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[The Daily Crunch logo]( By [Haje Jan Kamps]( Friday, March 10, 2023 Hi, Crunchers, Today, thereâs only one story on everyoneâs lips: The sudden and dramatic collapse of Silicon Valley Bank (SVB), the 40-year-old Silicon Valley institution. With $209 billion of assets under management at the time of its failure, [itâs the second-largest bank failure in U.S. history](. A huge number of startups suddenly found themselves in a pickle as the bank went through a Swift-Velocity Breakdown. In this special edition of the Daily Crunch, we summarize what the Sudden Value Bust means across the industry. â [Haje]( [ image] Image Credits: David Paul Morris/Bloomberg / Getty Images The TechCrunch Top Story - [Regulators stepping in](: [Natasha M]( reports that the bank and its 17 branches were closed by the California Department of Financial Protection and Innovation. The agency appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
- [So, er, what happened?:]( (TC+): [Alex]( can be trusted to provide the context, and concludes that it seems like the rumor of SVB being in trouble caused a run on the bank, which put it in actual trouble soon after.
- [What the founders think](: Several of my colleagues took to the (virtual) streets and got the lowdown on how founders are reacting to the bankâs collapse. The demise of Silicon Valley Bank Before the bank got shut down by regulators, a lot of things happened very quickly: - For you, special price: [Manish]( and [Ingrid]( caught wind that [Silicon Valley Bank was in talks to sell itself](.
- Get out while you can: [Natasha M]( and [Alex]( reported that VC firms started [advising their portfolio companies to move money out of SVB]( (TC+).
- A bump in the road: [Natasha M](Â wrote that [some SVB customers were struggling to wire funds out of the bank](.
- In free fall: [Natasha M]( and [Alex]( followed up with their report that [SVBâs shares were tanking](, as the whole mess was unfolding.
- Filling the void: Never ones for wasting a good crisis, [startups are leaping into the breach to fill the vacuum SVB is leaving behind]( for the ecosystem, [Natasha M]( and [Mary Ann]( reported.
- Maybe aim better: You might imagine that someone at Silicon Valley Bank would have paused to think: âHmm, maybe today is not the right time to declare that weâre shoring up our balance sheet,â [Connie]( writes, and concludes that [SVB shot itself in the foot]( rather spectacularly in the wake of crypto bank Silvergateâs announcement that itâs shutting down. [Jacquelyn]( analyzed [the Silvergate downward spiral for TC+](.
- So, er, what now?: As SVB funds are locked up (at least until Monday, regulators say), how do you meet payroll, etc.? [Alex]( takes a closer look at [what startups are up against]( (TC+). [Building a lean B2B startup growth stack]( Selecting the right tool for the job is easy when you already know exactly how to proceed. Most B2B growth marketers donât have a blueprint to work from, however, which is why Primer CEO Keith Putnam-Delaney shared a guest post with TC+ that identifies which tools are most appropriate for early-stage, midstage and late-stage startups. âThe current budget-constrained environment should be seen as a net positive by marketers,â he writes. âIt will force teams to think deeply about whatâs absolutely necessary, which tools will add efficiency (or subtract from it).â [TechCrunch+]( is our membership program that helps founders and startup teams get ahead of the pack.[You can sign up here](. Use code âDCâ for a 15% discount on an annual subscription! [Read More]( [Building a lean B2B startup growth stack image] Image Credits: Jose Bernat Bacete / Getty Images (Image has been modified) And some other news too Okay, fine, there were other things happening besides SVB going straight to hell without passing “go” today as well. Hereâs a smattering of things worth reading across the rest of the site⦠A lot of news in cybersecurity today, as [Carly]( reports that [the SEC charges Blackbaud for failing to disclose the âfull impactâ of a ransomware attack](; [Zack]( writes that [Telehealth startup Cerebral shared millions of patientsâ data with advertisers](; and Zack also reports that [PeopleGrove security lapse exposed usersâ personal information](. Meanwhile, [Lorenzo]( dove in to explore how the [FBI proved a remote admin tool was actually malware](. And here are some non-SVB, non-cybercrime headlines for you as well. Arenât we generous today: - De-risking hardware: [Haje]( reports that Prelaunch assembles a pre-seed round to [help hardware founders pre-build the right pre-products](. Say that three times fast. [Â](
- More Salesforce layoffs: [Ron]( reports that the long goodbye at Salesforce continues [with more layoffs](.
- HomePad: [Romain]( covers that [Apple could reportedly release a HomePod with a display](.
- Not ready to fly the coup: [Bird still has a long way to go to reach profitability](, [Rebecca]( and [Alex]( report.
- Donât call it a comeback: [Gowalla returns to see if location-based networking is ready for its mainstream moment](, [Darrell]( reports. [Read more stories on TechCrunch.com]( Newest Jobs from Crunchboard - [Database Administrator at ALOM TECHNOLOGIES CORPORATION (Fremont, CA, USA)](
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