B2 – Upper Intermediate
Elizabeth Holmes was once a trailblazing woman in business and medical technology in the Silicon Valley. She founded the start-up health technology company called Theranos. With promises of revolutionary blood tests that are performed using small automated devices and only very small amounts of blood are needed to be extracted from the patient, investments came pouring in. Now, Holmes is under trial for fraud.
The technology sounded amazing. Except, it was just make-believe. One might ask, so if it seemed nonsensical, why did so many people still fall for her hook, line, and sinker.
The Theranos scandal highlights the systemic problems with start-up culture on secrecy and the aggressive use ofNon-disclosure agreements (NDAs).
Read the article about Elizabeth Holmes, Theranos, the problems with the start-up culture and what the Silicon Valley has learned from this scandal.
https://www.bbc.com/news/technology-58469882
Discussion Questions:
- What are your thoughts on Holmes and Theranos’ fraud and how they were able to get away with it for years?
- What do you think about the product they were developing?
- Talk about the thin line between fraud and fake it til you make it culture.
- Is it really “fake it until you make it” in business? Explain your point.
- What are your thoughts on this: “Secrecy is important for these companies to succeed – but that culture of secrecy can also be used as a smoke screen”?
- How important are NDAs in your job/industry or for your company?
- What are things you would consider if you were to invest in a start-up?