Daily Crunch: With only $2.2 billion in liquidity left, SVB’s parent company is filing for bankruptcy

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Happy Friday crunch!

There is a persistent theory in hardware that manufacturing abroad is the cheaper/better/more efficient option. You manufacture there, assemble somewhere else, and finally approve and market in the United States, Hey writes on TC+. It turns out to be possible to produce closer to home. With supply chains in the news more than ever, nearshoring is an often overlooked option for startups.

On that note – we’re going to have a beer with a shamrock poured into the froth, for no particular reason. — Christine And Hey

The australiabusinessblog.com Top 3

  • Next stop, chapter 11: Today SVB Financial has filed for Chapter 11 bankruptcy protection and revealed it has $2.2 billion in liquidity, Ingrid reports. This means that SVB Financial can apply and intends to file an application with the courts to resume operations while finding buyers for its assets, including continuing with its plans to sell SVB Securities and SVB Capital, and more,” notes Ingrid. .
  • More we didn’t ask for: Now US users can add a coveted blue check mark to their Instagram and Facebook accounts – well, at least get on the waiting list to do so – for a monthly fee, that is, Aisha reports. Nothing in life is really free, loves. But there are stickers, so there’s that.
  • Barely: As a serial entrepreneur known for his ups and downs, Parker Conrad has almost seen it all. Or so he might have thought until last week, Connie reports. Rippling, his six-year-old workforce management firm, would then raise $500 million in new funding as an insurance policy of sorts in the highly likely scenario that SVB’s collapse wasn’t resolved nearly as quickly as it happened.

Startups and VC

News broke last night that Virgin Orbit paused operations for at least a week as it sought funding to support the company. As part of that break, company executives reportedly told staff in an all-hands meeting that they were getting furlough — and it would be unpaid. however, it should never have come to a staff leave, Aria writes.

Unearthly Materials claimed to have big investors, but not all of them were on board. Tim reports on TC+. The startup claims it’s on the cusp of a breakthrough in superconductors, despite questionable scientific data.

And we have five more for you, complete with more than usual commentary:

Best practices for changing times: how founders should leverage AI and ML in 2023

Image Credits: Getty Images

We don’t post many articles promoting basic practices. Suggestions like “listen to your customers” and “make data-driven decisions” are so generic that they are difficult to implement.

But as AI-powered solutions provide search results, produce poems and generate artwork on-demand, startups need a framework for creating tailored user experiences, said Ab Gaur, founder and CEO of Verticurl.

“While excessive or useless customer data can clog content pipelines, the right information can enable hyper-personalization at scale,” he writes.

Three more from the TC+ team:

australiabusinessblog.com+ is our membership program that helps founders and startup teams lead the way. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!

Big Tech Inc.

TikTok had a lot going for it over the past day: With a nod from several government agencies in the United States, New Zealand banned TikTok from parliamentarians’ phones. Ivan more about what’s going on there. Speaking of the US, Taylor writes that here the government is stepping up its pressure on TikTok to separate from parent company ByteDance or risk being banned in the US as well. unless banned in the US For now, the deal offers exclusive content and other in-app programming, Aisha writes.

And we have five more for you:


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