“‘This is an “extinction level event” for startups and will set startups and innovation back by 10 years or more. BIG TECH will not care about this. They have cash elsewhere. All little startups, tomorrow’s Google’s and Facebooks, will be extinguished if we don’t find a fix.’”
That’s Garry Tan on Twitter Friday following the failure of Silicon Valley Bank, the largest bank failure since Washington Mutual in 2008, calling it an “extinction level event” for startups that will set innovation back a decade.
The president and CEO of startup accelerator Y Combinator fired off that tweet after the Federal Deposit Insurance Corp. took receivership of Silicon Valley Bank after its parent company SVB Financial Group
SIVB,
was closed by California regulators.
