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The downfall of Theranos offers several lessons. Firstly, it underscores the importance of transparency in business. Theranos was secretive about its operations, which eventually led to its downfall. Secondly, it highlights the need for proper testing and validation of products before they are launched. Theranos failed to adequately test its product, leading to inaccurate results. Thirdly, it shows the importance of ethical leadership. The company's leaders were found guilty of fraud, which severely damaged its reputation. Lastly, it demonstrates the dangers of overhyping a product or service. Theranos made bold claims about its product that it couldn't deliver on, leading to a loss of trust and ultimately, its downfall.
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At Theranos, the competition between engineering teams increased. The other team headed by Tony Nugent decided to abandon the existing approach in favor of a robotic mechanical arm which mimicked the steps a chemist would perform. Instead of building it from scratch, Tony re-engineered a commercially available glue-dispensing robot. The new device was the size of a desktop computer, but could still be installed at patient homes. Elizabeth christened this the Edison and this became the new direction for Theranos. Immediately, she started giving demos with the new system. This made Tony uneasy as the system had hardly been tested. Ed Ku and his entire team were fired. Shaunak Roy grew disillusioned with the new direction which was a far cry from the initial vision. He decided to move on.
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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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