Weston Rice on High-Tech Commercial Bank, Silicon Valley Bank

Weston Rice of Silicon Valley Bank - Podcast Transcript

Scott:	Hey, it’s Scott Orn at Kruze Consulting and welcome to another episode of Founders and Friends. And before we start the podcast, let’s give a quick shout out to Rippling. Rippling is the new cool payroll tool that we see a lot of startups using. Rippling is great for your traditional HR and payroll. They integrate very nicely. But guess what? They did another thing. They integrate into your IT infrastructure. They make it really easy for when you hire someone to spin up all the web services and their computer, which sounds kind of like not a huge deal, but actually we did the study at Kruze. We spent $420 on average just getting a new employee’s computer up and running and their web servers up and running. It’s actually a really big deal. It saves a lot of money. And the dogs are eating the dog food. We see a lot of startups coming in to Kruze now using Rippling. Please check out Rippling. Great service. We love it. I think we have a podcast of Parker Conrad, you can hear it from his own words, but we’re seeing them take market share so, shout out to Rippling. And now to another awesome podcast at Kruze Consulting’s Founders and Friends. Thanks.
Singer:	(singing). It’s Kruze Consulting. Founders and Friends with your host, Scotty Orn.
Scott:	Hey, welcome to the Founders of Friends with Scott Orn at Kruze Consulting. And today, my very special guest is Weston Rice of SVB. Welcome, Weston.
Weston:	Hey. Good morning, Scott.
Scott:	Weston and I have been friends for a while. We worked together, Kruze SVB. And so, I want to have him on the podcast. And Weston, maybe you can just retrace your career a little bit and tell us your background and then how you ended up at SVB.
Weston:	Perfect. I love on a Friday morning talking about a commercial banker’s career decisions.
Scott:	Believe me, this audience loves that kind of stuff. It’s perfect.
Weston:	Well, actually, in certain respects, it was an interesting start in that I really began my career at Countrywide. And for those that do not know, was the big home mortgage lender and I started in Dallas. And literally my job was to leverage kind of a statistical economics background to find the most efficient ways to foreclose on your home.
Scott:	Oh, wow.
Weston:	Yeah. Yeah, it was a booming business back in 07.
Scott:	Were you coming in kind of the late? Countrywide was huge in the 00s to the 08.
Weston:	That’s right.
Scott:	They were one of the leaders in the financial crisis. So, were you foreclosing? Did you enter in 08 or were you there for a while and then you saw the foreclosures tick up?
Weston:	Yeah, I joined in 2007 in their foreclosure department actually. And that was the booming side of the business there through when I left in 2008. And I will say the silver lining of that role was that it really helped you appreciate that next career moves because it was really not fulfilling and nor inspiring when you go in and that’s your job. Fast forward a little bit. I started getting my feelers out there for what I wanted to do next and randomly enough, a family friend encouraged me to interview at Silicon Valley Bank there in Dallas. And I did. And what really kind of got me interested was one, it’s a good group of people, but they just really enjoyed their jobs. And so, I ended up joining the bank and then moved around a little bit and that was fun, both from a personal perspective, but also moving from Dallas out to DC and back to Austin and then now out to the Bay area, it’s been fun just to see how these various kind of tech ecosystems each have their own unique flavor. I’ve been out here in San Francisco with the bank for more or less two years now, but with the bank roughly for 12 years.
Scott:	That’s really amazing. Yeah. And I echo what you say, everyone I know at SVB enjoys their job. There’s a client service aspect to it that we also share. Sometimes startup founders are not the most patient or rational, but most of the time they are, most of the time they’re actually super nice and they just need some guidance, but we all have to dig in sometimes. Every person I talk to loves it. And you know what the interesting thing is too? I feel like they retain people very well. Everyone I know has worked there for a while and is happy and hasn’t really gone anywhere. That’s a really nice validation of SVB’s kind of corporate culture.
Weston:	It’s fun. And I will say when I joined the bank, I will say, and maybe my boss will make me edit this out later. But yeah, I had some reservations. What are your thoughts about joining an organization that really has all of its eggs in one basket, that being kind of the innovation ecosystem? And then while SVB is coming up on 40 years old, we really hit our growth spurt about 15 years ago. And so, we would work largely with companies in that kind of series A series B and sometimes beyond stage. But at some point, they outgrew SVB. And so, I will say it’s kind of infectious to work at SVB to see these young companies and work with them when they’re first getting this idea launched and through the various iterations of growth, it’s fun. And to see, to be here now for 12 years, you’ve seen these companies now that have, as SVB has grown now, we can work with them to and through IPO. And so to see these companies and these entrepreneurs that are saying, “Here are my vision, here’s my dream.” And then to see them execute on it and to see some of these companies have such amazing outcomes. It’s fun.
Scott:	Yeah, I totally agree. That’s actually probably my favorite part of the job because we have the same dynamic. The first thing that company usually does is they set up a bank account and then they get the money, goes to the bank account and then the next thing, literally the next thing they do is call an accountant and we get a lot of those calls. I’m sure you have so many stories of the two-person startup that raised a million bucks or something like that and then all of a sudden, they’re doing five years later, or 10 years later they’re doing IPO. And I love that because they don’t change their personality, but they change in the way the world looks at them. And so, you hop on the phone and they’re still Bob or Marcy or Zach or whatever, the people that you’ve been working with and you have that relationship them and you can do a little bit of a, the good old days conversation. And it’s just fun. And I’m always really impressed by the people that can navigate their companies to that. And you also said it, SVB, I was at Lighthouse from 02 to 05. We competed against SVB in lending, but SVB wasn’t really a juggernaut back then. It was kind of a nichey bank and not a huge balance sheet. And then I came back, what? In 07, I think. Yeah. 08 maybe. And you guys kind of kicked into another gear and it’s been really impressive. I think last time we were talking, I was like, why didn’t I just buy a bunch of SVB stock in 08? That was really stupid, but you’ve had a really, really good run. It’s been amazing.
Weston:	Yeah. It’s fun. And to look back, and as you mentioned, a lot of SVBers we stick around. And so, some of those SVBers that have been here for 20 and 30 plus years, and to see what has been built since day one, and there really is just kind of this unwavering commitment to this ecosystem. And while the organization has grown, I don’t think this approach to what we do is changed all that much. We are now more global than ever. We work with companies in their later stages of going public and beyond. All of those things are kind of a testament what we’ve done, but fundamentally the organization hasn’t changed all that much.
Scott:	Yeah. I love what you said about the unwavering dedication to that customer group or segment or industry, because when you’re talking about your decision to join SVB and you said you were nervous about putting all your eggs in one basket. One thing I’ve kind of learned at Kruze and even just watching SVB really is that when you have that, when you really focus and serve one type of client, you just get so good at it. And especially with the founder networks that we both work in; the word of mouth is so powerful. And so, people really like it when you focus on what they do. And I remember, I think this all ties back to SVB’s growth in 07, 08, 09, because I remember, not the bag on anyone, but I remember Comerica left venture lending for a couple years. It was insane. And I have good friends at Comerica and it’s a great bank, but my phone was lighting up every day with all the Comerica companies that needed to refinance Comerica out. In a way, your commitment to the ecosystem and to startups and technology and innovation allowed you to really buckle down and not flinch when things got tough. And that, I think that’s exactly why you grew so much during that time. You probably just took all that market share from the lenders who didn’t have a strong enough stomach and weren’t dedicated to the community and three or four years later, look then you start lapping those competitors because you have that focus.
Weston:	Yeah, you brought up a good point. And I think we’ve weathered probably five economic cycles now. It’s tough to flinch and it’s tough to pull back when all you do is the in bate.
Scott:	Yeah, that’s what I mean. Yeah, you just figure it out. You just problem solve instead of pulling back.
Weston:	Yeah. I will say over, from 2010 and beyond, this kind of nine years of economic growth we’ve seen, it’s tough sometimes to speak about the being this pillar of stability is a phrase I heard some earlier this year. But it’s tough to flex on that moral when I think people have forgotten what it’s like to go through those downturns. But fast forward into this amazing 2020 we’ve all experienced and excited to get through this last quarter of it, but it was fun to see SVB find unique ways to kind of step up for the ecosystem this year.
Scott:	Yeah. You’re right though, 2020, there’s been a lot of not good stuff, but the one silver lining is that it’s kind of reminded people what could go wrong and how fragile startups are and kind of got everyone back to really good habits of raising money when you can, not waiting too long. The other thing we’ve seen is, I don’t know if SVB has seen this, but we’ve grown so fast after COVID because all the founders I think, realized that financial hygiene was really important. And so, it’s we’re not even really selling, we’re answering the phone and they know they need it. And I think it’s the same with SVB and the really strong bank accounts, all the extra services you guys provide, the venture lending aspect, if they do need extra runway. It’s been kind of nice to see again, silver lining. There’s a lot of not good stuff with COVID, but the strong companies and the strong cultures and the strong service providers, I think have done pretty well on the other side of COVID. Hopefully we’re on the other side, by the way, I don’t know. Kind of terrible before.
Weston:	And I think you hit on something that’s important is sometimes the best we can do as service providers is to be a partner that’s just silent. You don’t want to be talking to your banker every day, but when you do need to engage or when you do need help, one, they know your business. They know what you need from a services and support standpoint and they can just help you get there faster and back to focusing on your business. I think that was a big thing for so many companies navigating through 2020 was this period of instability. And then how do you realign, recalibrate maybe is a better, better word to use and then get back to building your business? And I know that right now, so many people are figuring out this remote workforce and they’re figuring out the new norm for their business. The last thing they need to do is be working with service providers that are trying to figure out how they are going to support them in this new world. You, I know you have done a great job of just being there when companies need them, but allowing them truly to focus on the business and their growth expectations.
Scott:	Yeah. I think you made a good point about they need to know you’re there and that you can help them at the drop of a hat, but you also know that their time is very valuable and you don’t want to be stealing that time if you don’t need to. The other thing I’d say, which I saw, because SVB has a lot of, I think this is part of your role, which is I don’t know it’s not a title, it’s more mentality, but relationship banking and getting on the phone with people when they want to talk and advising them and having seen. We’re like this too, we see such a broad swath of the startup ecosystem that we can give good advice really. And we’ve seen the patterns over the years. When COVID first hit, there was this crazy, VC content marketing thing kicked into gear where all the venture capitalists started publishing things about cut your head count 20% or things like that. Because it’s a way to get some attention, and not all venture capitalists. There were just some people who were kind of taking advantage of the situation. And we were like, hey, let’s slow down here. We don’t know what’s going to happen. And what we saw was a lot of companies that held fast, obviously there’s companies who were directly impacted, restaurant businesses or there’s stuff that just got hammered. But the stuff that wasn’t getting hammered, I think I heard this from some of the SVB bankers too, was just hold tight. Don’t panic. We don’t know what’s going to happen. And then you also instituted the PPP program, which really helped a lot of companies. We saw, I think we have something like 175 companies that did PPP or something crazy. And most of them are through SVB, because you are one of our largest banking partners. And so that facilitating that PPP, being good about communication, making it easy to access was actually really huge for a lot of companies and helped kind of steel themselves so they can withstand the hurricane so to speak.
Weston:	Yeah. The dreaded PPP. That was something new to us.
Scott:	It was new to everybody. Maybe the two most miserable weeks of my career I’ve done and so did you guys. And that’s all that really matters. It’s all that counts.
Weston:	Yeah. It was interesting. Clearly, this was such a new thing for you, for us, for the tech companies where these SBA facilities has not historically been really geared towards them were, but it kind of felt like the rules were changing almost like on a daily.
Scott:	Not kind of, they were. It was insane.
Weston:	Yeah. And what was tough was this notion of first come first serve. Get your hand in the pot and grab what you can. And as an organization that, speaking of SVB that is always tried to be kind of looking forward and proactive in terms of the way we engage on things, that was tough. It was tough to look at this and we want to make sure we did it right. I will say what was fascinating about this for a little behind the scenes was the number of clients that applied, we had the most senior people in our organization up at any hour of the night helping process these PPP loans. Data entry into the SBA website to see the president of our bank on these Zoom calls internally sharing best practices or questions about certain deals to very, very senior credit officers. It was within the SVB world, it’s pretty inspiring to see that. On top of just the day to day needs our clients need during a pandemic, we instituted and really knocked out, I feel like did a good job of executing on, I think it was over 99% of applicants. We got them through.
Scott:	That’s amazing. Yeah. And that’s a really nice validation when you hear that senior management is on those calls and staying up late. Because I’m sure you folks had to repurpose people who had regular jobs, other stuff at the bank doing the PPP stuff. We did. I know we were doing the same thing late at night and some new missive come out of the Treasury and you’d have to read it, interpret it. And you’d have 10 clients emailing you within an hour asking about this new missive because they were following it too. I think SVB is really good about sharing this mentality, which is when there’s tough times, especially in startup world, that’s when you really solidify your relationships. And the founders remember that stuff. The venture capitalists remember that stuff. The lawyers remember that stuff and it really just pays to be patient and listen to people. And it was tough for everyone, but I think SVB did a good job in getting those loans out. Really helped a lot of companies and helped. Saved a lot of jobs. Hey, it’s Scott Orn at Kruze Consulting. And before we get back to the podcast, quick shout out to ChartHop. ChartHop is one of my favorite new SaaS tools on the market. And basically, what ChartHop does is it puts your org chart in the cloud. And I always like to say, it brings transparency to your organization. And so, everyone in your organization can see who they report to. They can see the full org chart of the company and how their group relates to other groups. It also has a lot of information on the individuals in the company. And so, you can click on the chart out profile and just get where people live, their experience, Slack handles, all this kind of stuff and it’s just a really great tool. The other thing is ChartHop has started doing some cool stuff around compensation and budgeting planning. And so, you can actually start seeing what the cost structure of the company look like during certain kinds of scenarios. I’m loving ChartHop, check it out, charthop.com. We use it at Kruze. Really like it and I can’t recommend it enough. All right. Back to the podcast.
Weston:	Yeah. And one thing, and I don’t know how many of your clients use this. Actually, I know at least a couple of them did, but something I found very interesting was the principal deferral program. If you’re familiar with it.
Scott:	I was going to talk about that next. Yeah. Well, maybe explain that to the audience and what SVB did.
Weston:	Yeah, sure. For our clients that have venture debt, our bank kind of proactively went out and instituted a mandate that every single one of those loans got a six-month principal deferral and not to get too far into how the sausage is made, but that’s a tough ask for us to do that within the rules of regulated lending.
Scott:	Yeah, I don’t know how you did it. I want to hear this. It’s amazing.
Weston:	To keep a long story short, effectively what we did was some very senior SVBers worked hand in hand with government regulators to allow this principal deferral to not negatively impact the way these loans are viewed. As opposed to calling this what would be a troubled debt restructure by adjusting or modifying the payment schedule, this was something where there was this one-time allowance for this across the board. Effectively what we did is we sent out a one- or two-page DocuSign that just said six-month principal deferral, no change in cost, no change in compensation to the bank. We’re just going to try to help everyone weather this storm as best we can, not knowing how long this is going to last. But the last thing we need is six months of additional principal coming out of these businesses while they’re focused on trying to just maintain and recalibrate.
Scott:	Yeah, it was really amazing. Actually, and I think that came out before the PPP really got, I think people are talking about the PPP, but there was no meat on the bone. And so that was actually a really strong first strike to just help people and calm everyone down. And for those that don’t know, it’s a generalization, but the math on this is most SVB loans probably have some interest only component months and then 36 months of amortization give or take. A six-month reduction in principal collection is basically one sixth of a loan or 15% of the loan. That’s a lot of money. 15% of a loan is a lot of money to just put on hold. And like you said, normally the regulators would look at that and be like, oh my God, tons of trouble loans. SVB has got to take a charge against their earnings and capital allocations and all this kind of stuff. The fact that you were able to work with your regulators to get them to see the light a little bit was really amazing.
Weston:	Yeah. I was pretty shocked. I think the math worked out to more or less $2 billion.
Scott:	Wow.
Weston:	In deferred principal payments over that period and the speed in which they got that done was pretty astonishing actually.
Scott:	That’s so amazing. Well, yeah, it was real leadership because it came out again before the PPP got announced or I think the PPP maybe had been announced, but it was the point where no one knew what it was actually going to be. And it wasn’t really very helpful at that moment. I thought that was really, really amazing. I remember seeing the press release when it came out because it got sent to me really quickly. That’s amazing.
Weston:	It was short lived to be honest because we did the principal deferral and then PPP popped up and I think many in the community were very thankful unquestionably for the principal deferral. And then everyone said, “That’s fun. Now let’s talk about PPP.” It was definitely not a one two punch, but it was back to back, it was a lot of work on our credit underwriting teams. It’s still a lot of work. We’re still navigating both of those things.
Scott:	That’s what made that time period so brutal was all the companies were thinking about restructuring so they were running all their sensitivity models and talking to us about how they need to restructure their business. And the PPP was a whole another layer of work. And then we just had to do our normal job. It was a really tough time for everybody. Well let’s talk about you a little bit and just what your role is and the kind of companies you cover and kind of your sweet spot in the companies you like to work with.
Weston:	Sure. I sit within our Northern California enterprise software team. For a bit of context, you referenced SVB’s scale and for those that don’t know, there are few tech companies out here in the Bay area. And with that, we have gone to kind of industry segments. Out here in Northern California, I’ll try to hit on these. We have like a FinTech team. We have consumer tech, which is B to C mostly. We have a hardware team that works with robotics and drones and wearable tech and then energy and resource innovation and handful of teams just largely focused on different industry verticals. Our B to B tech team, our team is focused exclusively on working with companies between series A and roughly a $100 million in revenue. And beyond that, they go and are supported by what’s called our corporate finance team that helps companies navigate predominantly going to and through IPO. And there are a few of those B to B tech companies here in NorCal.
Scott:	You’re downplaying it. There’s a million of them.
Weston:	Oh, my goodness. Yeah. But it’s been fun. They’re kind of all over the place from a size and scale perspective, but a lot of kind of consistent themes within SaaS metrics and other things that we’ve gotten quite accustomed to understanding and effectively underwriting too.
Scott:	Yeah. Yeah. Talk about the SaaS loan structure. I think that’s pretty helpful for people because in the old days, banks especially and SVB did a lot of this too, accounts receivable lending was kind of a big thing. And then the SaaS world kind of came along and so you had to kind of reorient your credit underwriting to do the venture debt deals.
Weston:	Yeah. There are two types of debt, one being our standard venture debt, which is still alive and doing quite well. And that’s really kind of long-term growth initiatives. And we really underwrite to how much money they’ve raised. That’s really more focused on runway extending capital. Thinking more along the lines of augmenting a recent equity raise. To your point around this transition in business models where maybe AR is less prevalent and more shifting towards a recurring revenue model, as SVB saw this as everyone did, I guess many years ago at this juncture. As you know, with AR lending and I’m going to try to keep this, may have already lost everyone, but try to make this somewhat interesting. Typically for AR lending, anything aged beyond 90 days from a receivables perspective is viewed as ineligible and often isn’t lent against. If you think about this from an MRR perspective now, we came up with this idea of saying, “What if we started lending against recurring revenue and kind of three to 4X your monthly recurring revenue?” And the way we got to that multiple was three times your month is roughly 90 days and regularly, that’s interesting SVB, let’s go with it. For these companies that were shifting away from this typical AR approach to monthly recurring revenue, we rolled out what was called our MRR based line of credit with that can be kind of three times your MRR, sometimes four, depending on certain debtor metrics and other things that we probably don’t need to hit on the details here.
Scott:	But the 90-day thing is a great point because, and I used to do venture lending. I always tell companies to only use debt for kind of a three to six months of runway. Otherwise you’re over leveraging yourself most of the time. You don’t want debt to be your major source of capital. You want it to be a complimentary source of capital. And so, when you said, you talked about augmenting the equity round and even the SaaS loans do that too, but maybe a company raises 10 million bucks and you want $3 million of debt, maybe four, something like that. And so, you’re kind of the SaaS loans are doing the same thing. The mass a little different on how you get there, but that’s pretty powerful for SaaS companies because they do have a lot of predictability. And oftentimes they’re just looking for money that they can pour back into their customer acquisition machine. And so that payback actually usually comes pretty quick. I’m sure you’ve been able to not make it so companies don’t need to raise equity, but really make it so they don’t have to raise equity for an extra six months or something like that because of those loans.
Weston:	Yeah, and it’s one point of clarification on that just to, if I can, help people not be confused about, I think the way I describe these. We have the runway extending venture that like you mentioned and that is without covenant. That’s a very nice way to, I think typically at a quarter or two of operating runway onto the equity provided. That’s a great way to either kind of push the pedal to the metal, get that valuation up a little bit or as many have seen in 2020, if maybe you need another quarter or two to hit those milestones, to hit those valuation expectations. It’s a nice kind of pre-negotiated insurance policy, if you will. I think to your point on this kind of MRR based line of credit, those oftentimes have a operating covenant tied to it. Making sure that it’s really kind of focused on working capital strength. That being said, it is a nice mechanism that you can really leverage that high growth or high performance within your recurring revenue base to drive additional value into your capital strategy.
Scott:	Yeah. The covenant would be something like churn rate or something like that. If you have a massive churn rate over a couple months, then we got to talk. That kind of thing, right?
Weston:	Exactly. There’s churn rates and there’s a handful of ways to do it. A big thing from our side is when SVB is looking to put in place debt, we really want to understand the business model. And if we can, we want to make sure that we’re aligning these both to the way the company looks today, but the way it’s looking in the future and not putting in place a debt facility that looks nice on paper, but doesn’t drive true value. And so to your point, we want to understand how are you billing and collecting? What are the size of your average debtors? You look at kind of all the metrics within SaaS and you can pretty quickly come together with an idea of a debt structure, whether that be venture debt, whether that be MRR based line of credit or some combination of the two to truly drive value for that business.
Scott:	Yeah. That makes total sense. And so, your sweet spot is the one to a 100 million type of enterprise software company?
Weston:	Yeah, and even pre-revenue. I think our team, we do have a startup banking team and they typically work with companies pre-series A. I think one of the big inflection points for our team is around that series A. That’s typically where we provide our first introduction to venture debt. And that is typically viewed as kind of 15 to 25% of what you raised in institutional equity. We can come in and provide that runway extending capital that I referenced just a bit ago.
Scott:	Yeah, and I was going to cover that because you have a great team. We work with Liam Fairbanks quite a bit on that. Because a lot of the entry points for our clients are the two-person companies that get going. And so that group services that and then when the company is getting ready to raise the series A, they kind of get kicked over to your team and then they can provide different types. There’s a lot more a bank can do for a startup when they raised $10 million of equity and maybe they’re doing a couple million dollars of ARR instead of a couple $100,000 of ARR.
Weston:	Yeah. And as companies grow and scale, our playbook opens up. And I think one of the things about SVB is regardless of where you are in scale, if we can’t provide capital, we are very close with organizations that can. Depending on the way your company’s looked and structured in scaling, we work with the other players in the space and we have no pride in making connections to people that can help companies grow. Our goal and I think I hit on this earlier is we’re focused on maximizing our client’s chance of success. And with that ability to step in and provide capital if the company’s too young, we partner with folks like Lighter Capital and others that have a very unique ability to craft debt in ways that maybe an SVB or other regulated institution can’t.
Scott:	Yeah. That makes so much sense. And I’ve seen that in action quite a bit. Kudos to SVB. Well, this has been phenomenal. I really appreciate your time. It’s been great working with you. Do you want me to kind of let everyone know how they can reach out to you, whether it’s LinkedIn or through one of the SVB portals or how can they get in touch with you Weston?
Weston:	Sure. You can go through LinkedIn. You can email me at wrice@svb.com. You can go through Scott who has been a great connection to SVB. And you know the various teams.
Scott:	I have your email, I can forward that request to you. I do that.
Weston:	Yeah, or I think our website actually has a pretty easy way to just put in a couple blurbs about your company and it’ll automatically get routed to the correct team. But the big thing is that we run pretty seamlessly within this organization so if you get plugged into one person, if he or she is not the right individual, that gets you looped into the right folks pretty quickly.
Scott:	Yeah. And I just want to quickly say that Kruze has had a great partnership with SVB and I think we did the market share analysis on our clients and I think as SVB’s at about 70% of market share, which is pretty staggering. I think only a few businesses in the world have 70% market share. It’s Google, Microsoft and SVB. Congratulations on everything the organization’s built and in good choice joining the company many years ago. And it’s been a pleasure working with you and just let’s keep doing it. We’re into the same ecosystem you are and we’ll be here for many, many years.
Weston:	We’re concerned about that other 30% that’s not a client. We’ll deal with that later.
Scott:	It’s never enough. Next year is going to be 80% when we do this podcast.
Weston:	Yeah, well Scott, we appreciate as an organization, your commitment to the space and to entrepreneurs and look forward to continuing this.
Scott:	Awesome. Thanks, man. Appreciate it.
Weston:	All right, man. Bye, bye.
Singer:	(singing). It’s Kruze Consulting. Founders and Friends with your host Scotty Orn.

Weston Rice of Silicon Valley Bank, SVB, a U.S. based high-tech commercial bank that has helped fund more than 30,000 startups

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