8 startup founders react to Silicon Valley Bank's collapse

'We've got to get our money out of there ASAP'

Other founders weren't as fortunate: They still had their company's funds at Silicon Valley Bank as theDonnel Baird, the founder of the climate-tech startup BlocPower, found himself having to figure out how to transfer funds while on a flight with faulty Wi-Fi. Though SVB wasn't BlocPower's primary bank — the company had less than a month's worth of payroll in its account there, Baird said — he was desperate to get his money out.

In the wake of Silicon Valley Bank's collapse, he said,"that saved us because we were able to quickly wire out our money without having to wait to create a new business bank account at another bank." Thomas Rouffiac, the cofounder and chief operating officer of the electric-vehicle battery materials startup Natrion, said he did not see what advantages Silicon Valley Bank offered over other traditional banks."Especially when we started in the East Coast," he said,"the standard was always, 'Go straight to Chase.

My question is when Elon Musk tried to save Silicon Valley Bank per tweeted with an investor it did not happen. Is it beneficial for the bank to liquify than to stay afloat. Don’t they have the responsibility to stay afloat knowing peoples hard earned money have been jeopardized?

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