As state, federal and tech industry leaders scrambled to find a solution over the weekend, many founders and CEOs wondered whether they would be able to pay their employees after Silicon Valley Bank failed.
"That's why this was so problematic," said Gavin Christensen, the founder of Kickstart Fund, a venture capital firm that has helped build more than 200 companies. "This type of stuff was going to kill a lot of startups."
Christensen said he was at the bank's headquarters in California last Wednesday. He said you could tell there was some concern then, but no sign the bank would collapse just a day or so later."Time was so important. Every hour, every day was so important because jobs were going to be lost, employees were going to be let go, companies were going to die. So, thankfully by the end of the weekend, the administration and regulators understood what was at stake and acted appropriately.
Kennedy knows what it's like to struggle to grow a business, having played a large role in growing Degreed from its start in 2012 until she left last year. She praised state and tech leaders who immediately got to work looking for a solution after the bank's failure. "There's an opportunity for other banks here locally to step in and to fill what will be a pretty significant vacuum," Kennedy said.
"I think it's fair to say that either the regulations or the regulators didn't provide the warning that was necessary," Romney said.
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