TIMES.KY

Cayman Islands, Caribbeanand International News
Tuesday, Jun 18, 2024

'I don't know how this ends': Mom with 4 kids in Ohio who owns small startup says SVB mess is not just a '1% problem'

'I don't know how this ends': Mom with 4 kids in Ohio who owns small startup says SVB mess is not just a '1% problem'

The collapse of Silicon Valley Bank has sent the tech world into a spiral. For smaller startups, the fallout could be life-altering.
The collapse of Silicon Valley Bank this week has sent companies from Etsy to Roku into disarray. But for some smaller startups, the bank's shutdown is particularly harsh.

"The collapse of SVB might look like a 1% problem that only impacts the coastal-tech-elite. Not true," wrote Lindsey Michaelides on Twitter. Michaelides is the founder and CEO of the startup Strongsuits, which sells organizational software.


"This impacts small businesses made up of hard-working people making modest mortgage payments in the midwest," Michaelides continued. "This impacts parents putting dinner on the table."

Silicon Valley Bank, a major financial institution that frequently worked with startups, collapsed days ago, throwing the tech world into a spiral. The bank, which just last month ranked among the top 20 in Forbes' list of best US banks of 2023, was shut down by regulators Friday and the FDIC took over control.

The collapse has affected companies like Etsy, forced to delay payments to many who sell goods on its site. Other major companies impacted by the collapse include streaming device-maker Roku, which had nearly $500 million in the bank, and the online video game platform Roblox.

In a lengthy Twitter thread, Michaelides described her risky decision to launch Stronguits in 2018 just after her second child was born. She soon learned she was pregnant again with twins, but kept pushing to make Strongsuits work, she wrote.

"I grew the business while navigating a high-risk pregnancy. I'd stop to see my ob en-route to the airport to get cleared to travel," she wrote. "Later, I pitched via Zoom well before it was acceptable. The hard work paid off. I secured our 1st investor shortly after my twins were born."

Now, Michaelides isn't sure what will happen to Strongsuits and her 15 employees, or what's next for her family.

"I don't know how this ends. I know that the financial future of Strongsuit; my team and my family are at risk w/ the collapse of SVB. I know that my story and the stories of thousands like me that have been impacted by SVB's collapse do not match the current narrative," she wrote. "
Newsletter

Related Articles

TIMES.KY
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×