Startup founders and investors breathed a collective sigh of relief after the federal government agreed to backstop deposits at Silicon Valley Bank, but they said the lender’s collapse would drive changes in the industry’s financial practices.

The decision, announced 12 March afternoon California time, ended a frenzied multiday race to shore up cash and meet payroll needs. The government move surprised many in the industry, which was bracing for a delay of weeks and even months before depositors would get full access to their cash.