The Fall of Silicon Valley Bank: Lessons Learned.
Originally Published 2 years ago — by Slate
The overfinancialization of the tech industry has led to a shift in perception, with many people outside of tech viewing funded early stage founders as bourgeois rather than scrappy underdogs. This shift in perception almost stopped the Biden administration from stepping in to save Silicon Valley Bank depositors. While financial rigor and planning were necessary for the tech industry's growth, some companies became extractive and focused solely on growth and margins. This overfinancialization had a cost, making it difficult to find political consensus when it came time to save tech companies.