Theranos promised to make health care more effective and efficient. Unfortunately, Elizabeth Holmes could not bring it to fruition
AFTER SEVEN days of deliberation and a flurry of notes to the judge about deadlock, a 12-member jury in Silicon Valley found Elizabeth Holmes, the entrepreneur behind a once promising phlebotomy startup, guilty of four counts of fraudulently deceiving investors. Each count carries a prison term of up to 20 years. She was acquitted of four charges of deceiving patients and doctors; on three others the jury were deadlocked leading to a potential re-trial.
After dropping out of Stanford in 2003 at the age of 19, Ms Holmes had founded Theranos to develop a radical advance in blood-testing technology that she hoped would allow hundreds of tests to be performed using a tiny drop of blood rather than a vial. It was a tantalising vision that promised to make health care more effective and efficient. Unfortunately, Ms Holmes could not bring it to fruition.
The verdict will hardly be the end of Ms Holmes. There is sentencing to come, and possibly insights from jurors who sat through more than three months of testimony. And then there will be a tsunami of media, including a planned Hollywood blockbuster. A sentencing date has not yet been set. In many ways Theranos differed little from many startups. It raised upwards of $1bn, reached a high theoretical valuation , disintegrating into a vast graveyard of unfeasible ideas. Usually, executives in these ventures are quickly forgotten but Ms Holmes’s path differed at least in part because even if her company’s products failed, her presence and broader story proved unusually compelling.
In building Theranos, Ms Holmes assembled a remarkable collection of acolytes. Her board was filled with several former secretaries of state and defence. Joe Biden, while vice-president, called Theranos “the laboratory of the future” and Ms Holmes “an inspiration”. The company’s
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