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> drone-based burrito delivery service Not joking, I have heard this pitch.
A few years ago that would have been peak Silicon Valley but now it would have to be a drone-based burrito delivery service settled on the blockchain to be peak SV in 2018.
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How do you not go to jail for this? This isn't fake it until you make it. This is massive fraud. 100 mil vs 100,000 is off by a factor of 1000.
I agree, especially when you use the recent Shkreli case as a point of comparison. You have Shkreli who has been put away for 7 years for a hypothetical 10mil, yet Holmes commits "massive fraud", possibly losing 100's of millions of investors' money, and most likely gets away with a 600,000 fine and no jail time.
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Yes, if you want to lie about some drone-based burrito delivery service you're probably not gonna draw the same ire as life-saving medical equipment. Although if you swindle investors for over $700 million in either case I imagine the SEC will be knocking at your door eventually.
> drone-based burrito delivery service Not joking, I have heard this pitch.
http://mobile.abc.net.au/news/2018-03-13/drone-delivery-syst...
Ok, this is the money line in that press release for me: “The charges against Theranos, Holmes, and Balwani make clear that there is no exemption from the anti-fraud provisions of the federal securities laws simply because a company is non-public, development-stage, or the subject of exuberant media attention.” For all those entrepreneurs are trying to "fake it until you make it" be aware that the SEC considers your…
"Fake it til you make it" generally refers to acting like you believe in yourself even if you're filled with self-doubt. Not actual fraud.
His name is Tyler Shultz. He is the main reason we know know what Theranos was doing. He had his life destroyed, he knew it would happen, what Theranos would do to him, and he did the right thing all the same. Tyler Shultz is a hero. Never let someone tell you that you don't matter. Try hard to do what is right. We need more people like him, be one of them too. Be like Tyler Shultz. https://www.vanityfair.com/news/20…
He has started his own company Flux Biosciences in 2017 after learning some important lessons... "With Theranos I learned that entrepreneurs have to sell their vision," he said. "But you have to have some line between having a vision and seeing something that’s just not there." "[Flux Biosciences] is developing point-of-care medical tests on blood, urine or saliva. Right now the company is working on a test for testo…
By going public Tyler Schultz very likely saved lives.
I can only wish him the best in his new endeavors. For certain, anyone doing business with him knows his handshake is worth something real.
Why is there such a culture of fake it till you make it in SV? If the tech is good, no need for faking. If the tech is bad, figure it out, don't fake it. Otherwise, if it doesn't work and it is faked, things will get really bad and at worst lives could be lost. It seems like there is a lot of stupid money around and a lot of scam artists trying to suck the supply dry.
> Why is there such a culture of fake it till you make it in SV? If the tech is good, no need for faking. Nothing happens in a vacuum. If you don’t work hard to hype and oversell your cure for cancer, investors will be passing you by to invest in this nonexistant blood analysis product hyped to the skies. In VC it doesn’t matter what’s you have. The game is to attract enough captital to the point where you can hopefu…
From the Financial Times: Here's the nuance of her formula: Commit fraud as an attractive, well-connected WASP woman who happened to be neighbors with well-connected VC Draper family. Tell a great story: Stanford drop-out who studied Chinese, afraid of needles, wants to help the world. Leverage Silicon Valley connections to pull in other really big fish, such as Kissinger, et al, who would be really, really embarrass…
Be a man: “what a scammer” Be a woman: “this woman used her gender to scam”
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I agree, especially when you use the recent Shkreli case as a point of comparison. You have Shkreli who has been put away for 7 years for a hypothetical 10mil, yet Holmes commits "massive fraud", possibly losing 100's of millions of investors' money, and most likely gets away with a 600,000 fine and no jail time.
Also, regarding the Shrekli case, didn’t everyone end up financially better off than they started?
Behind Every Great Fortune There Is a Crime.
Very few super wealthy made their money honestly.
Earlier quoted context omitted.
How do you not go to jail for this? This isn't fake it until you make it. This is massive fraud. 100 mil vs 100,000 is off by a factor of 1000.
I agree, especially when you use the recent Shkreli case as a point of comparison. You have Shkreli who has been put away for 7 years for a hypothetical 10mil, yet Holmes commits "massive fraud", possibly losing 100's of millions of investors' money, and most likely gets away with a 600,000 fine and no jail time.