In March of 2023, Silicon Valley Bank (SVB), a leading US-based bank that provides financial services to technology and life science companies, filed for bankruptcy. This news sent shockwaves through the technology industry, with many wondering how a bank that had been so successful for so long could fail so suddenly. To delve deeper into this topic, we will explore the reasons behind SVB's failure and the broader consequences of its bankruptcy.
Silicon Valley Bank was founded in 1983 and quickly established itself as a key player in the technology industry. The bank focused on providing financing and other services to startups and emerging companies in the technology and life sciences industries, and quickly became known as the "go-to" bank for these industries. As of 2021, the bank asserted that it provided banking services for almost 50% of all US startups that had received venture capital funding.
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