It’s an archetypal Silicon Valley entrepreneurial story. A shrewd, alluring 19-year-old American lady by the name of Elizabeth Holmes, in her first year at Stanford, convinces her professor to permit her to go to classes he runs with his PhD undergraduate studies. One day she drops into the professor’s office telling him that she has decided to drop out of college. Turns out she has a big idea and she wants to establish a company that will then, shake an enormous part of the healthcare industry. The market for blood testing administrations. She calls her startup, ‘Theranos’.
Holmes’ huge idea was for a simplistic approach to play out various tests on a small drop of blood all inside a machine which she called ‘EDISON’. The role of the machine is to convey the outcomes remotely to health specialists. Her story was straight out of the Silicon Valley playbook: blood testing is a $75bn (£56bn), which is sure to continue developing as clinical science progresses and is ruled by a couple of enormous, dozy organizations. All things considered, it’s ready for disruption — that key SV word.
Fake it till you make it culture
“Fundamentally, the answers to our challenges in healthcare relies in engaging and empowering the individual.” “We know more about our credit cards than we know about our bodies.” “The right to protect the health and well-being of every person, of those we love, is a basic human right.” — Elizabeth Homes
On June 15, 2018, Holmes and Balwani were prosecuted on numerous counts of wire extortion and connivance to submit wire misrepresentation. As indicated by the prosecution, speculators and specialists and patients were swindled. It is asserted the respondents knew about the inconsistency and error of their products. Whenever sentenced, they each will face a huge fine of $250,000 and 20 years in jail. The case has been allocated to Lucy H. Koh, United States District Judge of the United States District Court for the Northern District of California. The jury determination for the preliminary will start on July 28, 2020 and the preliminary will initiate in August 2020.
Following on September of the same year, Theranos declared in an email to speculators that it would stop activities and discharge its benefits and remaining money to banks after all endeavors to discover a purchaser came to nothing.
Silicon Valley is well-known for “Fake It Till You Make”
It’s just until you do it that you understand what you don’t have the foggiest idea. No one is purposefully faking it, until such time as they understand what they don’t have a clue and are compelled to scramble to fill in the information holes. Try not to credit to malevolence what can be clarified away by freshness. Ineptitude is the reluctance to become familiar with the applicable information.
Most tech business visionaries are insightful and in this way comprehend what they don’t have the slightest idea. They are sufficiently unassuming for the need to realize what they have to realize. On the off chance that they are inadequate in time or preparing, they weaken their vision, so as to get the essential information.
There is the 10%, that won’t develop. Try not to concentrate on them, since they are a misuse of your time.
The most brilliant financial specialists I have met consistently get pissed off on the off chance that they can’t gain anything from you. They get restless like sharks that are not disregarding water their gills. The absence of new information sickens them. In the event, that they don’t get anything to learn they don’t get anything to put resources into.
Tomorrow’s science will expose yesterday’s science.
That is the entire motivation behind science.
How Theranos in 2020 would look like
Before shutdown, Theranos ended up to be valued at $10bn, which gave Holmes a total assets of a few billion and made her the most youthful independent female rich person ever. Likewise, it made her ideal polished magazine-spread material: simply think — an impressive, single, shrewd young lady set on changing the world utilizing computerized innovation. A global figure.
How does the world looks like today if Theranos is still operating? Especially amidst of the Coronavirus outbreak. Theranos would’ve gained profit from it certainly. Theranos’ Edison machine would’ve revolutionized the process of anti-body testing. It would’ve saved hospitals and health organizations a lot of time, expenses, and energy. Theranos would’ve beaten Coronavirus alone, despite not being a vaccine itself.
Approximately, astandard blood test costs $50, yet Theranos will have the option to do it for $2.90, and in light of the fact that the dozy occupants purchase their testing pack from different organizations, for example, Siemens and Roche Diagnostics, it must be endorsed by the Food and Drugs Administration (FDA). Be that as it may, Theranos will make its own “lab-on-a-chip” testing machine thus, by means of a weird lawful escape clause, will be excluded. What’s more, — best of all — Theranos will simply require a little pinprick’s-worth of blood: none of that frightful business of staying a needle into a vein.
Theranos would’ve gone from 10 Billion dollar valuation to 100 Billion dollar valuation in this unique times of our lives.
New Chapter/ What’s next?
I personally, still believe on Holmes’ idea and vision and I stand upon it that if Theranos is still alive, it would’ve made a breakthrough in 2020. The entrepreneurial side of me is unsatisfied and unhappy not to be able to witness how Theranos would’ve turned out in this era of the pandemic.
Fraud it is. Elizabeth Holmes and Theranos sparked the beginning of new visions and new entrepreneurs to work on healthcare than any other entity. Same way how Bitcoin paved way for other Cyptocurrencies and MySpace to Facebook. We should expect to see new startups solving the similar problem in the following years.
In a parallel universe, Theranos would be very much still in its operations and Elizabeth Holmes would be on her path to half a trillion dollars. Theranos would eventually satisfy its original story mission to prevent as many deaths as possible every day. Theranos would then, end up fulfilling its promise of becoming the Apple of Healthcare. What would’ve happend hadn’t Holmes and Theranos exposed from their fraud? Let’s not dismiss the real value here Elizabeth was solving. She was solving a real world problem that takes several years to create a momentum or a working product. SpaceX for example, was founded in 2003 and they sure faced huge industry challenges that made them quit several times. Even the world thought SpaceX was a fraud back then, but what it took is just time. A decade later Musk’s Aerospace company has become the new industry leader.