Mar 14, 2023

Why SVB is a huge loss - and where do we go from here?

Today, I want to share my thoughts on Silicon Valley Bank. This bank has been making headlines lately, but not for the right reasons. Various media outlets are painting a bleak picture of the bank, causing panic and fear amongst its clients and investors. As someone who has been a client and a fan of the bank for a long time, I want to set the record straight and share my personal experience with this financial institution.

Let me take you back to the late 2010s when I was just starting out in the business world. I had just arrived in the Bay Area and needed a bank account. At that time, Silicon Valley Bank was the only bank that catered to young startups from all over the world. They made the account opening process as easy as possible. I recall making a quick phone call, meeting their representatives in a coffee shop, and voila! I had a new bank account, using nothing but my Irish passport.

What impressed me the most was how customer-friendly, and startup-friendly Silicon Valley Bank was. Coming from Ireland, where opening a bank account was a lengthy and arduous process, this experience was unfathomable. The bank's willingness to meet me in a coffee shop, discuss my business, and complete all the paperwork was a refreshing change.

Aside from being customer-friendly, Silicon Valley Bank offered many networking opportunities for entrepreneurs, experts, and VCs. The bank hosted various events, dinners, and pitch sessions where I met many amazing people who still impact my life today. It was not just about the free food and drinks but the connections that mattered most. The bank's willingness to support events and networking opportunities for its clients was crucial to its ongoing success.

Despite the recent negative press, I still believe that Silicon Valley Bank is a reliable financial institution. I've been in conference calls with the new CEO, who assures me that the bank's underlying condition and resilience remain intact despite the surface-level media hype. As an existing client, I encourage others to do their due diligence before making any rash decisions based on sensational headlines.

In my opinion, what sets Silicon Valley Bank apart is its philosophy, vision, and people who worked hard to build it into what it is today. The bank's commitment to serving the startup ecosystem is commendable, and they have managed to keep their clients at the center of all they do.

Yes, Silicon Valley Bank faces underlying problems and storms, but its existing and potential clients must consider all actual facts objectively before making any decisions. It is essential to weigh the pros and cons before assuming the bank can no longer serve your startup.

In conclusion, Silicon Valley Bank is more than just another banking institution. It has established itself as a reliable and customer-friendly financial institution that goes beyond the regular services of a bank. I still believe it has what it takes to weather the storm and continue providing excellent services to startups and entrepreneurs. So, let's not believe everything we read in the tabloids, and let's do our due diligence before making any decisions.

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Written by
Philip McNamara
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