SVB failure: Lessons learned and a great resource loss for the startups

Silicon Valley Bank (SVB) failure news. Since last Thursday, we have all been awake trying to assess the situation; whether we can make payroll on Monday, what our next step is if it happens to our bank, and what else we need to do to have the cash to run the operations smoothly.

Pheronym does not bank with SVB, but we are still worried about how the SVB failure affects us. The first thing we did on Friday morning was to call our banker at First Republic Bank (FRB) to make sure that they had sufficient…