London Daily

Focus on the big picture.
Saturday, Jun 21, 2025

'I don't know how this ends': Mom with 4 kids in Ohio who owns small startup says SVB mess is not just a '1% problem'

'I don't know how this ends': Mom with 4 kids in Ohio who owns small startup says SVB mess is not just a '1% problem'

The collapse of Silicon Valley Bank has sent the tech world into a spiral. For smaller startups, the fallout could be life-altering.
The collapse of Silicon Valley Bank this week has sent companies from Etsy to Roku into disarray. But for some smaller startups, the bank's shutdown is particularly harsh.

"The collapse of SVB might look like a 1% problem that only impacts the coastal-tech-elite. Not true," wrote Lindsey Michaelides on Twitter. Michaelides is the founder and CEO of the startup Strongsuits, which sells organizational software.


"This impacts small businesses made up of hard-working people making modest mortgage payments in the midwest," Michaelides continued. "This impacts parents putting dinner on the table."

Silicon Valley Bank, a major financial institution that frequently worked with startups, collapsed days ago, throwing the tech world into a spiral. The bank, which just last month ranked among the top 20 in Forbes' list of best US banks of 2023, was shut down by regulators Friday and the FDIC took over control.

The collapse has affected companies like Etsy, forced to delay payments to many who sell goods on its site. Other major companies impacted by the collapse include streaming device-maker Roku, which had nearly $500 million in the bank, and the online video game platform Roblox.

In a lengthy Twitter thread, Michaelides described her risky decision to launch Stronguits in 2018 just after her second child was born. She soon learned she was pregnant again with twins, but kept pushing to make Strongsuits work, she wrote.

"I grew the business while navigating a high-risk pregnancy. I'd stop to see my ob en-route to the airport to get cleared to travel," she wrote. "Later, I pitched via Zoom well before it was acceptable. The hard work paid off. I secured our 1st investor shortly after my twins were born."

Now, Michaelides isn't sure what will happen to Strongsuits and her 15 employees, or what's next for her family.

"I don't know how this ends. I know that the financial future of Strongsuit; my team and my family are at risk w/ the collapse of SVB. I know that my story and the stories of thousands like me that have been impacted by SVB's collapse do not match the current narrative," she wrote. "
Newsletter

Related Articles

0:00
0:00
Close
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
×