What Next TBD: Where Is Silicon Valley Going to Bank Now?

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News, News Commentary, Politics

4.6 • 6K Ratings

🗓️ 17 March 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The economy is doing well almost every but in tech, where headlines about layoffs have been replaced with news about Silicon Valley Bank’s demise. The collapse of “the central artery for the tech industry” looks like the end of an era. Where do venture capitalists, start-ups—and the industry writ large—go now? Guest: Priya Anand, reporter at Bloomberg covering venture capital and start-ups. Host: Lizzie O’Leary If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Dear Prudence—and you’ll be supporting the work we do here on What Next TBD. Sign up now at slate.com/whatnextplus to help support our work. Podcast production by Evan Campbell and Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	To say that Tiffany Dufu has had a stressful 10 days is a giant understatement because Tiffany
0:11.2	had all of her company's money at Silicon Valley Bank.
0:17.1	It's been very intense.
0:20.1	It began last week, late Wednesday, early Thursday with investors sending us messages
0:29.6	about the decline and ultimately the collapse of SVB.
0:35.6	In 2018, Tiffany founded the crew, which matches women with peer coaches and also works with
0:41.9	companies to try to keep women in the workforce.
0:45.3	What was that moment like when you were trying to get money out?
0:51.0	I want you to imagine, you know, when you put money in a bank, you don't imagine that
0:55.1	you're taking a risk.
0:57.0	Just imagine that the money that is in your bank account right now, that you go to it.
1:02.4	You can see that there's a balance, but you can't do anything with the money.
1:05.7	You can't transfer anything out.
1:07.6	You can't get access to it.
1:09.6	If you went to an ATM, you put your card in, you can't get money out and you're hearing
1:15.6	on the news and you're getting messages about the collapse of the bank.
1:19.8	That feeling that you're imagining, that is how I felt.
1:24.4	Of last Thursday and last Friday.
1:27.6	Tiffany's company also occupies a rare space when it comes to raising money.
1:32.8	According to CrunchBase, Black founders got less than 1% of the venture capital funds raised
1:38.8	last year.
1:40.2	I've pitched to nearly 200 investors in order to raise the 5 million that I have over
	...

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