: Don't leave your entire balance in a creator platform longer than necessary. Set up automatic monthly or weekly payouts to your own diversified bank account. 2. The Infrastructure of "Independent" Work
: Many startups were on the "razor’s edge" during the collapse, worried they wouldn't make payroll. Patreon.com.svb
For a few tense days in March 2023, the phrase "Patreon" and "SVB" (Silicon Valley Bank) were locked together in a way that made every independent creator hold their breath. As the "godfather of Silicon Valley banking" imploded, many realized for the first time just how much their "independent" income relies on a complex web of traditional financial institutions. : Don't leave your entire balance in a
What the Silicon Valley Bank (SVB) collapse means for our ... - Impact The Infrastructure of "Independent" Work : Many startups
While the immediate crisis was resolved when the FDIC stepped in to ensure all depositors were made whole, the "Patreon.com.svb" saga left us with three vital lessons for anyone building a business in the creator economy. 1. Platform Risk is Real (and Financial)