Between the shutdown of Silicon Valley Bank and impending closure of Tech Nation, March has been as tumultuous a month for the UK tech industry as it gets. Despite the challenges of the past few weeks for many leaders in the sector, it also revealed important lessons about how to tackle complex problems and build resilience in times of adversity.
As the tech community breathes a collective sigh of relief after a narrowly averted crisis, it is worth reflecting on what recent developments tell us about the state of UK tech and how government policy can prepare it for the future.
Working together in times of crisis
What began as a rumour among investors and entrepreneurs earlier this month soon became a harsh reality: Silicon Valley Bank was going down and about 3,000 UK tech firms were at risk of going under with it. It is estimated that up to 40% of UK startups held accounts or other important relationships with SVB, meaning the closure of the bank’s UK branch posed an existential threat to the British innovation ecosystem....