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Mike Stiles
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Short version, douchery reigns as a hotshot south bay CEO uses secrecy and 'narrative' to build a company - on fraudulent tech.

http://www.vanityfair.com/news/2016/09/elizabeth-holmes-ther...
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Jorge Montero
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I'll take Manhattan in a garbage bag. With Latin written on it that says "It's hard to give a shit these days"
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Theranos tried to use the same fake it until you make it mechanisms that we do with a startup that is all about a business model: In that case, you can do things by hand, at a loss, when you know that you'll be able to pay the expense of automation when you have the scale. If your company is really built around a technology, and said tech doesn't work, you aren't going anywhere: That's why innovative hardware startups fail a lot.

If they hadn't gotten quite as much investment, and were far more patient, maybe they could have run a smaller crew, but jankiness like the one they pulled just doesn't work on this.

I get the feeling that the CEO knew this was all going down for quite a while. A private jet at their valuation?

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Mike Stiles
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I think you're right, it's that gambler's imbalance... you keep telling yourself that if it just goes a little longer, it'll all work out, just one more bet - just one more month, and things will turn around and everyone will be better off than ever!

Of course it almost never ever works out that way. Ask Ken Lay.

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Isaac Citrom
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hibikir wrote:
Theranos tried to use the same fake it until you make it mechanisms that we do with a startup that is all about a business model: In that case, you can do things by hand, at a loss, when you know that you'll be able to pay the expense of automation when you have the scale. If your company is really built around a technology, and said tech doesn't work, you aren't going anywhere: That's why innovative hardware startups fail a lot.

If they hadn't gotten quite as much investment, and were far more patient, maybe they could have run a smaller crew, but jankiness like the one they pulled just doesn't work on this.

I get the feeling that the CEO knew this was all going down for quite a while. A private jet at their valuation?


I think you're being overly generous. This was only a single step away from a Ponzi scheme. I'm curious if anyone actually died because of her faulty lab results. Holmes belongs in jail for many years.

Hibikir, you're in IT. Surely, like myself, you've met at least a few of this type of personality. We called them charlatans. I was always surprised how long they could last in a corporate environment and my experience has been they tended to last just under 10 years before they could no longer sustain the show.

The core mechanism here is a great talker (as opposed to the do-er) who manipulates and takes advantage of the technically illiterate. They're masters of jargon. That's why I have never agreed with the premise that business management is its own field and can be applied to any domain. i.e. that the CEO of Coca-Cola could just as effectively manage Intel. It is my opinion that an effective business manager must simultaneously be technically proficient in whatever business domain they're working in.
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Mike Stiles
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isaacc wrote:
hibikir wrote:
Theranos tried to use the same fake it until you make it mechanisms that we do with a startup that is all about a business model: In that case, you can do things by hand, at a loss, when you know that you'll be able to pay the expense of automation when you have the scale. If your company is really built around a technology, and said tech doesn't work, you aren't going anywhere: That's why innovative hardware startups fail a lot.

If they hadn't gotten quite as much investment, and were far more patient, maybe they could have run a smaller crew, but jankiness like the one they pulled just doesn't work on this.

I get the feeling that the CEO knew this was all going down for quite a while. A private jet at their valuation?


I think you're being overly generous. This was only a single step away from a Ponzi scheme. I'm curious if anyone actually died because of her faulty lab results. Holmes belongs in jail for many years.

Hibikir, you're in IT. Surely, like myself, you've met at least a few of this type of personality. We called them charlatans. I was always surprised how long they could last in a corporate environment and my experience has been they tended to last just under 10 years before they could no longer sustain the show.

The core mechanism here is a great talker (as opposed to the do-er) who manipulates and takes advantage of the technically illiterate. They're masters of jargon. That's why I have never agreed with the premise that business management is its own field and can be applied to any domain. i.e. that the CEO of Coca-Cola could just as effectively manage Intel. It is my opinion that an effective business manager must simultaneously be technically proficient in whatever business domain they're working in.
.


You just triggered flashbacks of the "Don't worry, I have an MBA from Harvard!"
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jeremy cobert
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windsagio wrote:
Short version, douchery reigns as a hotshot south bay CEO uses secrecy and 'narrative' to build a company - on fraudulent tech.

http://www.vanityfair.com/news/2016/09/elizabeth-holmes-ther...


Did this cost the taxpayers any money ? If not, who cares.
 
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jeremycobert wrote:
Did this cost the taxpayers any money ?

Federal investigations are not normally free.
 
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jeremycobert wrote:
who cares.

Probably the people that paid for medical testing and were defrauded.
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Mike Stiles
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jeremycobert wrote:
windsagio wrote:
Short version, douchery reigns as a hotshot south bay CEO uses secrecy and 'narrative' to build a company - on fraudulent tech.

http://www.vanityfair.com/news/2016/09/elizabeth-holmes-ther...


Did this cost the taxpayers any money ? If not, who cares.


In addition to what milum said,

Additional healthcare costs that bad test results can incur push up everyones costs.

The people that got terrifying results that were totally wrong (there's a case mentioned in the original WSJ article) probably care a lot.
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Mike Stiles
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galad2003 wrote:
Why does the reporter keep bring up "white men?"

Venture capitalist who are all white men...
"Holmes started to assemble her board of directors, she chose a dozen older white men..."

seriously what does that have to do with anything?


Honestly I found it jarring too, but I think the author's point was that the gender element was part of what made Theranos & it's director appealing to the tech press. Her gender was a big part of her narrative.
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