Lessons Learned from Silicon Valley Bank’s Collapse with Judith Erwin, Founder & former CEO, Grasshopper Bank, Heather Shen, Co-Founder & Chief Product Officer, Praxis Labs .
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When Silicon Valley Bank collapsed in March 2023, the largest bank failure since 2008, the ripple effects were felt throughout the global tech and banking sectors, especially within the startup community. According to CNN, at the time of its collapse, about half of all US venture-backed technology and life science firms were banking with SVB.In total, it was the bank for about 2,500 venture firms. That day will be remembered by many startup founders, venture capitalists and bankers, regardless on whether they had any assets themselves at SVB. We sit down with Heather Shen, Co-Founder & Chief Product Officer, Praxis Labs and Judith Erwin, Founder and former CEO of Grasshopper Bank, to discuss lessons learned from this momentous day and how it will affect the next generation of innovators. Questions are welcome!
Judith Erwin
Ayla MorwinJudith Erwin is the former CEO of Grasshopper Bank, the first digital commercial bank in the United States. Judith was on the founding executive team for Square 1 Bank in 2005, responsible for venture capital services globally. Square 1 successfully went public in 2014 and was later sold to Pacific Western Bank. She previously worked at Imperial and Comerica. After 35 years in banking, Judith knew it was the time to make significant changes in the commercial banking industry. Her strategy was to build a bank from scratch providing both a modern technological framework and intuitive user experience for the digital entrepreneurs Grasshopper serves. Grasshopper Bank opened its doors on May 13, 2019 becoming the first US digital commercial bank, first new bank in NY in ten years, and first de novo with a female CEO, female CTO, and female CFO.
Ina Fried
Bridget FinkeldeyIna is the chief technology correspondent at Axios. She authors the daily Axios Login newsletter and brings years of Silicon Valley experience to offer a smart take on tech. Prior to joining Axios, she was senior editor for All Things Digital, a senior staff writer for CNET Network's News.com, and worked for Re/code.