - March 04, 2022 (Double Issue)
Iron OOR
Stereophile

Iron OOR

GRAMOPHONE DREAMS

time-read
10+ mins  |
February 2022
Good Vibrations From a Smooth Operator
Woodcraft Magazine

Good Vibrations From a Smooth Operator

"Bosch GEX34-6N Random Orbit Sander"

time-read
2 mins  |
February - March 2022
2022 Honda Civic Si HPT
Motor Trend

2022 Honda Civic Si HPT

"Still a true driver’s car despite the numbers."

time-read
2 mins  |
February 2022
ELEMENTS: A SEPARATE PIECE
Cycle World

ELEMENTS: A SEPARATE PIECE

Seals let it all happen

time-read
3 mins  |
Issue 3 - 2020
CASE EXPANSION MEASUREMENT
Handloader

CASE EXPANSION MEASUREMENT

PRACTICAL HANDLOADING

time-read
6 mins  |
October - November 2020
JUMPSTART YOUR MONEY GOALS THIS 2023
Gadgets Philippines

JUMPSTART YOUR MONEY GOALS THIS 2023

New year, new goals!

time-read
2 mins  |
February 2023
‘Tt's amazing’ Whale with broken back ends its long journey
The Guardian

‘Tt's amazing’ Whale with broken back ends its long journey

A Moon the humpback whale did the 3,000-mile journey without the use of her tail owing to a broken back PHOTOGRAPH: BCWHALES.ORG

time-read
2 mins  |
December 12, 2022