Does Theranos Mark the Peak of the Silicon Valley Bubble? - Issue 60: Searches
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Silicon Valley has a term for startups that reach the $1 billion valuation mark: unicorns. The term is instructive. It suggests not only that hugely successful startups are rare, but also that there’s something unreal about them. There’s no recent Valley startup that satisfies both dimensions better than Theranos. Founded by a 19-year-old Stanford dropout, Elizabeth Holmes, who went on to become the world’s youngest self-made female billionaire, it raised nearly a billion dollars from investors and was valued at $10 billion at its peak. It claimed to have developed technology that dramatically increased the affordability, convenience, and speed of blood testing. It partnered with Safeway and Walgreens, which together spent hundreds of millions of dollars building in-store clinics that (...)