Opinion | JamesSurowiecki: Elizabeth Holmes defined Theranos not as a health care company but as a technology company. And making promises that you’re not sure you can deliver on is something technology companies do all the time. - MSNBCDaily
Holmes was well-versed in this history and adept at framing criticisms of Theranos as, paradoxically, evidence that it was on the technological cutting edge and that the doubters simply didn’t understand what she was doing.on the very day Carreyrou’s first big Wall Street Journal piece appeared, “First they think you’re crazy, then they fight you, and then all of a sudden you change the world.” The line sounds like mumbo-jumbo, but then so does a lot of what startup CEOs say.
In other words, what Holmes leveraged was people’s fear of missing out. That has a lot of currency in a culture that has historically put a high premium on risk-taking and ambition and has, as a consequence, been fertile ground for fraudsters, as historian Edward Balleisen documented in his book “Fraud.”
More than that, the skills that define a successful entrepreneur — the ability to convince others to believe, to get investors to part with their money in the hope of a large return down the road, the ability to get workers to invest in what may turn out to be a pipe dream — are not all that different, ultimately, from the skills of the con artist.
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