Specifically, personalized medicine tests only make sense if individual differences in test results actually imply different treatment strategies, such that you’ll be healthier if you get the “right treatment for you” than if you didn’t take the test and got standard treatment.
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uBiome was a different kind of fraud: long before you had any evidence of a specific scam, you should have been able to tell that *the product just isn’t useful enough to enough people* to justify the valuation unless something shady is going on.
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Perhaps the investors *did* know and were trying to find a greater fool? Or perhaps they just thought “she’s a great salesman, she’ll figure it out” and didn’t realize that one way to “figure it out” is to cheat?
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I have met several people who evaded my questions about “how is this startup going to make money?” and “how will this be useful to customers?” and said that didn’t matter, go away little nerd, you don’t understand business. They were never right.
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If a founder, when pressed, straight up denies that business is about mutual benefit, RUN.
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This bit is wrong. You literally just had to go get tested by LabCorp or another real business and compare this to results from Theranos. In what world is this a highly technical thing to do that only an engineer is capable of thinking of?
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It would take maybe a week of clock time and several hours of person time at a minimum to do that, and Theranos would sue anyone they thought was getting too snoopy.
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tbf experts in the relevant fields were mostly skeptical of Theranos' feasibility from the get go there are some fundamental biochemical/biophysical constraints they were bumping into
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