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The corporate governance failures at Theranos had a significant impact on its operations and eventual collapse. The company's leadership, particularly CEO Elizabeth Holmes, made bold claims about the capabilities of their blood testing technology, which were not supported by actual performance. This led to a series of poor decisions, such as launching the product before it was ready and manipulating testing devices in ways not approved by manufacturers or the FDA. These actions not only put patients at risk but also eroded trust with investors and partners. When the truth about the company's technology and operations was revealed, it led to a loss of confidence, legal issues, and ultimately, the company's collapse.
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As Theranos was readying for launch, the problems with the miniLab continued. It would take years to turn this barely functioning prototype into a viable product. But Elizabeth wanted to meet the September 2013 deadline for launching at Walgreens no matter what. Since the miniLab was nowhere close to ready, they decided to revert to using the Edison. But the Edison could only perform a very limited range of tests. This led to the decision to cheat. Theranos employees hacked into a Siemens blood testing device to make it compatible with the finger-sticks Theranos used for drawing blood. The machines were being used in a way that neither the manufacturer nor the FDA approved of. Employees from the chemistry team tried to convince Elizabeth that the Edison had a very high error rate and was not ready for commercial use. Regular patients would rely on these results to make medical decisions. When Elizabeth seemed indifferent to their concerns, some even resigned. Furious with the resignat...
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Learn why and how a $9 billion dollar company vanished in a few weeks. The story of Theranos is the Silicon Valley equivalent of the Enron scandal rep...
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