SXSW may be in Texas, but Silicon Valley Bank's implosion is casting an uneasy cloud over the tech festival
The festival is known for attracting startup founders, employees, and investors, who participate in the many panels and networking events over the first half of the 10-day run of the conference. And many attendees, who could be seen sporting the orange"Interactive" badge, were glued to their phones and computers inside the convention center and badge holder lounge. on Friday that the SVB news was"by far the most insane experience" of her career.
"The reality of this moment is we're really waiting to see how bad things get — or if they stabilize," Lessin told Insider. She described the situation as moreso a"distraction," rather than a cloud over SXSW.potential ripple effects"It seems likely that if the government does not step in to stop the contagion kicked off by SVB's bank run, we will see more regional banks fail," Haugen told Insider.
Conway Anderson, a startup founder who flew in to Austin on Saturday, tweeted that the public chatter seemed surprisingly absent of anything around SVB's implosion, but that in private chats, founders are sharing their concerns. "The private chats versus the public chats at South By Southwest seem very different.
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