



$18.5 billion There are an estimated 7,600 tech business establishments in the state. The tech industry accounts for $18.5 billion, or 11.2%, of the total Utah economy.
Comptia.org Tweet
Silicon Valley Bank and Utah
Utah Companies Affected by Silicon Valley Bank So Far
This is what we know so far.
Kickstart
REV Road
Rachelle Morris, managing director at Utah venture firm RevRoad Capital, said she and her partners have also been hearing from their portfolio companies, many of whom have accounts and assets held by Silicon Valley Bank. “We have been in touch with those inside of our portfolio who are impacted by this and are offering whatever help we can,” Morris said. “This is an existential stress test being placed upon half of all venture capital-backed startups in the country. And they’re experiencing it simultaneously.”
Deseret News Tweet
Half of all Venture Capital Startups were Effected?
There are 510 startup companies in Utah that were founded in 2014 or later. If half of them are in trouble, that’s 255 companies. There are a total of 960 Tech Companies in Utah. This current event is the beginning of the liquidity crisis for all these companies. Far more than 11.2% are of Utah’s Economy will be affected as other banks follow suit.
Why the Entire US Banking System is in Trouble
I will explain this in my next article….