Tech startups and other businesses lined up after hoarding sources of cash for payroll and other immediate needs Silicon Valley BankLong a linchpin of tech financing, when it was locked
Federal authorities took control Friday morning.
The bank’s sudden collapse fueled uncertainty among many founders about the immediate future of their businesses, and further fueled a startup sector that is grappling with a sharp downturn in venture funding and macroeconomic woes. According to longtime startup investors, its demise will likely mark a shift away from the high-risk and aggressive growth strategies that began during the decades-plus bull market that ended last year.