Thursday, January 27, 2022

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    What’s left to learn from Theranos? Have friends. – TechCrunch

    Elizabeth Holmes’ Fraud trial It’s been a hot topic in town (both in Silicon Valley and Twitter). The four-month trial was so popular that journalists who reported it said Wake up at 3 am To make sure they can sit in court and work.Too many curious spectators and fans telling everything about John KaleiroBad bloodWe wanted to witness the history of technology ourselves.

    One of those curious spectators Daniel Baskin, San Francisco-based artist, elaborate prank ( Blue Check Homes) It sometimes becomes a real company (like) Brand fruit). She arrived in San Jose court with her suitcase and sold bootleg Holmes goods (blond wig, red lipstick, black turtleneck, blood energy drink).

    It’s a joke, someone being tried for fraud “Holmy’s.. However, Baskin saw the third day of Holmes’ testimony and shared important insights into how Theranos went out of control.

    “I think one of my biggest advices to the founders of startups out of the Holmes trial is to have friends,” Baskin said. Tweet After the court has postponed. “You need people in your life who enjoy saying things like” what are you talking about “or” it’s a bad idea “when you say weird shit. increase. “

    Smoke and mirror

    In the opening statement of the case, federal prosecutor Robert Reach explained how Holmes set up a company with a $ 10 billion valuation based on technology that was dangerously flawed at best. One of Holmes’ techniques is “False and misleadingTheranos media coverage to secure funding from investors. Holmes was featured on the cover of Fortune, Forbes and Inc. Magazine and was hailed as the “Technology Visionary” in 2015, celebrating as one of TIME’s 100 most influential people. When so many powerful people and institutions said she was the next Steve Jobs, it makes sense that people believed in her vision.

    “When I was introduced to Elizabeth [former Secretary of State] George Shultz, her plans sounded like an undergraduate dream. I told her she had only two prospects: a complete failure or a great success.There is no compromise, “Henry Kissinger said. I have written With a time 100 slogan about Holmes. “Elizabeth accepted only one option to make a difference.”

    Kissinger went on to call Holmes “trying to achieve her vision” and “a good defender.” But already there was some uncertainty around Theranos. “Others judge the technical aspects of Theranos, but the social impact is vast,” Kissinger wrote in the last line of the slogan.

    Holmes was surrounded by hype — investors like George Shultz treated her like another grandson. So when his grandson Tyler Shultz, who worked for Theranos, told him that Holmes might be lying about the effectiveness of Theranos’ technology, senior Schultz didn’t believe him.

    “Elizabeth is a very charismatic person,” said Tyler Schultz. CBS News this week. “When she talks to you, she makes you feel like you are the most important person in her world at that moment. Around her, this reality where people can just be sucked in. There is almost a distortion field. “

    Quarantine and abuse

    Tyler Shultz became Theranos’s first whistleblower, but at great personal and financial cost. In his audio memoir “Thicker than Water,” he talked about what he continues to be threatened by prominent lawyers like David Boies. private detective.. However, in his memoirs, Schultz told a brief but inspirational anecdote about always inviting Holmes to attend a family supper with his grandfather who hosted his 30th birthday party.

    “There was a strange situation that my parents kept saying [Holmes] To invite her parents, they thought she did, and my grandparents were talking to Elizabeth’s parents on the phone, and Elizabeth’s parents had her 30th birthday party. She didn’t seem to be completely aware of what she was doing, she has a very close relationship with her parents, “Shultz recalls. Throughout the trial, Holmes was usually seen holding his mother’s hand, but Schultz remembers that they were not so close at the time of her crime.

    Schultz further describes the attendees of her birthday party. He and the Holmes brothers were the only people under the age of 30, and the next youngest person was Theranos COO Sunny Barwani, who was almost 50 years old. He met Holmes at the age of 18. And he was 37 years old. They dated secretly for over a decade and were unknown to most Theranos employees and investors. Holmes moved with Balwani in 2005, shortly after dropping out of Stanford University.

    “He influenced everything about who I am, and I don’t fully understand it,” Holmes testified.

    Holmes tearfully explained in court that Balwani had sexually and emotionally abused her through their relationship. She said he controlled what she eats, when she sleeps, and how she behaves.

    “He didn’t know what I was doing in business, my beliefs were wrong, he was surprised at my mediocrity, and if I followed my instincts I would fail I told me, “Holmes said at the stand.

    Her defense provided evidence of two documents showing how Holmes was dominated by Balwani. One was her schedule. Everyday, Another set procedure About her behavior. Holmes said Balwani told her that these guidelines would help her “become a new Elizabeth.” One of her instructions, “unnegotiable,” declared that she would not meet anyone for more than five minutes unless she wrote down the clear agenda of the meeting. Especially direct reports. According to the document, her lifestyle was a monastic life. I woke up at 4am, prayed, arbitrated, exercised, ate only certain foods, and did nothing for recreation.

    Holmes’ schedule is a bit meme, and some journalists Try her schedule In the case of clicks — but the reality is much darker than that. Holmes is famous for liars and has been convicted of criminal fraud, so it can be difficult to take the explanation of the abuse seriously. However, these documents show women, where legitimately, all actions were controlled by older partners and colleagues.

    “He only needs to spend all his time in the business, spend time only with people who can help the business succeed, work 7 days a week and contribute to the success of the company. “I’m doing,” Holmes testified.

    In this context, the description of Schultz’s Holmes 30th birthday party makes more sense. She was so enthusiastic about building Theranos that she didn’t seem to have any friends or hobbies. Also, I couldn’t communicate well with my parents and invite them to a birthday party.

    “Sunny would be very angry if I were with my family, because he said it would get in the way of the business,” Holmes said in court.Her defense is Sentence From Barwani on the 2013 Thanksgiving weekend, “I feel lonely when our family is here. I spend a total of 10 seconds a day.”

    If you had a friend who confided in Holmes, someone said it was overkill by telling her the investor and the truth, or even her boyfriend, it wasn’t a good idea to deliver unreliable blood test results to the patient. Would-Slash-COO said so. But by design, no one was talked to by a single-minded entrepreneur.

    Founders need a community

    This is not to exempt Holmes from crime. It may be true that she was abused by her dominant and operational older partner, but at the same time she committed fraud. In addition, she was not convicted of patient fraud, but her lies caused serious distress to Theranos customers who were given surprisingly false blood test results.

    We talk a lot about what the tech industry has learned from Theranos, but we’ll elaborate on something very simple. The founders of startups need to live a life outside of work.

    We appreciate the founders, like Elizabeth Holmes, who are enthusiastic about their vision. However, this isolated form of hustle culture usually does not produce success. It produces burnout at best and, in the worst case, millions of dollars of criminal fraud.

    If you’re the founder of a startup, it’s probably not the next Elizabeth Holmes. But if you just do normal things, I don’t know, watch a decent movie with some friends (if COVID allows), maybe you’re some short-sighted You will be spared yourself from making mistakes.

    What’s left to learn from Theranos? Have friends. – TechCrunch Source link What’s left to learn from Theranos? Have friends. – TechCrunch

    The post What’s left to learn from Theranos? Have friends. – TechCrunch appeared first on California News Times.

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