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A terrible week for tech
Headlines across both sides of the Atlantic this week were dominated by the collapse of Silicon Valley Bank, the tech startup world’s favorite bank.
Similar efforts took place in the U.K., resulting in two separate deals that protected deposits both in the United States and the United Kingdom. But as the dust settles on the largest bank crash since 2008, this is a moment for reflection about the tech sector and its role in the wider economy.
Over the past 15 years in London, I’ve followed what was once affectionately known as ‘the scene’ blossoming from a fringe corner of the financial district into arguably one of the most important sectors in the country.
This week, it felt like a tide had turned. What happened to tech exceptionalism? What happened to growth at any cost, and worry about revenue later? Those wild days when a mattress company was a ‘tech startup’ because it sold through a website, at a huge loss. Or when simply adding the words ‘blockchain’, ‘meta’ or ‘AI’ to your company’s description added millions to your valuation.
