Elizabeth Holmes built a corporation based on secrecy, hoping she could still pull it off—then it all fell apart. From the VFArchive, how her Silicon Valley house of cards came tumbling down:
n Silicon Valley, every company has an origin story— a fable, often slightly embellished, that humanizes its mission for the purpose of winning over investors, the press, and, if it ever gets to that point, customers, too. These origin stories can provide a unique, and uniquely powerful, lubricant in the Valley.
In some ways, the near-universal adoration of Holmes reflected her extraordinary comportment. In others, however, it reflected the Valley's own narcissism. Finally, it seemed, there was a female innovator who was indeed able to personify the Valley's vision of itself—someone who was endeavoring to make the world a better place.olmes's real story, however, was a little more complicated.
While Gibbons grew ever more desperate to come up with a solution to the inaccuracies of the blood-testing technology, Holmes presented her company to more investors, and even potential partners, as if it had a working, fully realized product. Holmes adorned her headquarters and Web site with slogans claiming,"One tiny drop changes everything," and"All the same tests. One tiny sample," and went into media overdrive. She also proved an effective crisis manager.
When Rochelle called Holmes's office to explain what had happened, the secretary was devastated and offered her sincere condolences. She told Rochelle Gibbons that she would let Holmes know immediately.
Balwani's lack of medical experience might have seemed unusual at such a company. But few at Theranos were in a position to point fingers. As Holmes started to assemble her board of directors, she chose a dozen older white men, almost none of whom had a background in anything related to health care. This included former secretary of state Henry Kissinger, former secretary of state George Shultz, former Georgia senator and chairman of the Armed Services Committee Sam Nunn, and William J.
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