Vanessa Pham was showing off her lemongrass BBQ sauce and yuzu miso glaze at the annual conference Expo West last Thursday when she first heard about Silicon Valley Bank's struggles.
On Friday morning, Pham tried to wire the company's money out of SVB, but it was unsuccessful. That afternoon,Immediately, the sisters went into"problem-solving mode," Pham said, with Kim using her previous experience in VC to tap the company's investors for help. Pham's background in consulting helped her plan for the various outcomes that could occur depending on how much access they'd have to their funds.
They asked customers to stock up on Omsom products, buy gift cards, and share Omsom's post. The Instagram post has over 15,000 likes, and Pham said the two posts, together, garnered over half a million impressions. Pham said it's a common misconception that SVB's collapse only posed a threat to larger institutions — like wealthy VC firms or massive startups. It's often"the smallest, most marginalized groups who feel the impact the heaviest," she said, like Omsom, which is a seed-stage company.
We all make choices, that small business owner made her choice for whatever reason. Personally not a fan of local, regional, or area banks as some are called. After having issues with regional bank, moved to big house bank. Make good choices and decisions, that's the key.
Ha ha’jerked around’ yeah that’s right they were ‘jerked around’ by needing to run as an actual liquid bank with enough capital, rather than some clown outfit that thinks banks can run on a deficit with mass withdrawals. Chances are her business will also fold with her acumen.
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