Erika Cheung, a Theranos whistleblower, believes the unraveling of Elizabeth Holmes’ blood-testing company and its decline from Silicon Valley superstar to an outright fraud is indicative of larger cultural issues in startups
, the New York real-estate startup once valued at $47 billion, ousted its CEO and cofounder Adam Neumann after a pre-IPO filing revealed an ownership structure heavily tilted toward Neumann and his wife and an unusually large number of related-party transactions. ” to help new companies navigate thorny decisions.
Incorporating ethics from the beginning for all employees can also help pour cold water on the trope of the “visionary founder” who can do no wrong, says Mary Inman, partner at law firm Constantine Cannon who has more than 20 years of experience representing whistleblowers, who she describes as the “original disruptors.”
“There becomes an ego, sort of almost that you’re immortal, that you’re changing the world, so therefore you don’t have to worry about trivial things like ethics,” she said. “So those questions have to start at the inception, because otherwise the train will be speeding down the track, and we’ve all seen what can happen there.”
Making these changes in Silicon Valley can have an outsize impact on the rest of the world, Cheung says, since entrepreneurs elsewhere tend to idolize the technology and startup hotbed. “Whether you’re in Hong Kong, or Bangladesh or all over the world,” she said, “they’re kind of copying and pasting what was done in the Silicon Valley and applying it to other ecosystems.”
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