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A 10-step playbook for founders with Silicon Valley Bank accounts

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March 12, 2023
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Brett Adcock Figure is the founder of Figure, an AI robotics company that builds general-purpose humanoid robots. Previously, he founded Archer Aviation, which went public for $2.7 billion, and Vettery, a machine learning-based talent marketplace acquired for $110 million.

America yesterday We experienced the second largest bank failure in history. In the tech world, Silicon Valley Bank (SVB) is one of the largest banks supporting small businesses, yet today tens of thousands of depositors do not have access to capital.

This is not the first time we have seen a shortage of funds. I have been building his technology his business for over 20 years. 15 years in software/internet, 5 years in advanced hardware. Previously, in 2021 he founded the publicly traded Archer Aviation for $2.7 billion. Before that, he founded Vettery, which was acquired for $110 million.

I wish for the best, but it’s important for founders and CEOs to prepare for the worst. This will be the weekend that separates good entrepreneurs from bad entrepreneurs.

In 2020, when COVID-19 hit, I was raising a Series A for Archer, and the venture funding landscape came to a complete halt. Within 48 hours, all my meetings were cancelled.

I wish the best for the companies banking in SVB, but it’s important for founders and CEOs to plan for the worst. This will be the weekend that separates good entrepreneurs from bad entrepreneurs.

Here’s a 10-step playbook for founders and CEOs that can increase your company’s chances of success.

1. go to the office

You are in the command room this weekend. Spend time making thoughtful plans based on the many scenarios that could unfold. It’s best to prepare for the worst, stay calm, and be precise.

The goal of this session is to carefully document a plan to expand your cash runway, establish topics for communication with your employees, and identify immediate ways to save cash.

2. Build an in-house tiger team of three

This team should consist of the CEO, finance leaders, and people who lead the overall product and people operations. Small teams are easy to communicate with and can move quickly, but a mentor with experience navigating the cycle of such a business can also be helpful.

The team’s goal is to extend the cash on hand for at least 30 days in the hope that uninsured depositors will see high recovery rates soon. The longer the runway, the higher the odds of success.

3. Start communicating with investors today

If you need more capital than the Federal Deposit Insurance Corporation (FDIC) guarantees, reach out to current investors and be transparent about your SVB exposure. Be candid: Ask if you are in a position to send cash to fund your needs, even if the terms are not right.

We will also start building a list of all non-current investors in our network and be ready to contact them on Monday morning. to keep you organized.

A good investor will step in because they know this situation won’t last forever. Your request is to get them to lend you new money or buy your deposit bond outright if things get worse he will call investors on monday he is one of 40,000 companies I don’t want to be

Tags: 10stepaccountsbankFoundersplaybookSiliconValley

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