Tim Draper shares advice for business founders, after many sought “emergency relief” from him following the collapse of SVB and other banks.
Draper suggested that business founders keep at least “6 months of short-term cash" in two separate bank accounts – one with a local bank and another with an international bank.
Draper explained these preventative steps were necessary as for the “first time in many years,” governments are seizing control of banks and governments themselves are “at risk of becoming insolvent.” Additionally, he emphasized the importance of contingency plans, as boards and management are responsible for meeting payroll deadlines,"even in times of crisis." He noted:
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