Bad Blood-Secrets and Lies in a Silicon Valley Startup

Bad Blood-Secrets and Lies in a Silicon Valley Startup
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Bad Blood-Secrets and Lies in a Silicon Valley Startup by John Carreyrou is a book about Elizabeth Holmes' startup Theranos Inc., once $10 billion disease diagnostic startup founded in 2003 by then 19 year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes.

Bad Blood-Secrets and Lies in a Silicon Valley Startup by John Carreyrou is a book about Elizabeth Holmes' startup Theranos Inc., once $10 billion disease diagnostic startup founded in 2003 by then 19 year-old Stanford chemical and electrical engineering drop-out Elizabeth Holmes.

The book starts around the time Theranos is testing its Edison device and pitching it to Switzerland-based Norvatis. To Elizabeth, the demo was a success but to the firm's senior executives, the demo was a failure and a warning for Theranos to fix its technology. The firm continues to sign up users and partners believing that the firm was on a path to revolutionize the blood testing industry in the US then globally.

However, Theranos CEO Elizabeth Holmes and company president Ramesh Balwani had no technology and  lied to investors and partners and staff. When they launch with Walgreens, health professionals realize that there was no technology and that the firm was shipping samples to labs it ran powered by medical equipment from commercial firms like Siemens among others. However, the huge number of investors and partners still believe in the Theranos promise until the media starts exposing the company. On June 15, 2018, Holmes and Balwani were charged with wire fraud forcing Holmes to step down as the CEO of the company.

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With a new CEO at the helm, Theranos struggles with reality. The firm fails to sell itself and fails to raise follow-on funding. In September 2018, the firm shuts down (PDF). Theranos CEO awaits judgement in June 2020.

 

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