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The story of Theranos challenges existing practices in corporate governance by highlighting the importance of transparency, accountability, and due diligence. The company's founder, Elizabeth Holmes, was able to deceive investors, board members, and the public about the capabilities of the company's technology. This was possible due to a lack of proper oversight and checks and balances within the company. The board members failed to verify the claims made by Holmes and did not demand proof of the technology's effectiveness. This case underscores the need for rigorous corporate governance practices, including independent audits, robust internal controls, and a skeptical approach to extraordinary claims.
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At the age of ten, Elizabeth Holmes was determined to become a billionaire entrepreneur, an ambition her parents strongly encouraged. To achieve this, she dreamt of designing technology that changed the lives of people. Elizabeth dropped out of Stanford to start Theranos. The vision was to build a portable device that would painlessly perform hundreds of tests on a few drops of blood. Steve Jobs was a huge inspiration for Elizabeth who called Theranos "the iPod of healthcare." She began to imitate Jobs in her management style and even in wearing black turtlenecks every day to work. "Like her idol Steve Jobs, she emitted a reality distortion field that forced people to momentarily suspend disbelief." Avie Tevanian, a board member, grew suspicious about Theranos. Revenue projections never materialized, documents for deals with pharma giants were not shown and there were consistent product delays. When Avie raised this with the board, Theranos threatened him with lawsuits and forced him t...
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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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