Here are the real lessons learned from Elizabeth Holmes's failure:
, the story of that first unicorn continues to cast a shadow. Elizabeth Holmes and her now-defunct company, Theranos, is the subject of a documentary released by HBO during Women’s History Month.chronicles Holmes’s rise, failure and exposure of fraud through the masterful storytelling of Alex Gibney. Gibney has told other true stories of fraud and deceit found in Scientology, Wikileaks and Enron.
I did talk to three women who have deep expertise in the world of venture capital, healthcare commercialization, and the experience of being a successfully funded founder. Their responses reflect an analysis of what lessons learned should be in the wake of Theranos.
Ultimately, Swirnow is hopeful that the real legacy of Holmes’s fraud is that it helps investors and founders - regardless of gender - ask better, challenging questions and maintain a healthy skepticism of untested technology. Swirnow also sees signs that women founders are still making real gains in the startup and venture world. “I think there are people doing remarkable things out there, likewho founded Maven, who are doing amazing work on women's health.
Diversity, particularly in board membership, is also vital. As noted in the documentary, Theranos’s board was entirely white, male and old. Jennings again pointed out that a diverse board of advisors is an important hedge against risk. “You don't know what you don't know,” Jennings said. “If a product isn't particularly useful to a demographic that you aren't a part of, it's hard to understand the context in which it isn't useful.
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