Pentagon Mobilized to Support Tech Startups After Bank Failurenextgov.com
Customers line up outside Silicon Valley Bank in Wellesley, Massachusetts, on March 13, 2023, three days after the bank collapsed. David L. Ryan/The Boston Globe via Getty Images
In the hours after Silicon Valley Bank collapsed on March 10, Pentagon officials who work directly with startups that develop national-security technologies grew increasingly concerned.
Would startups that had money in the bank need to stop work? If that happened, would there be supply-chain disruptions? Would a company under financial stress put its intellectual property at risk?
Officials prepared different courses of action to get cash to companies, if needed.
“It was a busy weekend, for sure,” Michael Madsen, acting director of the organization that acts as conduit between startups and the military, said Tuesday at a Reagan Institute event in Washington.
No immediate action was needed. The Treasury Department stepped in on Sunday and said depositors with funds at Silicon ...
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