Silicon Valley Bank, The Future Fund and the Tech Sector
Posted: 21 Apr, 2023
On 19 April 2023, the TMA London region headed to the offices of Taylor Wessing who hosted and sponsored a panel session event on "Silicon Valley Bank, The Future Fund and the Tech Sector".
The evening was opened by TMA UK President Paul Davies who introduced the panel which consisted of: Stephen O'Grady, a Partner in the firms Restructuring & Insolvency team who chaired the panel, together with Siobhán Langwade and Howard Palmer who are both Partners in the firms Corporate Technology and Life Sciences team.
During the session, attendees learned of the ways that Tech sector businesses have been funded, especially in the earlier stages of their lifecycle. Discussions then turned to the Future Fund, and its commercial terms and the fact that we are now approaching a time when facilities will start to mature which for some, will lead to very problematic times.
Then for the cliffhanger story that was Silicon Valley Bank "SVB". The panel discussed the significance of the role played by SVB to the Tech sector in the UK and the US, and the whirlwind rescue that took place over a weekend in Q1 2023 when HSBC acquired the business for £1.
The concluding sentiment was that it has been a difficult 12 months for the sector, however this is a reflective of the wider economic conditions and the UK Government is keen for the Tech Sector to grow in the UK, and there are plenty of opportunities to move forwards in this space.
In addition to the technical seminar, the event provided an opportunity for attendees to network both before and afterwards with stunning views of the London city skyline with canapes and drinks.
Special thanks to Taylor Wessing for their hospitality and a very informative evening.
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