Banking crisis impact, more Meta cuts, and GPT-4 with Sunny Madra and Vinny Lingham | E1700
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 16 March 2023
⏱️ 83 minutes
🧾️ Download transcript
Summary
Vinny and Sunny are BACK with Jason for another roundtable! First, they cover the aftermath of the bank shutdowns (2:54) before breaking down the impact on startups and the overall economy. (14:14) They also cover Zuckerberg announcing more cuts at Meta (1:05:49) and OpenAI launching GPT-4! (1:10:55)
(0:00) Jason tees up today's topics!
(2:54) Reflecting on the aftermath of the SVB collapse
(12:50) Cast.ai - Get a free cloud cost audit with a personal consultation at https://cast.ai/twist
(14:14) Understanding the origins of the banking issues and the Fed's response
(27:10) Vanta - Get $1000 off your SOC 2 at https://vanta.com/twist
(28:09) Signature and Silvergate troubles, overall lessons from the past week
(39:33) Orgspace - Get $2000 in credits at http://orgspace.io/twist
(41:04) Understanding CBDC
(56:11) Things to consider going forward, payroll crisis
(1:05:49) Zuckerberg's "Year of Efficiency" and OpenAI launches GPT-4
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Transcript
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| 0:00.0 | Hey, everybody. Hey, everybody. I'm joined by Sunny and Vinny for another great edition |
| 0:04.9 | of our crypto roundtable. But I don't want to limit this to the crypto roundtable. Sunny |
| 0:09.2 | and Vinny are like just so great in terms of entrepreneurs and thinking about the industry |
| 0:14.2 | that I may change this from the crypto roundtable just to my founder roundtable or something |
| 0:18.6 | because they're so insightful. We talk about the banking contagion and how it kneecapped |
| 0:23.4 | the crypto industry because what's happening in the banking industry, Silicon Valley Bank |
| 0:28.5 | and what's happening with stablecoins and what's happening with crypto banks, it's |
| 0:32.8 | all related. And we also talk about the US potentially adopting a CBDC having their |
| 0:40.0 | own digital currency and how to do risk management and how social media is accelerating everything, |
| 0:46.1 | including bank runs and how people just absolutely ignored the seeking alpha story that |
| 0:51.1 | months ago predicted what would happen in Silicon Valley Bank and how you can protect |
| 0:56.7 | your startup and your treasury in these changing times. The startup ecosystem is going |
| 1:02.2 | to be changed forever because of what happened in the past week. And Sunny and Vinny have |
| 1:06.8 | been just incredible players in that same ecosystem. And so what they're thinking about |
| 1:12.0 | and what they're doing with their own companies is critically important. And then we touch |
| 1:14.8 | on Darth Zuckerberg. That's right. Zuckerberg's Euro efficiency is well underway. He laid |
| 1:21.0 | off 10,000 people. He was so enamored with how much more efficient his company got that |
| 1:26.9 | he decided I'm getting rid of those 5,000 open positions. And you know what? I'm going |
| 1:30.8 | to cut another 10,000 people. And we're going to talk about playing the game, the startup |
| 1:36.4 | game, as the rules and the game is being played today. You got to play the game on the field, |
| 1:43.4 | not the game that we were playing three or four years ago. And we break down exactly how |
| 1:47.9 | you need to change your behavior as a founder and a capital allocator. This is a critical |
... |
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