Bad Blood kindle Þ µ john carreyrou

book Bad Blood

Bad Blood kindle Þ µ john carreyrou µ [Read] ➪ Bad Blood Author John Carreyrou – The full inside story of the breathtaking rise and shocking collapse of a multibillion dollar startup by the prize winning journalist who first broke the story and pursued it to the end in the face of The full inside storyLoyee and started asking uestions both Carreyrou and the Journal were threatened with lawsuits Undaunted the newspaper ran the first of dozens of Theranos articles in late 2015 By early 2017 the company's value was zero and Holmes faced potential legal action from the government and her investors Here is the riveting story of the biggest corporate fraud since Enron a disturbing cautionary tale set amid the bold promises and gold rush frenzy of Silicon Valley Early in my career I worked at a next generation seuencing startup with Theranos level ambitions In fact it went further The founders’ mission was to cure aging Literally the goal was immortalityThere were other similarities The company was founded by wunderkinds they won the attention and support of a prominent professor in the field they dropped out and raised millions of dollars from non hard tech investors off the back of a concept then tens of millions of dollars off the back of a glued together prototype all while pursuing a fantastical goalThe company was wild but not fraudulent uite the contrary When the founders realized that the technology was not going to work or would take many years to validate they decided to fold the company All of the scientists even the skeptics were shocked and disappointed We were on the verge of breaking through in key areas But it was overAnd the irony? Many of those scientists went on to work at Theranos It was just down the streetBy 2012 they had all left Theranos ‘It's too crazy’ ‘It’s way worse’ Way worse than an immature company that blew up on a whim? I started following Theranos the Glassdoor reviews the funding announcements the glowing press coverage It was surreal to know that the company was a fraud and yet to see it riseCarreyrou exposed it all How Holmes and Balwani drove an employee to suicide how they strong armed employees investors even generals and statesmen how they lied to win multi million dollar deals from credulous partners The pulp in Bad Blood is juicy I read the book on one overseas flightTheranos is extreme but not singular Silicon Valley lionizes founders and ‘overnight’ 100X successes Investors are pushed pulled toward a hands off approach Founders retain board control and investors don’t meddle This environment is prime for fraud My management philosophy In a vacuum everyone cuts corners Everyone gets lazy And unscrupulous people do worseA couple years ago I tweeted ‘At what point do high profile unicorn frauds irreparably damage the philosophy and practice of founder friendly investors?’ That was about Hampton Creek It could have been about Zenefits or Uber in a sense or of course Theranos Who will be next? The odds on favorite is WeWork Does Tesla a public company count? The whisper consensus has many candidatesThere are many frauds left to be exposed But none as big as Theranos Well maybe one or two

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The full inside story of the breathtaking rise and shocking collapse of a multibillion dollar startup by the prize winning journalist who first broke the story and pursued it to the end in the face of pressure and threats from the CEO and her lawyersIn 2014 Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs a brilliant Stanford dropout whose startup unicorn promised to revolutionize the medical industry with a machine that wou The resignations infuriated Elizabeth and Sunny The following day they summoned the staff for an all hands meeting in the cafeteria Copies of The Alchemist by Paulo Coelho had been placed on every chair Elizabeth told the gathered employees that she was building a religion If there was anyone not prepared to show complete devotion and unmitigated loyalty to the company they should “get the fuck out”The Steve Jobs SyndromeI have covered Silicon Valley as a journalist and author for three decades now I’m not big on attending conferences but made a point to go to an awards event at a favorite forum in September 2015 Among the recipients that year was Silicon Valley legend Andy Grove getting the lifetime achievement awardAlso on the list getting the “global benefactor” award was someone I had never heard of Elizabeth Holmes I had also never heard of her company Theranos Though I once worked for a business magazine I never read any others And Theranos was in the medical device “space” which is pretty different from software and social mediaHer presentation was last Joining her on stage was her Stanford professor and mentor Channing Robertson He spoke first He told this story of Holmes as a kind of prodigy who camped out at the doors of his office and lab until he admitted her as a freshman into his upper division courses in chemical engineering I would learn later that he considered Holmes a once in a generation genius comparing her to Newton Einstein Mozart and Leonardo da Vinci Heavy praise indeedHolmes was up next She wore a black mock turtleneck that reminded me of Steve Jobs Her dyed blond hair was up slightly skewed that struck me as a bit calculated She had large unblinking blue eyes and spoke in a low baritone By the end of her talk it struck me that she had essentially said nothing of substance about her product or her company Instead it was high falutin’ claims that reminded me of the rhetoric Steve Jobs used when rolling out a new product except that he had a real product he was demonstrating each time I was immediately suspicious of Holmes and Theranos I had seen too much over the years to take something like this at face valueWhen I got home I did a computer search and learned that Holmes had been on the cover of numerous business magazines as the first female tech billionaire My wife would always add “on paper” In some photos she posed with a tiny vial of blood that was supposed to represent all that would be needed to do numerous tests with the company deviceAlmost a month later the first in a series of Wall Street Journal articles about Theranos by the author of this book was published It reported that their technology did not work I was to learn later that the author interviewed 60 former Theranos employees for his research My suspicions were confirmed I eagerly read every new installment of the WSJ seriesBut “Bad Blood” goes much deeper than those articles It turns out that Channing Robertson was not the only older man over whom Holmes had a kind of hypnotic power like the mythical Mata Hari There was veteran venture capitalist Donald L Lucas whose backing and connections enabled Holmes to keep raising money Then Dr J and Wade Miuelon at Walgreens and Safeway CEO Steve Burd as well as General James Mattis now Trump’s Secretary of Defense George Shultz and Henry Kissinger All of these men served as enablers when they were in positions where they could have put a stop to the fraud Most of these operations had experts who knew the science and tried to warn their superiors but were ignored And there’s no doubt that the medical miracles Theranos promised were very appealing to these older men as well as to so many others who heard her spiel One of the most important older men was Sunny Balwani her romantic partner 20 years her senior He knew nothing about science but was essentially her primary henchman for bullying dissenters in the company heading up employee surveillance and doing the dirty work of firing people He also subbed as CFO after the only one they had was fired for uestioning company honesty Balwani would pull numbers out of his butt and claim they were legitimate revenue projectionsThose who weren’t fooled were veteran venture capitalists who had been investing in the medical device space for years During one of her pitches to these firms she was asked so many uestions she couldn’t answer that she stormed out of the conference room In a one on one encounter with another successful venture capitalist he asked to see her device Instead she slapped her notebook shut and said “if you can’t trust me I can’t work with you” and slammed the door behind her as she departedIn turns out that in spite of her time at Stanford Holmes didn’t know much science She described the process of her device as follows“A chemistry is performed so that a chemical reaction occurs and generates a signal from the chemical interaction with the sample which is translated into a result which is then reviewed by certified laboratory personnel”The selling point was no needles just a slight lance of a fingertip could provide enough blood to do countless tests When the author ueried Timothy Hamill from the UCSF Department of Laboratory Science he told himthe pitfalls of using blood pricked from a finger Unlike venous blood drawn from the arm capillary blood was polluted by fluids from tissues and cells that interfered with tests and made measurements less accurate “I’d be less surprised if they told us they were time travelers who came back from the twenty seventh century than if they told us they cracked that nut” he addedThe whole concept was flawed from the beginning Holmes used non company technology to try to cover this up In a PowerPoint presentation she made to investors one slide showed scatter plots purporting to favorably compare test data from Theranos’s proprietary analyzers to data from conventional lab machines But all the data came from non Theranos technology They often used other tech than company technology that could not generate accurate results for patients Theranos even resorted to using hypodermic needles instead of the promised fingertip prick Meanwhile Holmes continued to expand her Steve Jobs persona She drank green kale shakes Jobs was vegan leased cars with no license plates as he had had several bodyguards who referred to her as Eagle1 Eagle2 was Bulwani and flew in a Gulfstream Jet She referred to her device as the i Pod of Health And even hired the ad and pr firm that Apple once used Chiat Day even though Theranos could not afford them And looking back it appeared that her dropping out of college was part of a script just the way Jobs and Gates dropped out to pursue their entrepreneurial dreamsWhen she went on the Jim Cramer’s “Mad Money” show to denounce the WSJ she sounded very Jobs like when she said “First they think you’re crazy then they fight you and then all of a sudden you change the world“Not surprisingly Theranos kept missing their deadlines Its contract with Safeway fell through but Walgreen’s was important to them Several stores in Arizona went “live” with testing Most tests done there were way off resulting in unnecessary trips to the ER and potential over treatment Various doctors and patients published negative reviews on Yelp This put the company in the realm of reckless endangerment “a crime consisting of acts that create a substantial risk of serious physical injury to another person”This reality upset many employees who wanted no part of a fraud that would harm people At company meetings Holmes would say “If anyone here believes you are not working on the best thing humans have ever built then you should leave”Many took her up on that but it was never without controversy Meanwhile bulldog Sunny was dispatched to Arizona to intimidate those who had posted negative Yelp reviews And the company had hired super lawyer David Boies to threaten suit against anyone who revealed insider info on the company Just as one example it cost the Schulz family 400k in legal fees to defend George’s nephew Tyler Theranos knew Tyler had met with the author because they had a tail on both Tyler and the authorWhen I finished the book I thought back on that awards ceremony I had attended where I first saw Holmes I recalled Andy Grove whose lifetime achievement award represented the original Silicon Valley of sweat euity Grove lived through the Nazi occupation of his native country of Hungary and escaped after it became Communist In New York he worked as a busboy while he learned English and obtained a bachelor’s degree in chemical engineering from City College of New York Graduate work took him to the west coast where he earned a PhD from UC Berkeley in chemical engineering He would go on to help found chip maker Intel a company that truly changed the worldThese days what I see in Silicon Valley is an increasing obsession with wealth and an absence of ethics and the spread of the Steve Jobs Syndrome like some kind of disease Theranos epitomized all of this The result is a lack of the honest work that Grove epitomized in which wealth and notoriety were by products not goals The real goal was to do good work first and foremost And always tell the truthThe beat goes onhttpsnymagcomintelligencer2019

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Bad BloodLd make blood tests significantly faster and easier Backed by investors such as Larry Ellison and Tim Draper Theranos sold shares in a fundraising round that valued the company at 9 billion putting Holmes's worth at an estimated 47 billion There was just one problem The technology didn't workFor years Holmes had been misleading investors FDA officials and her own employees When Carreyrou working at The Wall Street Journal got a tip from a former Theranos emp Tips on how to make an unicorn Be a sociopath Excel at salesmarketing Get some cool people on your BoardTips to how to fake it till you make it? Hire a lot of lawyers Intimidate all your employees Pretend that you are a vocal proponent of a cause that you are actually againstHow to make it as a woman in the tech world? Baritone Intese staringWhat can fuck up your amazing future as a tech billionaire? Facts and data I love any story that shows how salesmarketing can change the world This one is awesome Scary but awesome