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Some lessons that can be learned from the corporate governance failures at Theranos include the importance of transparency and open communication within the company. The culture of secrecy and paranoia at Theranos led to productivity losses and a lack of trust among employees. Additionally, the demand for unconditional loyalty and the firing of employees perceived as disloyal created a toxic work environment. It's also crucial for a company to have a board that is actively involved and knowledgeable about the company's operations. In the case of Theranos, board members were kept at a distance from employees, which likely contributed to the lack of oversight and accountability. Finally, the Theranos scandal underscores the importance of truthfulness in business dealings. Misrepresentation of the company's capabilities led to its downfall.
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Steve Jobs was a huge inspiration for Elizabeth who called Theranos "the iPod of healthcare". In 2007, she recruited some Apple employees including Ana Arriola, who had worked on the iPhone's design. Elizabeth wanted the Edison to have Apple design elements including a touchscreen similar to the iPhone and an outer case resembling the iMac. Ana soon began to have problems with the suffocating culture at Theranos. Elizabeth's paranoia about information secrecy made Theranos block online communication across teams leading to huge productivity losses. Employees suspected that Theranos spied on their conversations and social media posts. Arrival and departure timings were strictly monitored. When board meetings were convened, employees were told to avoid eye contact with Board members. Elizabeth demanded unconditional loyalty from her employees and fired those she felt were not loyal enough. Within two years, over thirty people were fired not counting the twenty odd members of Ed Ku's engi...
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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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