Tech Tent: Has Theranos Changed Silicon Valley?

He outlines how a research scientist can address investor incentives for rapid growth. This was stated in an interview with NPR writer Bobby Allin, who also doubted that Theranos would change significantly in Silicon Valley. In this tech tent week, we’re going to talk to people who think Theanos fiasco could be good for Silicon Valley over time, and those who don’t.

But he also says the scandal has delayed the renaming of blood tests. In March 2018, Thelosos, its CEO Elizabeth Holmes, and former president Ramesh "Sunny" Balwani were accused by the US Securities and Exchange Commission of engaging in "massive fraud for many years" in which they "defrauded investors", leading them to believe. its main product, the machine. for a blood test, you can do a comprehensive blood test with your finger. "He believes that Theranos has led investors to invest, which is a good thing.

In fact, in biotechnology, many Silicon Valley companies specialize in blood tests. Founded in 2003 by 19-year-old Elizabeth Holmes, [6] Theranos raised more than $ 700 million in capitalists and private investors, [7] bringing its value to $ 10 billion in 2013 and its highest value most of 2014. Theranos has a new way of scanning hundreds of diseases and health problems with a few drops of blood on a finger.

Although Thelosos raised more than $ 900 million before its collapse, allegations of fraud focused on an estimated $ 155 million raised by five investors between December 2013 and December 2014.

If Theranos technology works the way Holmes wanted it, it could save lives and reduce the cost of health care by making it easier and less expensive for people to have a blood test and for doctors to understand their makeup in detail. Before we left home, we interviewed one of the UK's leading capitalists, Saul Klein, who told us that although everyone in the tech industry needed to visit Silicon Valley, a lot of new inventions were happening. London's Somers Town, or "new Palo Alto" as they call it. It also briefly transformed Holmes into a media legend that shook Silicon Valley.

Holmes said the patient fraud included giving Theanos bad blood results in May 2015 and paying $ 1.1 million to advertise his blood test at Walgreens pharmacy in August 2015. On March 14, 2018, Theranos, Holmes, and former company president Ramesh "Sunny" Balwani. they were charged. by the SEC for fraud. At its height, privately held Theranos was estimated at $ 9 billion, with half of its paper wealth held by Holmes, who left Stanford University to acquire the company in 2003 at the age of only 19. Holmes invested in the company's shares and lost money to offset the possible decline in non-participating shareholders.

In January 2019, ABC News Nightline released a podcast and documentary on the story of Sherlock Holmes and Theranos called The Dropout. In April 2016, federal and SEC prosecutors opened a criminal investigation into Theranos, accusing him of misleading investors and government officials with his tactics. Note that Legend of Theranos is the beginning of a blood test where technology has not been developed to help attract investment in space. But Terano's proud technology has failed.

The Silicon Valley empire is threatened by many threats: Its reputation has been tarnished as people from outside and inside the tech giant attacked a "fast and brass" culture, regulators and politicians are trying to reduce it to size, and Chinese rivals seem to have done it. have money and data. competition for world leadership. Healthcare is an area where Silicon Valley has been successful at a time when it has focused on social media and consumer requests. However, an important point is to make the calculations work to reduce housing costs. Some of the biggest clubs in the world sell NFTs and their secret money, earning hundreds of millions of dollars.