EMERGENCY POD: Jason Calcanis on SVB (Silicon Valley Bank) implosion and what impacted founders should do.
FDIC has taken control of SVB. Uninsured depositors will only get IOU which gets money after liquidation. Insured depositors only get covered up to $250,000. A funded startup would usually have over $1 million of funding.
It is generally highly likely that a larger bank will buyout SVB for cheap and then depositors will be good. Jason says there a non-zero chance that another bank does not step up.
SVB problems impact half of all startups. This also impacts venture capital companies.
Federal government and California government will likely help backstop this situation.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
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