Urgent: Sign the petition now

by Y Combinator3/11/2023

Over 5,000 CEOs and founders representing over 400,000 employees have signed this petition: https://docs.google.com/forms/d/e/1FAIpQLSd0_0JOGdaXSDs-WaAXzzEy_tR7akOF7GBTfTb-r-Me0trNPQ/viewform?usp=sf_link

To the Honorable Secretary Janet Yellen, Chairman Martin J. Gruenberg, Chairman Brown, and Chairman McHenry:

We, the undersigned, are deeply concerned about the rapid failure of Silicon Valley Bank, a leading financial institution that has played a vital role in supporting the technology industry in the United States. We are not asking for a bailout for the bank equity holders or its management; we are asking you to save innovation in the American economy.

We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank. According to the NVCA, Silicon Valley Bank has over 37,000 small businesses with more than $250,000 in deposits. These balances are now unavailable to them, and without further intervention, according to the FDIC website, may be inaccessible for months to years.

In the Y Combinator community, one-third of startups with exposure to SVB used SVB as their sole bank account. As a result, they will fail to have the cash to run payroll in the next 30 days. By that measure, we can estimate that payroll-related furlough or shutdown will impact more than 10,000 small businesses and startups. If the average small business or startup employs 10 workers, this will have an immediate effect of furlough, layoff, or shutdown, affecting over 100,000 jobs in the most vibrant sector of innovation in our economy.

Silicon Valley Bank’s failure has a real risk of systemic contagion. Its collapse has already instilled fear among founders and management teams to look for safer havens for their remaining cash, which can trigger a bank run on every other smaller bank.  

If we allow this to happen, it will immediately impact the US technology industry and US competitiveness worldwide and ultimately set back US competitiveness by a decade or more, while the rest of the world races forward.

We have a simple ask:
- Small business depositors at Silicon Valley Bank should be made whole. Regulators need to conduct a backstop of depositors. We are not asking for a bank bailout.
- Longer term, Congress should work to restore stronger regulatory oversight and capital requirements for regional banks, and any malfeasance or mismanagement on the part of SVB executives leading to this failure should be investigated.

This requires swift and decisive action in order to prevent further shockwaves through the economy that could lead to financial crisis and layoffs of more than 100,000 workers. We must protect US competitiveness in the world.

Thank you for your attention to this important matter.

Garry Tan, CEO & President Y Combinator

Over 5,000 CEOs and founders representing over 400,000 employees have signed this petition. If you're a current founder or CEO, please consider signing: https://docs.google.com/forms/d/e/1FAIpQLSd0_0JOGdaXSDs-WaAXzzEy_tR7akOF7GBTfTb-r-Me0trNPQ/viewform?usp=sf_link

Arash FerdowsiCo-founderDropbox
Ricardo Weder CEO & Founder Justo
Alex BouazizCEO & Co-FounderDeel
Suryanarayanan Paneerselvam CEOSkill-Lync
Adhemar Milani Neto Founder and CEO Kovi
Aadit PalichaCo-founder & CEOZepto
Pedro FranceschiCEO, FounderBrex
George FraserCEOFivetran
Divey GulatiCo-founderShipBob
Drew DurbinCEO and Co-founderWave
Adrian AounCEO & FounderForward
Manuela SanchezCofounderLaika universe inc
Dhruv SaxenaCeoShipBob
Moses LoFounder and CEOXendit
Mike KnoopCo-founderZapier
Bryan HelmigCo-founder, CTOZapier
Tracy Young CEOTigereye
Steven WongsoredjoCo-Founder and CEONusantara Holdings, Inc. (Super)
Nicolas DessaigneCo-FounderAlgolia
Julien LemoineCo-founderAlgolia
Olugbenga AgboolaCEO, Founder Flutterwave Inc
Edvard EngesaethCo-founderNurx
Kumar MehtaCo-FounderVersa Networks Inc
Alex AustinCEOBranch Metrics, Inc
Kaarel KotkasFounder & CEOVeriff
Ariel KatzCEO, Co-FounderH1
Benjamin Labra CEO Houm
Vivian ShenCEOJuni Learning
Logan HeadCofounder Whatnot
Jose ZambranoCEOSkydropx
Armando solbes Co-founderSkydropx
Femi Kuti CEOReliance Health
Ivan Tsybaev CEO, FounderCareerist Inc
Felipe Betancourt CelisCo-founderLiftit.co
Ryan NeuCEOVendr, Inc.
Alex TewCo-founderCalm
William H Patterson jrCEOcarerev
Tim GriffinCEO, Co-founderCraftwork, Odeko, and Cloosiv
Vince C. NingCEO & FounderNabis
Freddy VegaCEOPlatzi
Philip InghelbrechtCEOTatari, Inc
Mark SchopmeyerCo ceoCaptivateIQ, Inc.
Kunal Girotra Founder & CEO Lunar Energy
Art AgrawalCEOJerry inc
John KobsFounderApartment List
Jon GoldsmithCEOLocal Kitchens
Andrew WangCEOValon
Ali JavidCEOWrapbook
Christian PatinoCo-founderCoderhouse
Sam HodgesCo-founder and CEOVouch, Inc.
Francis DuongCo-founderFlexe
K. Taylor WakefieldCOO, Co-founderGravitational, Inc. (provider of Teleport)
Michael MarraleCEOM Science LLC
Tim SprattCo-founderPermutive
Aarjav TrivediCo-founder & CEORidecell Inc
Scott PhoenixFounder & CEOVicarious
Vishrut Co-founderInspectHOA
Jonathan TarudCEOKoombea Inc
Songe LaRonCEO and Co-founder Squire
Hussein GawziCEO/ co-founderPideDirecto
Pablo MejiaCOOColegium
Cesar PinoCo-founderTruora
Daniel BilbaoCEO, Co-FounderTruora
George KalogeropoulosCEO, FounderHealthSherpa
Matthew SchulmanCEO PavePave
Soumyadeb Mitra CEO, Founder RudderStack
David Cuadrado Co-FounderTruora
Dimitri DadiomovCEOModern Treasury
Matt MarcusCo-founderModern Treasury
Pablo VigueraCo-Founder, Co-CEOBelvo
Alexander MeekPresident & Co-founderMoxion
Bryn JonesCEO, Co-founderPartnerStack
Jason TraffCo-founderShipwell
Anand KishoreceoAspire
Jay RenoFounderFeather
Gautam NarangCEO and Co-founderGatik
Sondre RaschCo-founder and CEOSafetyWing
David MackCo founderSketchDeck
Forrest Heath CEOSomos Networks, Inc.
Ryan chanCEO Upkeep
Dan RyanCEO, Co-founderVergeSense
Saleem KhatriCEOLavu
Pelin KenezCEO, FounderZeplin, Inc.
Berk ÇebiCPO, Co-founderZeplin, Inc.
Newsha GhaeliPresident & CofounderBiobot Analytics
Travis DeyleFounder & CEOCobalt Robotics Inc
Ian LeeCEO, Co-FounderExamedi
Kevin KlimanCEO, cofounderHumi
Puneet MehtaCEONetomi Ai
Yusuf SherwaniCEO and Co-founderQuit Genius
Vedha SayyaparajuCofounder and CTOZuddl
Michel CohenFounderBEON.tech
Eduardo MataCo-founderMeru
Deepak ChhuganiCEO, FounderNuvocargo
Ian Christopher CTO, co-founderQventus
Gadi shamia CEO and founder Replicant
Matias ReinaCEO, Co-founderAbstracta
Tom LembergFounder & CEOCurebase
Manuel Barna FerrésCofounder Henry
Cameron YarbroughCEOTorch
Earl HathawayCofounderVaero and DataGrail
Ian BurgessPresident & Co-founderValidere Technologies Ltd.
Kiran JoshiCo-founderThread Robotics
Bharath GokarajuCEO, Co-founderJoyn Experiences Inc
Amir NathooCo-founder & CEOOutschool
BartRoszkowskiVue Storefront Inc.
Emre FADILLIOGLUCEO & Co-founderAopSamurai
Julio GuzmanCEOAgendaPro, Inc.
Matthew LaffertyCEOCurri
Ruben CordobaCEOUmany intermediate holdings LLC
Kumesh AroomooganFounder and CEOAccern
Jonah GreenbergerCEOBright
George FavvasCofounder and CEOCircle Medical
Charlie WarrenCEO and co-founderConvex
Martín Anazco Co-CEO & Founder Jampp Inc
Riku LindholmCOO / VP-founder Meru Health
Josh MangelCo-founderPipe.com
Nate MaslakCEO & COfounderRibbon Health
Mariya NurislamovaCEOScentbird
Alexander TorrenegraCEOTorre
Chris DeanCEOTreasury Prime
Roy YangCEOGiant Machines
Ola OyetayoCEOVertoFX
João Pedro ThompsonCo-founder, CEOZ1
Ryan LetzeiserCEO and Co-founderObie
Daryna KulyaCo-FounderOpenPhone
Akilesh BapuCEODeepScribe
Kurt RuppelCo-founderMiddesk
Richard NelsonCEORoofr
Laura ChambersCEOWillow Innovations Inc
Juan AmadorCEOHobbio Inc
Andres ArslanianCTO Co-FounderEmi Labs
Mateo CavasottoCEO & Co-founderEmi Labs, Inc
Jorge ZamoraFounderGoLinks
Carlos EscutiaCEOGroWrk Remote
Diego Saez GilCEO, FounderPachama
Jerome de LafargueCEO, FounderZeroheight Inc.
John WangCo-founder, CTOAssembled, Inc.
Armand FoudjetCo-founder Garage
Suyash SinhaCEO, Co-FounderMyScoot Inc
Iai CEO & co-founder Ramani
Calvin UsiriCo Founder Ramani.io
Adam KolomCo-Founder and CEORelated Sciences
Trevor McKendrickCEO & cofounderSeis
Joachim KrügerCo-founderTwo B2B
Derek RichardsonFounder and CEODeako
Santiago Molina Co-founderFinkargo
Sonakshi NathaniCEO & Co-FounderBIK
Gustavo GorensteinCEO and Co-founderBx blue
Vignan VelivelaCEOAtoB (CElegans Labs Inc)
Gwanygha’a GanaCEO & Co-FounderGarage Mobility
Aaron LetzeiserCo-FounderObie
Max HodakCEOScience
Jesus LanzaCo-foundermattilda
Will PengCEO & Co-founderNorthstar
Jeff VydunaCo-founderPoll Everywhere
Joey GrassiaCEO, founder Shef
Ashwin RameshCEOSynup.com
Carlos VegaCEO, Co-FounderTesorio, Inc.
JonathanCEOZenysis Technologies Inc
Ivan CardenasCEO and co-founderBeGo
Aman GourCo-founder TurboHire
Pablo EstevezCEO/FounderGus.chat
Benjamin EnczCEOAshby
Abhik PramanikCo-founderAshby
Izhar WallachCTO, Co-founerAtomwise
Aditya KothadiyaCEOAvoma.com
Andrés IriarteCo-FounderFithub
Saman FaridCEOFormic
Laura CressmanCo-founderQA Wolf
Doktor GursonCEO, Co-founderRad AI
MateoCEOTodos comemos
Nicholas HinrichsenCEOClutch
Miguel Carranza GuisadoCTORevenueCat
Garry CooperCEO, Co-founderRheaply
Vincent CarboneCo-founderBrightidea Incorporated
Stephen KuhlCEO & Co-FounderBurrow, Inc.
David J. PhillipsCEO & FounderFondo
Sagar ShahFounderMade Renovation
Magi RichaniCEONobell Foods
Steve TuckCo-founder and CEOOxide Computer Company
Yin WuCEO & Co-founderPulley
Jacob EitingCo-founder & CEORevenueCat
Fabio FleitasCTO / Co-founderTesorio
Nicholas Tommarello CEOWefunder
Christopher ColemanCofounderWithClutch Inc
Roger TeranCo-FounderR2
Jitin Bhasin Founder & CEO SaveIN, Inc.
Soham MoreCEO, Co-FounderSympto Health
Austen AllredCEOBloom Institute of Technology
Geronimo MasperoCo-founderHumand
Pratap RanadeCEO and Co-FounderArena AI
Amit PakaCo-founder & COOFiddler AI
Jim DetersCEO Gravity Haus
Denis BellavanceCTOInspectify, inc.
Caterine CastilloCEO & Co-FounderNeivor
Lora KratchounovaFounderScratch Marketing + Media
Ayal YogevCEO, Co-FounderAnjuna Security
Mateo JaramilloCEOHeru
Cyrus KarbassiyoonCTO, Co-founderScratchpad
Pamela valdes esteva CEOBeek
Alok GoelCEO and Co-founderDrivetrain AI Inc
Gregory KobergerCEOReadMe
Dmitry BiruliaCofounder Veryfi, in.
Nidhi jain CEO Cloudeagle
Alex AlvaradoCEODaybreak Health
Andrew NorrisCo-Founder & CEODevCycle
Max KolyshCEODover
Daniel SalasCFO COOE1 Technology Inc
Rabi GuptaCEOEvabot Inc
Stuart BlitzCo-Founder/COOHone Health
Chris ZachariasCEO, Founderimgix
Mario BustamanteCEO & founderInstacrops
Will KimCo-CEOKarat Financial
Brian ReauarrhCEOLatitud
Ashish WaliaCo-founderLawtrades
Pramod SharmaFounder, OsmoOsmo
Pablo Davicino CTO, Co-founderProperix
Sean MitchellCEOREZI
Felipe RacinesCo-FounderSeeri
Daniel wallCeo Wallings
Bruno LucasFounderZippi
Cassie ChoiCo-Founder, Chief Operating Officer, Registered NursePair Team
Shane KovalskyCo-founder, CEOMystery
Christopher MolozianCEOHeroic Labs
Ethan LieberCEOLatchel
Ezequiel BucaiCEOWibond
Elizabeth LarkinFounder and Co-CEOHoneylove
Chema SanromanCEO and Co-founderKuona, Inc
Thiago GarutiCo-founderMalga
Robbie BhathalFound