Silicon Valley Bank’s demise disrupts the disruptors in tech

A woman who was part of a line entering the Silicon Valley Bank's headquarters pauses for a selfie in Santa Clara, Calif., on Monday, March 13, 2023. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Dozens of individuals waited in line outside the bank to withdraw funds. — AP

Silicon Valley Bank’s collapse rattled the technology industry that had been the bank’s backbone, leaving shell-shocked entrepreneurs thankful for the government reprieve that saved their money while they mourned the loss of a place that served as a chummy club of innovation.

“They were the gold standard, it almost seemed weird if you were in tech and didn’t have a Silicon Valley Bank account,” said Stefan Kalb, CEO of Seattle startup Shelf Engine, during a Monday interview as he started the process of transferring millions of dollars to other banks.