Hey everyone welcome to another Tech Check Plus live stream today. I am thrilled to be joined by Elliot Robinson of Bessmer Venture Capital.

Thank you for doing this, a fellow Canadian while we're at it as well.

Thank you guys, honorary Canadian, but... a fellow Canadian while we're at it as well.

Thank you guys.

Honorary Canadian, but it's not a second.

As nice as a Canadian, we'll put it that way.

Let's dive into it because it's been a while since we've actually talked to you and what I'm focused on today I was just

talking about this on tag check on TV is what's happening with Silicon Valley bank today.

Last I checked it was down 40% and this is a bank that is so tied to the startup ecosystem.

I want to give our audience a stat.

I think it was 50% approximately half of all VC investment dollars throughout the economy

eventually flow back in as deposits to Silicon Valley Bank.

It's at a tough spot right now because especially early stage companies they continue to

burn cash and that's hitting their deposits.

Yeah, I mean what you said is exactly right for my entire career and well before that Silicon Valley Bank has really served as a backbone to the startup venture capital ecosystem.

And if you think about, you know, the changes in the market pullback,

startups are affected at an even faster rate because they're trying to create market

share, trying to coerce new companies to become paying customers.

So we're finding ourselves in a place where startups typically burn cash.

It's getting harder and harder for them to both find new customers to fund their operations,

but also folks like myself on the other side, venture capital

funding is actually slowed.

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