Yes. At least have some Stanford or UCLA or Johns Hopkins M.D.s with her. Also, can you imagine Theranos existing during today's COVID-19? People would get false results.
@@divyangvaidya1999 I think according to the way she did her business operations and governance, she had to be the smartest person in the room at all times - an unrealistic position to hold and maintain
Investors: “So let us get this straight, you’re a 19 year old Stanford drop-out wanting to start a Medical Biotech Company but only have a semster’s worth of basic Chemical Engineering principles, no degree, no medical knowledge or medical degree, biomedical engineering knowledge, businesses administration knowledge, or prior knowledge in chemistry and/or pharmaceutical sciences & diagnostics YET you want us to still shell out hundreds of millions of dollars to venture your startup? And that all sounds realistic to you?” Elizabeth: “............ yis.” Investors: “SOLD! Here’s your millions!” Elizabeth: 👁 👁 👄
She's living proof that an attractive young female can get tons of money for doing absolutely nothing. If she was a man they would have asked him for some sort of a prototype that his machine worked as stated
Very true. However with 2 minutes of research, you'd have found he had nothing to do with the scandal and his employment timeframe doesn't match up. The "wow" factor here is people bought this without a second thought. Now that's what I call a sheep being led to slaughter.
Qanons say shit like that. I think she privately attributes the catastrophe to unnamed powerful entities in the industry sabotaging her. Carreyrou being their hired hit man.
I realize that in this industry, many founders have the skills to be good liars and sales people. To me that explains how many startups are able to to secure funding
@@colliric - You wonder WHY she looks like Chelsea Clinton?! 🤦🏻♀️🥴🤣 WTF?! Hahaha... Why, are you afraid there's some nefarious left-leaning plot to hide the fact that Elizabeth is actually Chelsea's twin, and that the Clintons have hidden her away all these years, and... OMG I can't finish. 🤭😆 LMAOO What a weird thing to ask though, seriously.
The first time I heard about this thing I called BS on it because of what I knew from high school science and people said I was an idiot because clearly I didn't know what she did, well look how that turned out. If something sounds too good to be true it normally is. This has to be the biggest case of "The emperor has no clothes" I have ever seen.
Advances in microfluidics (systems that process very small amounts of liquid for testing) have made it possible to run multiple diagnostic tests on a few drops of blood, but just not as many as Theranos had promised. In fact, at the laboratory I used to work at, a drop of blood can be fractionated to give results for up to 14 multiple conditions, however it's not to the extent that she was promising which were 2 hundred. It might be possible in the far future and maybe for a quarter amount of the conditions she promised, so it wasn't hard to presume that with the advancements of nanotechnology, we could begin to diagnose with greater accuracy and less fluid. The problem is this technology is still far off in development, but it's not a case of high school biology claiming it to be impossible, but rather a lack of the resources and equipment needed to obtain accuracy. But even then, a fancy lab test doesn't exactly mean it improves health, it's simply a measurement of your health in its current state. So I'm not sure how revolutionary it would've been even if it did work. Bloodwork is no ultrasound or ct-scan.
As a patient who occasionally get blood drawn, I never understood the need to reduce the amount of blood drawn. One vial, two vials, once you've stuck the needle in me, take what you need.
Wrong. Robertson was her mentor, enabler, and first board member. Later he was a $500K/Yr consultant. He never told her not to pursue starting Theranos.
he like to get paid and he know it won't matter... as long someone will do them.. a foolish 19 teenger is just perfect...concept is fine but the reason why it had problem if it just not possible.. billion of dollar spend.. we look at cov19 vaccine same.... it would cover the last year version not the new 2021 one..
@@migueldomingos4570 True tho 😂😂😂😂 Stsve's name has become a synonym for REVOLUTIONARY. ELON MUSK: THE NEXT STEVE JOBS? ELIZABETH HOLMES: FEMALE STEVE JOBS? 😂😂😂😂😂 Huge respect for STEVE JOBS.
If The Theranos scandal have been unfolded 2 years later, im pretty sure Matsayoshi Son of Softbank would have poured tens of billions of money on that company
If you notice, 99% of investors didn't take this woman seriously for the obvious reasons. You'll also notice NONE of the investors had a medical background what-so-ever.
Well the premise itself wasn't so bad. You can do specific tests on drops of blood. But she seemed to be trying to convince people that she was going to totally replace drawing of venus blood which was a pipe dream.
She didn't do her research, all she did, was sell an idea and hide the fraud. But in her case, she hooked them all and put many lives at risk for her fraud. JAIL!
Incorrect. Her father was not just an employee, but one of the top executives at Enron, specifically a vice-president. One of these people that brought the company down with treachery and fraud.
@@FunnyStripes you sure he had something to do with the scam? I bet the time the scam took place and the dates he worked there don't line up. But I'm sure you have some inside info.
I come across so many of this type. They are super smooth extraverts and when they get caught out, they just move to the next company to continue the process. They always brag about being altruistic (they know what you want to hear) but their actions always shows the opposite.
Milton Hershey, of Hershey's Chocolate. He actually was illiterate when he hit it big with chocolate and was a good guy compared to his contemporaries...
Almost happened to my former startup. I stopped it after every researches result no chance of products to work. So, research first before executing is really important.
@@EckosamaGhostTsushima Something related to customizable product. However, the machine is too slow for now. It requires days to finish 5x5x5cm cube. Not ideal for mass demand.
This is on its head. The perspective, how to succeed with investors without a sociopath in your team, is closer to reality. If you worked in just a few startups, you'll know what I mean.
I don’t know how investors could be so stupid. When i read about this in an article a few years ago as a 14 y/o I knew it was impossible to make such a machine
Most people, including apparently former U.S. Secretaries of State, are scientifically illiterate. They speak in scientific terms but have no actual idea what they signify or how to apply them.
I wonder if it has to do with: 1) being one of the most hyped thing about POSITIVE technological progress (akin to flying cars) and 2) potentially becoming a very big money maker. I can see the appeal to an average Joe and an investor. We were promised a Great Big Beautiful Tommorow 70 years ago with flying cars and free energy and man not needing to work anymore and ended up in a future that is full of poverty, misery, and no flying cars in sight. Theranos represent a light to that dark future, a lone flame shining on a once promising future gone awry...
The funny part is...if she build a process that was more efficient and less error prone should could have made an actual company with a real product and not been arrested for fraud!
But she did not have an idea really, anymore than the desire to fly to Alpha Centuari is an idea. Its the means to achieve it that matters, and Theranos was unable to publish no research that could pass peer-review. The reason competitors did not go into this area was because they had actual experience handling tests and knew it couldnt be done. And they were right.
@@TheLordexilius That is a great analogy! Her idea wasn't feasible with the technology we have today. To implement it, she'd have to do decades of medical and engineering research, which she couldn't do because she was a college dropout, and didn't allow enough time for actual professionals to do because she wanted a product. When she came with her idea of a patch that would test and deliver the drugs, she was actually told by a Stanford professor she worked for that it's impossible. This did not stop her. Any lab technician with an experience in blood tests could tell her that using one drop of blood from a finger cannot give results for hundreds of tests she intended to do. She just didn't listen to anyone.
I actually kind of feel bad for her. She probably really thought she could do it, fake it until you make it. Lots of people have done it, just not in health care.
I get the impression she had opportunities and potential most others can only dream off but then squandered it all by taking the easy way out in pursuit of easy money.
As a physician, I had been telling friends wanting to invest that this methodology was just nuts. Told them to run away. Big differences between venous blood and capillary blood. Big. Especially electrolytes and clotting factors. Even if the tech worked, results would of necessity different from other methods. So why did it go so far? That would have been a better focus of your documentary. The willingness to be deceived is every bit as important as her willingness TO deceive. The root problem is greed. The next big thing. All share the blame, completely. Because, again, there are reasons medical tests work the way they do, and competent physicians could have and should have known. Fortunately, some acted.
Theranos' pitch was that self administered finger sticks were significantly less scary and painful than conventional syringe draws. I've had both and it's the self finger sticks that make me more apprehensive. I guess it's a subjective, personal thing.
@@bkkz6769 no she was pretty evil, if you watch other videos you will see. she is smart though, she learned chinese really fast. but she did terrible things.
one doesn't become a "self-made billionaire" by taking other people's money as an investment in their idea. The facade of venture capital and culture of "investment" is one big lie that we were sold on.
My belief is Holmes honestly believed her company could solve the problems, and didn’t set out to scam/defraud anyone. But she wasn’t good at running a business, and eventually started lying more and more to cover up the problems they were having, hoping that a breakthrough would happen before the lies caught up with her. One team even thought they could get a working proof-of-concept if they made it a bit bigger, but Holmes was adamant that it remain small no matter what
Really cool video. You made some great points that we left out in our Theranos video. Feel free to check it out if you'd like a different perspective on the Theranos scandal!
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She didn’t reduce anything to practice in that first patent. You could literally file that in days if you wanted to. That should have been the first red flag.
This is the 3rd time i have seen the video about Theranos and you guys had given a better overview then the other long versions I have seen love your work 😍
@@natalamaer2472 At one point,the board of directors had made up mind to fire her from Theranos,they called her, She convinced the board to not fire her,and then fired the entire board of directors.... Never seen such a reverse Uno card before.
They were also next door neighbors. Bizarrely, to this day Draper defends her and blames Carreyrou and unnamed entities in the industry for sabotaging Theranos.
@@robbes7rh both of them come from this self fulfilling world as kids where all the adults they know make huge coin, go to country clubs, yachts, and Vail, Colorado for Xmas and don't seem to do any work to get their money. They think as kids this life is "real".
@@dwightstjohn8549 -- her patrilineage traces back to a famous surgeon in Cincinnati during the Gilded Age who married an heiress to the Fleischman Yeast fortune, but the wealth had dwindled down the generations to her parents having to work for a living, albeit as working aristocrats. She as a young girl felt a calling to restore the family's stature (according to a neighbor in D.C. whom Elizabeth had sued over a patent dispute), and hence her kingsized ambition. So at age 19, she sees herself changing the field of medicine by running her own company that makes revolutionary blood-testing devices -- but having no experience in medicine or business. Professors at Stanford who told her the ideas she had were not going to work were brushed aside. She thought believing in herself and the vision she had for changing the would carry the whole enterprise forward and the little pesky details of human anatomy, medicine, health technology, and business would magically fall into place and make her history's youngest female billionaire tech entrepreneur/inventor. That's the only thing she wanted. Making health care more accessible and affordable was just an effective pitch. She took the victory laps, received the accolades and awards, set up wellness centers with Walgreens and Safeway -- all for this device that didn't work and was never going to work. There might be some areas in life besides a poker game where it's possible to bluff your way through. Health care technology is not among them. What an incredibly stupid thing to do.
Holmes fascinates me as a person. I wonder where her motivations were. Its obvious she was smart and passionate judging by her early years, and I'm sure she really truly wanted her system to work and better humanity. Yet, she ran the company into the ground with lies and deceit. Was she fooling herself? Was she convincing her the ends justify the means? Or did she just stop caring and focused on the money like a traditional CEO, and if so what caused this change? Fascinating character study really...
Cruel, cold hearted. No empathy for her employees or patients using her labs. No emotion. That's something she had in common with Jobs. Probably the only thing she had in common with him
I feel like if she came clean a couple months before she got caught, she'd have bought a little more sympathy and maybe have even been able to pivot to another company. Perhaps even still worth billions
Nah, it's just that any system is vulnerable to corruption. For all it' s faults, regulated capitalism seems to be the most robust against it, although not perfect by any means.
Her voice did nothing but tell me she's a fake. We all knew that wasn't her real voice and it was shown it wasn't in recordings of conversations with her when she thought no one was listening.
