Entrepreneurs running separate start-ups in Sydney and San Francisco have unique perspectives on the crisis in the global banking system.
The global banking crisis that started in California and quickly spread to Switzerland is best analysed through the eyes of two entrepreneurs running two different start-ups operating in two radically different financial systems., Silicon Valley’s premier provider of breaking news on venture capital, start-ups and the country’s innovation ecosystem.David Rowebecause she not only banked with SVB, she had a whole team of reporters covering virtually all of its customers.
This appeal to the start-up community and venture capitalists was like pouring petrol on a fire. The comments were eerily similar to the ones made this week by the CEO of Credit Suisse, Ulrich Koerner,Lessin says she learnt a couple of lessons from the SVB collapse: “Be wary of the Silicon Valley herd mentality, in both reporting and business.”
“My understanding is the Silicon Valley Bank became much more fixated on becoming a tech company and on ESG. They were more focused on being a technology company first and a bank second. “Rather than building up the risk management and resilience of their banks, the bankers in the US spent much more time lobbying for relaxing regulation. In the case of Silicon Valley Bank, they lost sight that they were, in fact, a bank and not a technology company.
“There were four new banking licences issued in 2018, and three of those have been handed back. I think a fundamental reason is that they, first of all, thought of themselves as technology companies and as a bank second.
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