The implosion of Silicon Valley Bank (SVB) is sending shockwaves around the world, reaching all the way to Africa, where fragile tech startups are worried that more banks will fail, destroying their supply of much-needed venture capital.
India’s small SVC Co-Operative Bank spent the weekend scrambling to reassure depositors it has no connections whatsoever to the imploding Silicon Valley Bank (SVB) of California. In addition to some confusion over their similar names, SVC executives said “social media rumors” have been spreading that linked the two banks together and claimed SVC is also trembling on the verge of collapse.
Authorities in the UK are considering a possible bailout for tech firms after the collapse of the UK branch of the Silicon Valley Bank.
Garry Tan, the president and CEO of Y Combinator, recently stated that the collapse of Silicon Valley Bank is an “extinction-level event” for tech startups. Y Combinator has helped launch more than 4,000 tech companies including Airbnb, DoorDash, and Stripe.
The “cheap money ecosystem” that fed the tech start-up culture has come to an end with the Federal Reserve raising interest rates to curb inflation, and the failure of Silicon Valley Bank might be the first domino to fall among California-based financial institutions, Breitbart Economics Editor John Carney said in an interview Friday with Fox Business host Larry Kudlow.
Following the #MeToo hashtag aimed at raising awareness of sexual assault, Silicon Valley has begun capitalizing on the issue of workplace harassment.
Federal Communications Commission Chairman (FCC) Ajit Pai announced his plan Wednesday to reverse the “Net Neutrality” rules adopted under President Barack Obama. And Democrats, and Silicon Valley activists, are already preparing to fight the change.
Ask a startup CEO what the most important thing at his company is, and you’re likely to hear something about the “company culture” — a unique blend of values and workplace norms that give startups their unique vibe.
British millionaire and model Lily Cole has spent the last three years and £200,000 of taxpayers’ money on a failed charitable social network
Hzone, an online dating service for the HIV-positive, threatened to infect a writer and their family with HIV after learning that the DataBreaches admin would be writing a story about major data leaks from Hzone’s systems in November. The database leaks,
With the rise of Uber, Airbnb, and TaskRabbit, there’s a sinking suspicion that the traditional 9-5 job is being replaced by flexible, independent contract work. But, despite the existence of multiple billion-dollar Silicon Valley startups hiring an army of independent contract workers, economists have had difficulty finding any evidence that Americans were more likely to be self-employed.
(Ferenstein Wire)—Silicon Valley is coming after unionized industries. A top investor in the Valley, Paul Graham, lit up Twitter, tweeting, “Any industry that still has unions has potential energy that could be released by startups. (I don’t mean in simply paying people less, but rather that industries afflicted by unions are sclerotic so have left lots undone.)”
(Ferenstein Wire)—The technology industry is scrambling to understand how it will continue business in Europe, after the continent’s high court struck down a privacy agreement that protected U.S.-based companies operating abroad, known as Safe Harbor.
Global venture capitalists invested $56.31 billion in 4,894 deals during the first half of 2015–the lowest number of deals recorded by the Pitchbook blog over a six month period in the last 25 years. The major reason for a smaller number of companies being funded is that venture capitalists are throwing huge amounts of money at a small number of “unicorns.”
