Silicon Valley Bank - how screwed are the startups?
I'm considering an offer from a series-B startup. With the news that Silicon Valley Bank(SVB) is going under and SVB was the bank of choice for most start-ups, are startups in trouble in general? I don't think recruiters would be aware of company finances to ask this - what can be done?
44% of the startups have connections with SVB, check whether yours is the remaining 56%.
Is there a place to check their customer list? Is that public data? I'm worried that the recruiters wouldn't have visibility into it. It's not like I could talk to their CEO/CEO etc :(
I don’t know how to check it or whether it is even public available… Usually such finance data is confidential.
IMO, not really. It’s not like the bank bought a bunch of subprime MBS. The principle is mostly there. I think FDIC will provide some money (max at 250k/company) in the short term, then the rest of the money will be “unfroze” after the bank’s assets are sold
Ugh
Screwed AF
Ask if the company banks with SVB. If they do bank with SVB, DO NOT ACCEPT AN OFFER. No one knows how this will play out. If SVB gets bought or bailed out you’re good to accept.
I'm worried that the recruiters wouldn't have visibility into the company's finances. During discussions, they shared info on their funding, runway etc but most of it was public info.
This is what I'm doing for my interviews coming up