Theranos had been staying afloat on the waves of Elizabeth's Holmes' smoke-and-mirrors act. But what its famed CEO lacked was evidence to support the technology upon which the would-be, blood-test innovator was founded. Unfortunately for Holmes – some, like the SEC – call that fraud. And that's something even Holmes couldn't talk her way out of.
How about companies just telling it like it is – in all its forms? We need to do better than Theranos, and the hubris of 23andMe that warranted FDA intervention and sanctioning of the firm.
Wonder why "fake news" is taking hold as a concept and a description? Look no further than a recent CNBC article and its accompanying video, showcasing a new blood collection product.
Given that optics and buzzwords can sometimes influence more than a concept or specific technology, nothing baffles us more than how the start-up Theranos was able to rise so precipitously and garner a multi-billion dollar valuation – before its famous fall. That said, here's why Theranos' technology wasn't groundbreaking.
Theranos was founded to revolutionize the blood testing industry. That brilliant idea (and the company) belonged to Elizabeth Holmes and its incredible financial success over the last ten years was due to her devoted and unyielding promotion. However, people have recently started to pull back the curtain on the now famously secretive company. And, when questions were raised as to what was going on behind Ms. Holmes’s speeches and interviews, answers came up short and have uncovered a smoke and mirrors act that was once worth $9 billion.
What started off as a company which gleefully offered revolutionary technology and promises of breakthrough performance, Theranos seems to have failed miserably. Egregious errors were found when California investigators paid a visit to one of its facilities.