What is really going on at Theranos?
Elizabeth Holmes, who began Theranos at age 19, became the youngest woman billionaire in the world before it all crashed.
How it all started?
The company Theranos began as a start-up of near-mythical dimensions and objectives in 2003. It’s simply an unbelievable story about the moral character for a woman once hailed by a visionary of Silicon Valley, who has been confronted with charges of federal fraud, Athena’s founder Elizabeth Holmes was officially charged with federal wire fraud.
Theranos, the Stanford drop-out company started in 2003. Elizabeth Holmes, just fooled everyone who got more than $600 million in the financing, promising that Theranos was a revolutionary blood test analyser that could perform hundreds of finger-pricking tests in the comfort of his own home. However, this story is not a great success or inspiration.
A business once worth $9 billion and a story about when all of it went so terribly wrong, collapsing into one of the worst failures in Silicon Valley history. Elizabeth Holmes was born into a well-connected family with a rich past, when Elizabeth was a little young and realized what she wanted in life to become a billionaire at the age of 18, on a Stanford run tour of China where she met a man 20 years her senior called Sunny.
Sunny migrated from Pakistan and made some impact in the.com boom of 1999, which baggered 40 millions of dollars, in the end he was getting what he wanted, and later the reputation of a wealthy entrepreneur Sunny played an important role in Elizabeth ‘s company.
Medicine and chemistry are fields that need decades of know-holding and research to breakthrough, irrespective of how Elizabeth received nearly 6 million dollars in funds before the end of the year and now that her idea was changed, blood testing would be done through the cartridge.
Traditionally, the current industry process was a syringe full of blood from a vein that could send the sample to physically a laboratory in the old manner using large machines the size of several business photo copiers and the results take several days to get back from a doctor.
In this specific medical area, there are several instruments used to test blood, each of which conducts a different type of test, e.g. one test fires a light beam into the sample blood and analyses the reflected light, while other tests involve chemical reactions, this is now the big liar, and the problem with Theranos has been many issues that have caused the thoroughness of the machine.
The blood drops had to be diluted over diluted samples yielded inaccurate results and were beyond the detection capability of the hardware, so in short, for the technology to be possible Theranos had to make major breakthroughs on all fronts of the blood analysis they had to do all this while reporting only to Elizabeth who did not really have the knowledge.
Elizabeth enlisted engineers to design a new version called Edison, but no Theranos machine would ever be accurate or capable of carrying out the full range of tests that Elizabeth claimed. Elizabeth began pushing the engineering team manager to develop Edison around the clock when the manager refused to say the engineers were overworked as Elizabeth hired a parallel team to work alongside and work on the same idea as Steve Jobs did with Mac originally.
Elizabeth even started doing some ethically dubious stuff including conducting a pilot project on cancer patients with the Pfizer company she knew the drug wasn’t working yet, but she insisted on carrying out actual experiments on people with severe illnesses to demonstrate them.
How extreme blood testing is typically done in order to raise or decrease the dosing or diagnostics of the patient, which may require drastic action by the doctors of his laboratory today, as much as 70% of their decisions about whether the tests are incorrect may obviously be fatal.
Of course, the only reason for the cancer studies went ahead because Elizabeth had lied to investors and customers just how well the product worked the same year the CFO of Elizabeth found that she had lied, and told it to stop it instead of agreeing she fired him on the spot.
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