Fareed Zakaria is not wrong. 😳👇

A note to my portfolio companies: Im sure many of you saw the news about Hopin selling its assets with its core business now being worth several hundred millions of dollars. Hopin was once valued at $7.8B! Same goes for Clutter who sold for pennies on the dollar and I'm not really sure where Clubhouse sits today, buts its not $4B. We can perhaps blame this on the investors who inflated the valuations of these companies but it takes two to tango....During covid I felt that a lot of founders were building companies that they thought could be overnight successes. This is just not true and typically never works out that way. We tend to read about people's successes and think that it happened overnight or the founders were lucky. Most businesses take 7-12 years to build, 7-12 years of hard work, days where you feel you are going to go out of business, hiring, firing, selling, raising capital, its not easy out there. But its important to know that your hard work will pay off as long as you are focused on the long game. Why you started this business and company, who you surround yourself with, how you are thinking about the longevity of your business and market you are selling into. Anyone looking for a quick win will not live to see the other side.

I’m hearing that many VCs are advising founders to keep no more than $250,000 of funds in SVB. Here’s what USV told founders in an email: Keep “only keep minimal funds in cash accounts at SVB,” that is, funds of up to $250,000. “SVB is in a severe cash crisis”