Silicon Valley Bank’s startup customers got no public sympathy. Here’s why.
In the early 2010s, hundreds of technologists would pack New York University’s Skirball Center for the monthly New York Tech Meetup. At the event, local developers would show off their latest products. Depending on the slate, you might see new dating websites, funny weather bots, or Foursquare plugins that made you look busy whileThe meetup had just one rule: Show the tech. Anyone with a long preamble got “Get to the demo!” heckled at them. Founders who discussed their VC funding got booed.
After the government saved Silicon Valley Bank depositors last weekend, many within the tech industry were surprised at the public’s unenthusiastic reaction. Companies banking with SVB would use their funds to pay workers and contribute to economic growth, but a chunk of the public still opposed protecting them, seeing it as a billionaire bailout. “My main learning from the SVB take firehose,’
Anduril engineer Luke Metro, “is that very few ppl outside of tech view funded early stage founders as scrappy underdogs instead of the bourgeois.”
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