A brief segment in the documentary about Elizabeth Holmes called The Inventor: Out for Blood in Silicon Valley features former US president Bill Clinton, as he moderates a conversation with Holmes, the 37-year-old founder of the now-dissolved company, Theranos. The conversation was from 2015, on the future of equality and opportunity.
In it, Mr Clinton says to Holmes: "You founded this company 12 years ago, right? Tell them how old you were." Holmes replies: "I was 19." There is applause in the forum, rightfully so – also from the billionaire founder of Alibaba, Jack Ma, who was on the panel – for here was a promising young entrepreneur who had set about revolutionising blood testing technology with the aim of delivering affordable blood tests to American households.
Holmes's stated ambition was to make detecting ailments accessible, inexpensive and to improve the chances of illnesses being curable, because of the easy and early diagnosing. Her dream was to install a boxy device, about the size of an office printer, called the Edison, in every home. The device held the unparalleled promise of being able to carry out multiple blood tests, thereby circumventing the need to go to expensive doctors or laboratories or worry about insurance. All this would be done with just a few drops of blood, she claimed. But this was a scam. The device didn't work and the blood tests spewed wrong diagnoses. Holmes was convicted yesterday on four out of 11 charges of fraud and conspiracy. She could face 20 years in jail for each charge.
To be sure, the promise of her idea was immense. If the blood testing devices actually worked – and were not fraudulent and ultimately dangerous, as proven – they could have revolutionised health care and saved lives. Indeed, in the future if and when efficient diagnostics do work, lifespans and the quality of life could vastly improve.
The promise and potential of this idea is what the savvy coterie of high-profile investors are said to have seen in Holmes' pitch. The story of Theranos – an amalgam of the words therapy and diagnostics, as Holmes explains in the film – gripped imaginations and understandably so, even if the claims were too readily believed, without adequate scientific proof. But a medical start-up with such potential and a charismatic young founder, quickly drew in powerful backers that included US senators.
But in the face of mounting legal troubles and claims that Theranos was a scam, the company that was founded in 2003 by a 19-year-old, who discontinued her education at Stanford – dropping out of college like her idol, Apple's founder Steve Jobs – dissolved in 2018, ending a dangerous untested technology being unleashed on unsuspecting Americans who simply wanted a blood test.
There are several lessons to be drawn from this Icarian tale of Silicon Valley's youngest self-made female billionaire in a male-dominated environment, whose company was valued at $9 billion at its peak.
A perhaps universal culture of cheering on start-ups – particularly those that make revolutionary claims in the field such as medicine – ought to be tempered with scepticism, at least until claims that the company makes pass the stringent tests of regulatory authorities.
A healthy appetite for risk in investors is fitting. Indeed, many successful CEOs might deem it necessary. But the message to heed is not just for start-ups or investors, nor merely for students studying management and finance.
Several facets of Theranos's downfall deserve scrutiny and reflection. The lessons we derive from the story of Holmes's deluded and dangerous fiction can help refine our outlook to life, the choices we make, the people we believe and trust – not just in business. The lessons are bound to impart value to entrepreneurs, regulators, businessmen and women all over the world. More broadly, however, there is a chapter on integrity and what constitutes character. Pondering those questions is not just for young executives. It is an informative and cautionary tale for everyone.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
Bullet%20Train
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2019 Asian Cup final
Japan v Qatar
Friday, 6pm
Zayed Sports City Stadium, Abu Dhabi
UAE currency: the story behind the money in your pockets
UK%20record%20temperature
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The%20specs
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
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- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Everton 0
Leicester City 1
Vardy 58'
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%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
The lowdown
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Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
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1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
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7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
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