Investigative reporter, John Carreyrou, burst the bubble of Silicon Valley blood-testing startup, Theranos. At its peak in 2013 and 2014, the company reached a valuation of $9 billion. The reality fell far short of what the company had promised; pin-prick blood test that would revolutionise the healthcare industry. The new technology would allow patients to get quick and easy blood test readings from home and this data would be sent remotely to their doctor.
Theranos “success” is attributed to the charismatic founder, Elizabeth Holmes. Founded in 2003 after dropping out of Stanford at age 19, she was able to attract big investors to pour millions of dollars into the start-up. Theranos seemed to be the new “Apple” in the Biotech scene and the media envisioned Holmes to be the next Steve Jobs.
However, Theranos struggled to develop its blood-testing technology and their idea constantly failed to materialize. Lawsuits started to pile up from angles — investors and patients. The hype-train has since crashed and burned.