The story of Theranos is not simply about how its leaders behaved, and whether they deliberately misled others. It is also about how people take decisions
Whatever the verdict in Ms Holmes’s ongoing trial, on charges of defrauding investors and patients by making false claims about the startup’s blood-testing technology, she is right about that. The story of Theranos is not simply about how its leaders behaved, and whether they deliberately misled others. It is also about how people take decisions.
Charisma is a reasonable trait for investors to like in a startup founder. But people too easily equate confidence with competence. In a study from 2012, researchers from the University of Lausanne taught a bunch of mid-level managers a set of “charismatic leadership tactics”—from three-point lists and moral conviction to hand gestures. Observers’ assessment of the managers' competence leapt as a result.
The documents themselves look risible. “All the laws of nature, all secrets, are imprinted on every cell of our body,” writes Mr Balwani, a somewhat concerning statement from the leader of a medical startup. Ms Holmes’s note includes lines such as “I know the outcome of every encounter”, “I constantly make decisions and change them as needed” and “My hands are always in my pockets or gesturing”. But the formula, if that is what it was, seems to have worked.
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Holmes ends defense in Theranos fraud trialAfter seven days, Elizabeth Holmes was her own final witness in her defense against federal fraud charges tied to her failed blood-testing startup as testimony concluded Wednesday in the Theranos trial.
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