Earlier today in a 1:1 meeting colleague of mine made the following observation:
“These VCs and founders and entrepreneurs basically took a bank that, by all accounts, was dedicated to making them successful, that was giving them terms, loans, services, and leniency…”
“…that no other mainstream fininancial institution would consider providing to unproven startups, and convinced themselves (on Twitter, in Slacks, in group chats, and in ALL CAPS) that they should do a run on that bank and drive it out of business.”
Ian Brown@igb
“It was quite possibly one of the greatest self-owns in the history of finance.”