The Theranos Affair: The Surprising Story of Elizabeth Holmes

The entrepreneurs concept It is very simple: they are ordinary people like any other who want start your own business, no matter what type they are, and they seek get investors to catapult itself and reach a wider audience.

In general, entrepreneurs of gastronomy, products or technology start from scratch Y they build themselves and their businesses from there, gaining the trust of the people and popularity among the society, expanding their horizons with the passage of time.

Everyone knows a couple of entrepreneurs who they do their job with good intentions and in a transparent way, but there are always certain cases that fall out of the mold. And the most alarming case that has garnered the most attention is that of Elizabeth holmes
and his company, Theranos.

This case attracted the attention of all the media for different reasons, ranging from questioning Elizabeth Holmes’ intentions to the level of involvement of those who invested in their ideas.

Who is Elizabeth Holmes?

Like thousands of girls, Elizabeth Holmes began her undergraduate degree in Chemistry at Stanford University. In his second year of career, at the age of 19, after having spent a few months working in Singapore, China in the laboratories of the Genome Institute, he had the idea of create your own company.

The idea was born as a result of a portable patch that she herself created at the Genome Institute to combat the SARS virus by using constant supply of drugs. This patch was in the capacity of measure blood levels of patients to know the effect of the treatment.

The blood sample using the portable patch was minimal, a few drops were enough; these came out of the pathway that supplied the medicine.

This prompted Elizabeth Holmes to conceive your company: would be a service provider of blood tests without the need for needles to draw it, partly because Elizabeth feared them.

Entrepreneurial mind

He returned to America from his summer in China and patented his idea of ​​biotechnology, he dropped out of his studies and relied on his invention to start his new business.

Thanks to Theranos, Elizabeth Holmes’ innovative company based on Silicon Valley that she created and founded in 2003 made your name will resonate long in the ears of America’s biggest investors for years.

Her style in the way she dresses and her personality made her the target of comparisons with figures like Steve Jobs Y Mark Zuckerberg, but always in a positive light; they were made by way of finding parallels between billionaire geniuses and maybe find a formula.

In a period of only 12 years, Elizabeth Holmes managed to become the world’s first billionaire woman in her own right thanks to Theranos earnings. The benefits and technology
that this offered captivated everyone and promised a bright future for the young entrepreneur.

Now, at 35, Elizabeth Holmes has been accused of fraud by Theranos Y has lost the support of all its investors and also he has lost all his money; Overnight, she went from being a billionaire to financially dependent on those close to her.

Why? Because Elizabeth Holmes has been referred as the worst entrepreneur in the world, because Theranos has been listed as Sillicon Valley’s biggest fraud and how the most surprising case of biotechnology of the last few years.

Theranos: Rise and Fall

Elizabeth Holmes named her company after putting the words therapy and diagnosis together. Theranos, as a biotech company, promised many technological advances in health and medical services for the general public, low income and without health insurance, and in fact, was able to fulfill them.

Theranos had its golden age between 2010 and 2015, when investors bet millions on the company’s ideas and when many companies were looking to make deals with it to have exclusive contracts.

Without a doubt, Theranos was becoming a technological milestone and one of Silicon Valley’s many exemplary icons, and Elizabeth Holmes was becoming a business star.

Among its greatest innovations, and the main reason for his popularity and fame, is the implementation of a blood test system that does not require the use of needles.

The strategy of this system was as follows: with just a drop of blood to show, Theranos would run a full study levels analysis
of it in a time of 4 hours.

The point that would facilitate this and make it accessible to all is that samples would be taken in pharmacies and a company truck would be in charge of transporting the blood back and forth along with the results. All the service at very affordable rates that could be consulted on the Internet.

But the doubts from various health institutions, from competence laboratories and from the scientific community
They became more and more powerful as they saw the curious logistics of Theranos and the attitude and behavior of Elizabeth Holmes:

  • Transport: for transport laboratory samples, the trucks needed to have the right environment to avoid contamination, and Theranos trucks did not appear to meet the requirements.
  • Technology: the medical journals They exist for a reason, and that is spread the word about inventions, innovations, gadgets and people with ideas that are beneficial to the world of health and medicine.

Elizabeth Holmes refused to divulge her advanced technology work devices of his laboratory under the premise that “this is how he kept trade secrets” and did not allow any of his equipment to be photographed.

This changed when the Theranos page itself published its way of working after several accusations.

  • Approval: In the United States, the FDA (Food and Drug Administration) is the body in charge of approving equipment, supplies and products that come into contact with the human body to ensure your safety. Theranos never allowed its equipment to be tested by the FDA.

John Carreyrou learned of these accusations and decided to make an investigation and a report quite extensive that it was the one that brought to light all the Theranos results inconsistencies.

This proved that everything the Elizabeth Holmes company promised was a fraud, because their innovative working methods were not more than the common ones made by all laboratories but in a shorter time than required, which altered the results.

Elizabeth Holmes managed to trick the people with the greatest investment power in the United States into betting on her company, making clear her capacity for speech and manipulation. Today, Elizabeth Holmes files fraud charges against her and had to pay $ 500,000.00 in fines.

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