Business
Theranos is Officially Dead: Here’s The Full Story
It’s the final nail in the coffin for Theranos. The startup company, once worth 9 billion, has completely fallen over time. It was once hailed as the producer of revolutionary technology. It was going to save lives, and reach millions of people worldwide. Little did the founder, Elizabeth Holmes, understand the possible ramifications of her actions.
Recently, Elizabeth Holmes was found guilty on four out of 11 fraud and conspiracy charges. These charges appeared in January and resulted in a months-long trial. Her ex-boyfriend, Sunny Balwani, was charged on 10 counts of federal wire fraud and 2 counts of planning the act. It’s safe to say that their product, Theranos, was a complete and utter disaster.
What was this product, you may ask? Theranos was a device that could diagnose a whole list of diseases and health problems through one drop of blood.
Yeah, if you think that sounds too good to be true, that’s because it was. Elizabeth Holmes and her company quickly went down the drain when people realized this product did not work. At all. But that wasn’t the before Holmes and her then-boyfriend ripped off a ton of investors and roped multiple patients into safety hazards.
Now, this would seem like an obvious scam on paper, right? One device that could diagnose any disease? With just one prick of blood? I’m no science major, but to test for multiple diseases, I think you’d need tons of equipment, materials, and lots of samples. That calls for more than a prick of blood. It isn’t hard to wonder how a device like this could work.
Apparently, the device works by… not working at all! Let’s analyze how we were able to fall for this frankly obvious scam.
The Beginning
Now, the main thing you have to know about Theranos is that for the majority of its run, it had two executives; Elizabeth Holmes, and Ramesh “Sunny” Balwani. The company started with Holmes, when she dropped out of college in March of 2004. Holmes was a Stanford University student pursuing a career in chemical engineering. Somewhere along the line, her ambitions changed, and she pursued her startup company instead. Just a year before she dropped out, she had an innovation in mind, titled Theranos. The name came from the mash-up of the words “therapy” and “diagnosis.”
The idea was two-fold: with a simple prick of the finger, patients could get all the information they needed about their health. The machines running these tests were called “Edison Machines.” Theranos was meant to be a lot quicker and cheaper than your standard blood test.
In September of 2009, her boyfriend, Sunny Balwani, joined the company. He was way older than Holmes. About 20 years older, to be precise. And it seemed that he had more financial security too. He was able to take out a 10 million dollar loan to get Theranos on its feet.
The Bold Claims
It took around ten years for homes to take to media and describe her innovation to the world. She quickly announced a long-term partnership with Walgreens. Right out the gate, she was bringing a good amount of legitimacy to her brand. Originally, she thought of bringing Theranos to nationwide Walgreens locations. In old advertisements, you could see her claiming that everyone deserves the right easily know their health conditions. She even suggested that one day, Theranos could be put into people’s homes.
Holmes expressed a deep desire to make lab testing as cheap and accessible as possible. While most blood tests cost around $50 to $100 (depending on multiple factors), Theranos can be as cheap as $10.
Just a year after announcing her brand to the world, Holmes was named one of the richest women in America by Forbes. Yeah, apparently people invested a shitton of money into her start-up, which she owned 50% stock in. So at this point, she was a billionaire. And meanwhile, details regarding Theranos testing remained under wraps and suspiciously secretive.
The Concerns
2015 came with a surprising revelation from the Wall Street Journal. You see, throughout most of Theranos’ journey so far, they’ve been receiving nothing but praise and money. There were a few concerns regarding the nature of these tests, but they were drowned out by the overwhelmingly positive media.
That is until Wall Street Journal came out with an article, exposing them for several misleading claims. The author, John Carreyrou, expressed a number of concerns and accusations. Most notably, he claimed that Theranos used their propriety testing on a select number of individuals. Furthermore, Theranos didn’t use a prick of the finger as advertised. Instead, their labs were using traditional vials that drew blood from the arm.
Of course, there was major pushback from the founders, as they wanted to preserve their brand. But by this point, the damage was done.
These claims gave way to suspicion from the FDA. They directed Theranos to stop using the majority of their blood collection vials. The FDA also provided a list of 14 issues to be addressed. The propriety vial was even referred to as an “uncleared medical device.”
To clear the air, Holmes sat down for a public conference at Laguna Beach. She stated that,
“We know what we’re doing and we’re very proud of it.”
Yeah, Holmes totally knew what she was doing. She was very proud of tricking the public and taking billions from investors. But I digress.
The Downfall
Following the Wall Street Journal incident, 2016 proved to be a dreadful time for Theranos. In just this one year, they lost practically everything they were building.
So where do I even begin? Well, first of all, Safeway and Theranos had a partnership. It burnt out only a month after the Wall Street Journal investigation.
Walgreens ceased sending their tests to the California Theranos labs. Why, you may ask? Well, it’s because federal regulators sent a letter to Theranos regarding the state of these testing grounds. Apparently, they had failed to comply with the FDA standards. Patients were reported to be in “immediate jeopardy” due to their practices.
After getting that warning, Holmes proceeded to do absolutely nothing about it. Soon after, CMS regulators threatened Holmes with a ban from lap services. They needed to address the health and safety issues in their California locations. Though for some reason, no progress was being made.
After Balwani stepped down from the company, Theranos addressed the massive issues with their blood tests. Two years’ worth of blood test results were voided. That’s right; two freaking years! If that doesn’t say something about the testing devices, then I don’t know what does.
By June, Forbes had re-estimated Holmes’ net worth to $0. And once this happened Walgreens officially ended its partnership with Theranos. They proceeded to shut down all 40 of their Theranos wellness centers.
And to add more fuel to the fire, Holmes was finally banned from running blood tests. This ban lasted for a total of two years as they’ve previously threatened. Theranos was given many chances to fix their problems but the devices just were not working correctly. Every time you turned around, there were more stories of people being grossly misdiagnosed.
Digging Their Grave
As the years passed, Elizabeth Holmes and Sunny Balwani were getting sued left and right. First by a Theranos investor, who was rightfully pissed. Then by their old friend, Walgreens. Meanwhile, Theranos kept failing their lab regulatory inspections. This caused them to close their testing locations one by one.
It all came to a head in June 2018, when Holmes and Balwani were indicted on criminal fraud charges. They were both accused of hosting a multimillion dolladr scheme to fraud investors, doctors, and their patients. And yeah, looking at the whole picture, you can’t really argure with that.
But of course, both executives pleaded not guilty. And so, chaos ensued. Holmes stepped down as CEO just before the charges became public, and Theranos dissolved soon after.
Despite their product never being released to the public, (and for good reason), the former executives faced so many lawsuits over the years. The main trials were delayed due to various setbacks. Finally, as of 2022, both Holmes and Balwani have faced the consequences of their actions.
Featured Image From Entertainment Tonight
Omnichannel has become a recent buzzword online. That’s because the business landscape has shifted most of their marketing efforts into virtual communication. Advertisers are always looking for new ways to boost online connections with audiences while increasing sales. This is how “omnichannel” sprouted quickly and into every marketer’s arsenal. But what is omnichannel, and what are some omnichannel marketing platforms that do the job? Read on to find out.
What is Omnichannel Marketing?
The concept of omnichannel is simple. It aims to provide marketers a quick way to communicate with their customers and get as much engagement and conversion as possible from one go. Their objective is for customers to enjoy a seamless shopping experience on multiple brand channels, including online, mobile, or in-store. This means, marketers would have to show customers the same pricing and promotions across all brand channels.
However, it also goes beyond that. You have to ensure that customers can navigate through different channels with ease. This means customers can switch between your brand channels without any roadblocks. For instance, a customer can order from your online store and have the option to pick it up from your physical location. One way to increase sales is by offering customers additional items to boost order value.
Why is Omnichannel Marketing Important?
Omnichannel marketing is crucial these days since most people have shifted to online browsing and shopping. Moreover, if advertisers market on three or more channels, this could result in a 90 percent higher retention rate compared to using a single-channel campaign.
Additionally, omnichannel marketing also strengthens your brand messaging since campaigns are consistent across all platforms. But what are the primary reasons why advertisers focus on omnichannel marketing?
- Brands will get high customer retention
- Gains customer loyalty
- More personalization in the customer’s journey
- More integrated business
- Better customer insight
- Smooth and enjoyable customer experience
How Does Omnichannel Advertising Work?
An example of omnichannel marketing is when a sports retail store sends its prospects an email containing a recent promotion on its newly launched running shoes. The email content shows the link to the promotion. Once customers click this link, they are taken to the brand’s eCommerce website. Instructions also let them know they can get it from the brick-and-mortar store.
Another example is when a furniture store shows a behind-the-scenes video on YouTube about how its experts craft their pieces. Once viewers watch the video, they are welcomed with a link inviting them to join the brand’s email newsletter.
10 Omnichannel Marketing Platforms
Here are 10 best omnichannel marketing tools.
1. BigCommerce
This online and offline sales tool is for large-scale businesses looking to streamline their advertising strategies. BigCommerce unifies all marketing campaigns in an easy and convenient platform, including in-store, online, social media, and marketplaces. It can also handle large volumes of sales, traffic, and transactions, providing customers with a smooth experience.
2. NewStore
NewStore is the tool for all your POS and inventory management systems. It can manage orders, inventory, and customer data across the brand’s channels. It also comes with robust marketing tools that offer personalized engagement, such as push notifications, mobile apps, and location-based marketing.
3. Glassix
If you’re looking for the best omnichannel marketing platforms for communication, Glassix sits at the top of the list. It’s an AI-powered advertising tool that helps with email, SMS, live chat, messaging apps, and social media. Using Glassix means tracking all customer interactions and messages in one user-friendly interface is easy. It also lets you send targeted messages to your audiences based on their preferences and behaviors.
4. Desku
In addition to integrating all customer communications in one interface, Desku also helps with automation functions, such as chatbots, canned responses, ticketing systems, and more. Plus, it offers reporting tools and analytics to monitor progress.
5. Omnisend
Omnisend is the platform for all your SMS and email marketing campaigns. It’s best suited for eCommerce businesses and allows advertisers to create, monitor, and automate campaigns across all channels. It offers drag-and-drop features and is extremely easy to use.
6. Tidio
When searching for the best omnichannel communication platform, Tidio ranks high. It’s designed to facilitate customer interactions, manage inquiries, and offer real-time support.
7. Adobe Experience Cloud
You can’t succeed in omnichannel marketing without using a cloud-based service. And Adobe Experience Cloud ensures you get the right cloud-based solution for optimizing customer experiences. You can use this tool to build and manage customer journeys through AI-powered insights. You can also integrate this platform with other Adobe tools like Adobe Experience Manager, Adobe Target, Adobe Campaign, Adobe Analytics, and more.
8. Revealbot
If you’re spending time on paid ads, Revealbot will help you manage them in one user-friendly interface. It’s a marketing tool that helps optimize digital advertising campaigns on Instagram, Facebook, TikTok, and Google Ads. You can use this tool to set automation features, campaign budgets, and custom ad rules.
9. Shopify Plus
Shopify Plus if one of the best omnichannel marketing platforms for eCommerce businesses. It helps create a streamlined customer shopping experience. From workflows and checkouts to customer segmentation and targeted marketing campaigns, this is a reliable tool to use.
10. Oracle CX Commerce
Oracle CX Commerce is the best solution for B2B and B2C businesses. It’s a cloud-based eCommerce platform that helps provide personalized experiences. It also offers advanced features that simplify segmentation, customized content, targeted promotions, and customer engagement.
If you frequent the outdoors, you know how important protecting your playground is. When you’re close to nature, you must always prioritize eco-consciousness. While you practice sustainable habits, supporting brands prioritizing sustainability becomes a top priority. If you’re always planning an outdoor adventure and need the gear, here are the top 10 sustainable outdoor gear brands you must check out.
1. Patagonia
Over the years, Patagonia has lined up its corporate social responsibilities, mainly focusing on labor and the environment. They have robust social responsibility programs that ensure workers and communities are cared for. Patagonia claims that 85 percent of its products are made in factories with Fair Trade Certified certifications. The brand also helped over 85,000 workers by participating in Fair Trade programs. The brand also helped more than 2,000 farmers from its Regenerative Organic Certified cotton program.
2. Osprey
Osprey, a brand that creates robust backpacks for travel and outdoors, is also committed to sustainability. The company is a trusted bluesign SYSTEM partner, which helps eliminate PFAS-based DWR in 100 percent of its textile products. On top of its promise of eco-friendly materials, the standard for its backpacks is unparalleled, offering durability, functionality, and repairability. These products undergo field testing and athlete evaluations to ensure it’s a pack that runs a lifetime.
3. Hydro Flask
Plastic bottles comprise one of the highest numbers of ocean pollutants. Hydro Flask is committed to minimizing this by introducing excellent insulated water bottles that last a lifetime! I bought one five years ago, and the insulation functionality still works like the very first day I got it. The brand boasts its recycled-content bottle, the Slingback Bottle Pack, with a 100 percent recycled polyester body. It also eliminated single-use plastic for its packaging, specifically for 90 percent of its products. Hydro Flask uses soy-based inks and no foils and varnishes for their products too!
4. Black Diamond
Black Diamond is among the top brands for the best outdoor gear, specifically reliable and durable helmets. The company’s ethos is based on the team’s outdoor pursuits. First, the company’s 12,000-square-foot headquarters is energy-efficient, with a 2,200-watt solar photovoltaic system that generates about 3,000 kWh of electricity per year. Black Diamond also advocates for sustainable outdoor and recreation practices and is a founding member of the Outdoor Industry Association’s Climate Action Corps.
5. Sierra Designs
Sierra Designs is also one of the best sustainable outdoor gear brands you can rely on. They aim to create products that have as minimal impact as possible on Mother Nature. The brand boasts the DriDown product, which ensures that feathers come from animals that weren’t subjected to any harm. The brand also uses neglected recycled materials for its fabric’s exteriors and insulation for apparel and sleeping bags. A lifetime warranty also backs all Sierra Designs products.
6. Hyperlite
Hyperlite is your go-to outdoor gear brand if you’re into climbing, hiking, or rock climbing. The company is committed to sustainability for as long as the brand is still in operation. They created the Hyperlite Mountain Gear ethos, essentialism, which differs from minimalism. The brand believes that an intentional and thoughtful approach to assembling its backpacks ensures its products are safe, comfortable, warm, and efficient. Hyperlite is a proud partner of Dyneema, a bio-based fiber company, and promises to use this fiber in all its outdoor gear products.
7. MSR
For all your climbing equipment, don’t miss out on MSR products. The founder, a lifelong mountaineer, believed that a safe and reliable equipment is key to greater adventures. Today, the brand is proud to hand-build many MSR products. The brand is also another founding members of the Outdoor Industry Association Sustainability Working Group. It’s a collaboration of over 300 outdoor brands, manufacturers, and suppliers that focus on sustainability challenges and solutions.
8. Sunski
When you’re enjoying outdoor adventures, make sure you enjoy it in style with Sunski sustainable glasses. Sunski is a fantastic eyewear manufacturer in America that uses plastic scraps to turn into frames! A unique sunglass niche in the industry. The sunglasses are flexible, lightweight, and extremely durable. All Sunski customers will also get a lifetime warranty for their glasses. And if they break? Repair or replacement is free!
9. Cotopaxi
Cotopaxi backpacks, travel packs, hip packs, and duffels are colorful and vibrant and made with eco-friendly materials. They embarked on the The (Re)Purpose™ Collection program, which uses recycled deadstock or leftover fabric from other fashion brands. They also offer a lifetime guarantee on repairs or replacements. As members of the Sustainable Apparel Coalition, they support Amazon’s reforestation. Cotopaxi believes that doing good will create a ripple effect, so they reward customers who #DoGood!
10. Goal Zero
Here’s another eco-friendly outdoor gear brand for all your needs and more. To offer you the best outdoor camping experience, Goal Zero even sells power essentials, such as inverter generators, handheld portable power devices, solar panels, and battery banks. The company also aims to practice eco-conscious manufacturing methods by ensuring all 10+ factories in nine countries adhere to environmental and human rights standards. Its top sustainable camping gear is the Yeti Portable Power Station, with a four over five rating!
Eco-consciousness and health and fitness must be the perfect tandem. If you prioritize your health and fitness, the same care should also concentrate on sustainability. While you’re focused on your fitness goals, the process shouldn’t be as destructive to the environment. Just like you want to nourish your body with the good stuff, you also want to protect Mother Nature like it’s your own body. After all, the outdoors offers so much to benefit your health in the long run. Hiking, camping, rock climbing, surfing, swimming, to name a few. That said, protecting your playground as much as possible is only fitting. And that starts with choosing the most sustainable activewear brands. Here are the top 10 sustainable brands for fun and play.
1. Iron Roots
While some activewear brands claim 80 percent sustainability, Iron Roots embarks on 100 percent sustainable products and processes. It’s plastic-free all-organic athletic apparel that will not only make you feel good but also make you feel better about wearing Mother Nature-friendly apparel. Founded in 2018 by Dutch friends, the founders combined functionality, design, and sustainability in beautiful sportswear. They were both fed up with how the market manufactures most apparel from unsustainable materials. The brand uses non-plastic materials and unique plastic-based apparel like polyester. It’s a breathable and comfortable activewear that will help you achieve your fitness goals!
2. Girlfriend Collective
Girlfriend Collective is a Seattle-based brand making waves in the sustainable activewear niche in 2024. They are famous for their sports bras, trendy gym tops, leggings, and more! But the best part is the teams behind this brand are tree huggers, prioritizing recycled materials for their apparel. From fabric scraps to water bottles and fishing nets, you know you’re working out and helping the brand’s mission. The brand also uses eco-friendly dyes to color its clothes while managing wastewater responsibly. They created the ReGirlfriend program to prevent textiles from being in landfills!
3. Patagonia
Every outdoorsperson has heard of the famous brand Patagonia. The company has set a gold standard for sustainable apparel and manufacturing. Recently, the popular activewear brand has revamped its ownership structure to ensure it allocates a budget for environmental initiatives. The brand not only outsources sustainable materials and works with eco-conscious factories, but it is also transparent about it.
4. Groceries Apparel
Groceries Apparel is another sustainable activewear brand that focuses on upcycled food waste without needing third-party people or factories. They manufacture their activewear themselves through non-toxic and locally sourced materials. Who would’ve thought another person’s food waste could be a gym rat’s workout clothes? They manufacture all their products in their Los Angeles factory, making them a 100 percent self-sufficient brand!
5. Move by Mate
Move by Mate knows that conventional cotton, a material used by most apparel brands, is detrimental to the environment due to its pesticide use, heavy farming, and excessive water consumption. Move by Mate is also one of the sustainable activewear brands that uses organic cotton instead of traditional cotton, keeping the soil healthy. They claim that organic soil is also more breathable.
6. Wolven
If leggings are your workout go-to, then you must check out Wolven. It’s a brand that produces recycled sexy leggings for your exercise routines. Wolven is also deemed Lululemon’s competitor due to its elegant designs in multiple muted colors. Wolven leggings are made of 84 percent recycled PET or plastic bottles. The brand’s recycled materials are also Global Recycled Standard-certified. When you buy Wolven leggings, you’re guaranteed they are free of uncomfortable, harmful chemicals.
7. Reformation
You can be sure this brand is one of the most mainstream activewear brands that doesn’t take eco-consciousness lightly. Reformation boasts multiple eco-friendly initiatives, and they will not stop anytime soon. For one, they have a RefRecycling program, encouraging customers to drop off their used Reformation products in exchange for store credits. Moreover, Reformation also partners with many eco-conscious organizations like Bluesign. They also have a FactoryForward to ensure their suppliers become the best at what they do.
8. Gngr Bees
Founded in 2019, the owner, Natalia Grisard, was inspired to create Gngr Bees by her love for wildlife. She claims this brand is “driven by purpose and not by profit.” The brand’s apparel is made from discarded products. The company has reclaimed over 45,000 plastic bottles and over 4,000 kilograms of fishing nets. Gngr Bees also partners with Azizi Life and Beach Collective to plant mangroves and recycle ocean-bound plastic.
9. The North Face
The North Face has a long history of embracing eco-friendly products, initiatives, and commitments ever since. They are committed to prioritizing nature through science-based and actionable goal-setting. The North Face ensures all their materials are 100 percent recyclable and responsibly sourced. They created the North Face Renewed program that focuses on circularity by giving used gear a second life. This way, they are given a chance before users toss them into a landfill.
10. Tentree
Tentree is a Vancouver-based brand that believes in the power of tree planting. Its name is embedded in its company vision to plant ten trees in exchange for every item purchased. The company centers its practices on environmentally friendly ways, which they call the “earth-first approach.” This focuses on safe and fair working conditions for all employees and prioritizes sustainable and recycled materials for their products. Some of these materials are Tencel lyocell, Repreve polyester, and more. They created the Climate+ Initiative, which lets customers prevent carbon emissions by buying a pack of trees.
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