SVB فروخت کے بعد، VCs پائیدار ترقی کی طرف بڑھتے ہیں۔

The news of the Silicon Valley Bridge Bank (SVBB) to First Citizens Bank could mark the beginning of the end of the banking turmoil. While not all the assets from Silicon Valley Financial, the failed bank’s parent company, have yet been auctioned off, there is an almost audible sigh of relief from the US banking system. 

SVB کا مقام، مضبوطی سے VCs اور ان کے سٹارٹ اپس کا سامنا کر رہا ہے، بہت سے لوگوں کو جانشین کے نقطہ نظر کے بارے میں تشویش تھی۔ تاہم، اس شعبے کا نقطہ نظر اب عارضی طور پر پر امید ہے۔

“SVB has an incredibly strong brand within the startup community, and it’s built out a lot of very viable programs,” said Marcos Fernandez, Managing Partner of Fiat Ventures. “There’s a lot of value to be had from that brand and what they’ve built. Obviously, under different parameters and regulations. But I feel like that’s a big win for them (First Citizens).”

ہر قیمت پر ترقی کاروبار کی پائیداری کی طرف موڑ دیتی ہے۔

In the months prior to SVB’s failure, the VC and start-up community had faced a period of “dry powder,” which may have left them particularly susceptible to panic. Already the idea of “growth at all costs,” formulated in the unicorn year of 2021, was turning into a landscape of survival.

“Most founders prior to SBVs demise were modeling 18 months of runway to weather the storm,” said Don Muir, CEO and Co-Founder of Arc. “They were trying to maximize runway through cost-cutting exercises to weather the funding storm which is driven by the rising interest rate environment which brought down valuations.”

“This black swan event added insult to injury. It made everyone’s life a whole lot harder. And that cash that they were trying to maximize to preserve the runway was jeopardized. And founders went from saying, “Okay, I’m solving for 12 to 24 months of runway” to “I might not be able to make payroll next week, I might not have another month of runway, not to mention 12 to 24.”

Fernandez explained that, due to the reactions of the regulators, the effects of the bank’s failure on the sector were low. In the aftermath of the chaos, VCs and startups had turned even more to sustainability instead of full-on crisis control.    

“It went from growth at all costs to now sustainability and runway at all costs,” he said. “So, thinking about what you need to do to your business, not just to protect yourself, but to maximize your runway and the capital that you have. Focusing on driving revenue from multiple forms from day one, and making sure that you’ve got the fundamentals around your business built out this.”

تنوع کی حکمت عملی کی پختگی 

Fiat Ventures ان بہت سی کمپنیوں میں سے ایک تھی جو بینک کے خوفناک ویک اینڈ کی تباہی میں پھنس گئی تھی۔ جب کہ ان کی صرف پانچ سرمایہ کاری متاثر ہوئی تھی، انہیں اہم خطرے سے بچنے کے لیے تیزی سے کام کرنا پڑا۔ 

"کسی کے پاس کرسٹل بال نہیں ہے،" فرنانڈیز نے کہا۔ "ان حالات میں، اگر آپ لوگوں کو بھاگتے ہوئے دیکھتے ہیں، بدقسمتی سے، آپ کو بھاگنا پڑے گا۔ اس وقت ہمارے پورٹ فولیو کو ہمارا مشورہ صرف اپنی حفاظت کرنا تھا۔

“At that point, we suggested that they get their capital, either into alternative banks or to spread it so it was under the $250,000 FDIC insurance threshold.”

This approach was the one taken by many, and in the first few hours, SVB’s depositors were seen to be desperately minimizing the risk to their deposits. 

بہت سے معاملات میں، فنٹیکس کو بحران کے پہلے چند دنوں میں نمایاں آمد ملی۔ 

“The Mercurys and the Brexs of the world really proved that fintechs can move more quickly than other traditional financial institutions,” said Fernandez. “That’s proven by just the amount of deposits that they’re able to take in in such a short amount of time.”

ابتدائی گھبراہٹ کے بعد ہفتوں میں یہ نقطہ نظر پختہ ہو گیا ہے۔

"حالیہ واقعات نے یہ واضح کر دیا ہے کہ بطور سرمایہ کار، ہمیں اپنی پورٹ فولیو کمپنیوں کے خزانے اور بینکنگ کی حکمت عملی کا احساس ہونا چاہیے،" پورٹیج کی جنرل پارٹنر سٹیفنی چو نے کہا۔

“To ensure their deposits are protected, companies need to have diversified banking relationships with several financial institutions, and one of them must be with a systematically important bank. Two of these should be operating accounts that leave enough funds for several months’ worth of payroll. Their treasury strategy should also involve investing excess cash to build up their liquid investments. Lastly, depositors should also take advantage of the Insured Cash Sweep (ICS) service used by their banks to maximize their FDIC protection.”

Muir نے کہا کہ بہت سے بانی آرک کے ساتھ کام کر رہے تھے انہوں نے اس نقطہ نظر کو اپنانا شروع کر دیا تھا۔ 

"اب VCs اپنی پورٹ فولیو کمپنیوں کی حوصلہ افزائی کر رہے ہیں کہ وہ بہت بڑے سے ناکام ہونے والے بینکوں اور سٹارٹ اپس کے لیے ڈیجیٹل بینکوں دونوں میں تنوع پیدا کریں جنہوں نے ان پورٹ فولیو کمپنیوں کے لیے تنوع کی سہولت کے لیے قدم اٹھایا ہے،" انہوں نے وضاحت کی۔

“You have Brex, Arc, and Mercury on one end and offline banks on the other. And what VCs are encouraging their portfolio companies to do is to open anywhere from two to four bank accounts to diversify their bank deposits.”

SVB کیپٹل اب بھی توازن میں لٹکا ہوا ہے۔

جب کہ SVB کے برج بینک کی فروخت پر بالآخر بات چیت ہوئی، SVB Financial کے پاس ابھی بھی دو کارڈز ہیں۔ ان میں سے ایک ہے۔ ایس وی بی کیپیٹل. 

Investing in some of the most prominent VCs in the ecosystem, and with a رپورٹ کے مطابق $9.5 billion in assets under management, SVB Capital is one of SVB Financial’s “crown jewels.” As such, its potential sale has many on tenterhooks. 

VC giants such as Accel and Sequoia have been left in a state of “powerlessness”, as a suitable buyer of the exclusive portfolio is found. The eventual decision could have far-reaching effects on the ecosystem. 

“I would hope it’s someone who’s as forward-thinking as Silicon Valley Bank had been for the types of products that they want to provide to a broader ecosystem,” said Fernandez. “Again, that’s what ultimately gave them a little bit more exposure… but I hope it’s an institution that knows how to carry on a few of those programs under the right parameters.” 

“A more stable institution, but also with enough foresight to want to provide services to this broader community, because there truly is a big hole there. And I think there will be for a while until people dust themselves off from this whole thing and move forward.”

متعلقہ: طنز کرنے کے لیے جدت - SVB سے فنٹیکس کی ممکنہ مہلت

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