Ashley Tyrner, founder of FarmboxRx, demonstrated how crucial careful planning and due diligence is for any business. When Silicon Valley Bank experienced a major outage, leaving many tech startups and venture-backed companies scrambling for cash, Tyrner's due diligence and commitment to capital diversification allowed her company to weather the storm.
While the recent fall of SVB may have caught many businesses off guard, Tyrner had taken the time to make sure that her company was not overly reliant on a single financial institution. She stated in a recent Linkedin post: “FarmboxRx was fortunate enough to have diversified our banking based on mentorship from other founders and their years of learned wisdom through trial and error.”
Her informative post also mentioned several strategies she took that helped minimize the impact of such unexpected events. In addition to capital diversification, due diligence of banks, and developing a disaster recovery plan, she stressed the importance of leaning on your community.
Women founders face unique challenges and biases in the startup world, making it critical to have a supportive network that understands these challenges. Your community can offer empathy, support, and guidance on how to navigate difficult situations. They can also provide access to resources and connections that can help you overcome barriers and succeed. In light of recent events, it is even more essential for women founders to come together, share experiences, and support each other in the pursuit of their entrepreneurial goals.