Obama, Obama Care, most anything Liberal…
A good idea can change the world; but a good idea that doesn’t work, no matter how well intentioned, can bring it crashing down. Such is the case right now with Theranos, a company that describes itself as “a consumer healthcare technology company.” But much more than a health technology company, Theranos was a media creation.
Theranos was founded in 2003 by Elizabeth Holmes, then a 23-year-old college graduate. Holmes, a brilliant young woman with a dream, was working on technology that could test blood for diseases using only a few drops. If perfected, this could save billions of dollars per year and lower costs for consumers.
Before the product could be proven to work, the value of the company exploded to nearly $9 billion, which turned heads in the media and made Holmes fabulously wealthy and a media darling.
In 2015, Time magazine named Holmes one of the “100 most influential people,” listing her in the “Titans” category alongside the Koch brothers and Apple CEO Tim Cook (also Kanye West and Kim Kardashian, so…)
Former Secretary of State Henry Kissinger, who sits on the Theranos board, wrote her Time profile. “Striving for prevention and early detection, she is dedicated to transforming health care around the world,” he wrote. “She manages an expanding global business by the refusal to be daunted by any obstacle.”
Dozens of other media outlets and magazines heaped followed on with glowing profiles. She was smart, rich, attractive, young and dazzling even in Silicon Valley. In other words, a perfect story.
There was just one problem – her technology didn’t work. She was proof that not all dreams come true.
Undeterred, Theranos used the technology to test blood anyway. But recently, it announced it was voiding two years’ worth of test results – results on which hundreds of thousands of medical decisions were based. The test results rendered were all no good, and should be voided retroactively, the company announced.
Elizabeth Holmes was elevated before she had done anything beyond starting to work on an idea. In time, the praise grew, as did the expectations. But no matter how good it all seemed, no one asked the most important question: Does it work.
The media didn’t ask because the story it wanted to tell did not demand it. The media wanted to write about an attractive woman heading a billion-dollar company, so success did not need to precede accomplishment before the trappings of success were heaped on her.
The story of Elizabeth Holmes is a sad one, but it’s not unique. When reporting on business success, the media is more interested in gender than achievement.
The road to Hell is paved with good intentions, Mostly Liberal ones.