Viewing profile — garry

We are absolutely taking steps internally to prevent this.

Nicely done Gabe!

Thanks Finbarr. The group partners and MD's and I know these are important and valuable programs, and there is a lot more we need to be doing for alumni and the experience after co…

I will say that large % of the batches turn out to still be good companies later, sometimes much later. The journey of being a founder sets people up to do a lot more: YC alums are…

Changes of this sort cannot happen in a very short amount of time. The timing was coincidental.

It's not, this is about making YC awesome for early stage founders right at the beginning.

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We're asking for a backstop for deposits for small and medium sized businesses that will not survive without being able to make payroll.

Choice of bank historically has been one of the lower priority things people have to worry about. I think this changes now. If your personal bank went out of business through no fa…

This isn't some sort of complex bid call option strategy. This is a checking account, and one choice out of many that founders make regularly. To my knowledge SVB was never require…

These are deposits at a bank. We're advocating for protection of 37,000 small business accounts, a small number of which are YC. We discovered about 30% of YC companies would not b…

We're trying to help our founders, and this is a moment where awareness of this problem in DC and in the halls of power matter.

$250,000 will be available initially, which is doable for payroll of up to 15 to 25 people for one month, generally if you're a startup. FDIC website indicates remediation time in …

We are asking for regulation to prevent this failure from occurring again.

I grew up food insecure.

These are businesses that had a reasonable expectation for their deposits to be there, and we are not advocating for a bailout of SVB's management or equity holders.

We are asking for new regulation that would prevent this from occurring.

Many startups chose SVB because they were the ones willing to open a bank account for them at all. I remember going to a branch of Bank of America to open a bank account for Poster…

The equity holders and management of SVB are likely to be wiped. In the petition we specifically call this out: we are not asking for their risks to be "socialized." Depositors hav…

https://www.cbo.gov/publication/57341

We are advocating better regulation to prevent this from happening in the future. It's in the petition.

FWIW I've never had that perspective, so I'm not sure why you are saying that.

These are depositors of a bank. Most startups only have one bank. Startups should live or die because they create good products and solve real problems in real markets, not because…