At Theranos, Many Strategies and Snags • Hacker News Board

Re: At Theranos, Many Strategies and Snags

#31

Post by saretired » Mon, Dec 28, 2015, 2:50 AM UTC

MathsOX wrote: post #15

Many in SV find it hard to grapple with traditional startups not penetrating health care to a greater degree; in Rise of the Robots (one of the Financial Times and The Economist books of the year) it's lamented for an entire chapter. Traditionally the level of fundamental research and development displayed by Theranos - in areas of health or national defence - are done for years behind closed doors and then slowly ro…

Stating that your company has tech it does not have in order to lure investors and obtain contracts would be fraud. Whether that's in fact the case with Theranos will become clear eventually.

Re: At Theranos, Many Strategies and Snags

#32

Post by timrpeterson » Mon, Dec 28, 2015, 2:52 AM UTC

Theranos = Pets.com of this decade's bubble, which will once again be defined by founders, often young ones, having no clue what they are doing.

Investors can you please get better at realizing that sometimes experience and know-how can help?

Re: At Theranos, Many Strategies and Snags

#33

Post by MathsOX » Mon, Dec 28, 2015, 2:53 AM UTC

pbreit wrote: post #24

MathsOX wrote: post #15

Many in SV find it hard to grapple with traditional startups not penetrating health care to a greater degree; in Rise of the Robots (one of the Financial Times and The Economist books of the year) it's lamented for an entire chapter. Traditionally the level of fundamental research and development displayed by Theranos - in areas of health or national defence - are done for years behind closed doors and then slowly ro…

It's seems like there has been enough deception of investors, employees, partners and customers over the 12 years with little/nothing to show that "fraudulent" is probably the correct word.

Without knowing the term sheets and early investor negotiations that were held, I shy away from using the term fraudulent in the strict legal sense of the word.

Certainly you can argue more broadly that Theranos statements to the public over the past decade go beyond being disingenuous about their implementation of difficult technology and enter into fraudulent territory.

Re: At Theranos, Many Strategies and Snags

#34

Post by [deleted] » Mon, Dec 28, 2015, 2:54 AM UTC

ThomPete wrote: post #7

No matter how this story ends (whether they eventually ends up with having a fully functioning product or not) this should be a cautionary tale to anyone wanting to actually change the world in healthcare. Science speaks for itself and does not care how much you raised at what valuation. It requires a rigorous approach to testings and facts and data or it will be merciless if you aren't living up to your own claims.…

[deleted]

Re: At Theranos, Many Strategies and Snags

#35

Post by late2part » Mon, Dec 28, 2015, 2:55 AM UTC

ThomPete wrote: post #7

No matter how this story ends (whether they eventually ends up with having a fully functioning product or not) this should be a cautionary tale to anyone wanting to actually change the world in healthcare. Science speaks for itself and does not care how much you raised at what valuation. It requires a rigorous approach to testings and facts and data or it will be merciless if you aren't living up to your own claims.…

Agreed! And confidence in theories is needed to persevere to get true evidence. But if the evidence disproves the theory - adapt.

To ignore this is hubris.

Re: At Theranos, Many Strategies and Snags

#36

Post by GabrielF00 » Mon, Dec 28, 2015, 2:56 AM UTC

Does the composition of Theranos' board strike anyone else as very weird? It seems much more like the board of a foreign policy think thank than a biotech start up. There are three former cabinet secretaries (state and defense), two former very senior military officers, two former senators (one regarded as a foreign policy expert), a bigshot DC lawyer, and the former CEOs of Bechtel and Wells Fargo. The only physicians are former Senator Frist and a very credentialed epidemiologist, but it's not clear to me that either would have much knowledge about laboratory testing.

I'm really curious what the rationale for this board composition is. [Edit: I'm curious if this is connected to Holmes' father's experience in the foreign policy establishment]

Re: At Theranos, Many Strategies and Snags

#37

Post by blakeross » Mon, Dec 28, 2015, 3:00 AM UTC

I wrote a parody of Theranos as a TV pilot that is increasingly becoming true: http://www.pricks.com/

(I'm sharing this here because the Hacker News community seemed to enjoy my Season 3 premiere of Silicon Valley [https://news.ycombinator.com/item?id=10179894], but apologies if others feel it detracts from the discussion.)

Re: At Theranos, Many Strategies and Snags

#38

Post by MathsOX » Mon, Dec 28, 2015, 3:00 AM UTC

saretired wrote: post #31

MathsOX wrote: post #15

Many in SV find it hard to grapple with traditional startups not penetrating health care to a greater degree; in Rise of the Robots (one of the Financial Times and The Economist books of the year) it's lamented for an entire chapter. Traditionally the level of fundamental research and development displayed by Theranos - in areas of health or national defence - are done for years behind closed doors and then slowly ro…

Stating that your company has tech it does not have in order to lure investors and obtain contracts would be fraud. Whether that's in fact the case with Theranos will become clear eventually.

Yes, operating under the assumption early stage rounds were predicated on the technology existing and being sufficiently robust to carry out a certain percent of tests, that would be fraud.

Re: At Theranos, Many Strategies and Snags

#39

Post by harryh » Mon, Dec 28, 2015, 3:03 AM UTC

ThomPete wrote: post #7

No matter how this story ends (whether they eventually ends up with having a fully functioning product or not) this should be a cautionary tale to anyone wanting to actually change the world in healthcare. Science speaks for itself and does not care how much you raised at what valuation. It requires a rigorous approach to testings and facts and data or it will be merciless if you aren't living up to your own claims.…

Should Bill Gates have spent a little more time actually writing an operating system before selling one to IBM?

Fake it 'till you make it is often an important part of success.

Re: At Theranos, Many Strategies and Snags

#40

Post by michaelhoffman » Mon, Dec 28, 2015, 3:04 AM UTC

GabrielF00 wrote: post #36

Does the composition of Theranos' board strike anyone else as very weird? It seems much more like the board of a foreign policy think thank than a biotech start up. There are three former cabinet secretaries (state and defense), two former very senior military officers, two former senators (one regarded as a foreign policy expert), a bigshot DC lawyer, and the former CEOs of Bechtel and Wells Fargo. The only physicia…

If you were trying to get military contracts that might be pretty helpful. The military has a huge healthcare system. So does the Department of Veterans Affairs.