Revolution to Blood Tests
Elizabeth Holmes is not willing to just create an incremental change to a product or industry – not in the least. This Stanford sophomore drop out started the company at 19. She approached her professor (of only 1 year) and asked him to join her in starting Theranos. He recounted that he was extremely hesitant in the beginning because Elizabeth did not have a degree, but he had a great gut instinct about her passion and determination to get this company started.
The basis of the company is the ability to run 100’s of blood tests without the need to draw large amounts of blood. Theranos gives a little prick on the finger and fills a “nanotainer,” which is about 100x less blood than the traditional blood test methods. Less blood means no needles and virtually no pain. This can be supremely beneficial to patients who require many tests in one week, as well as, elderly people or children. In addition, these tests are much cheaper than the current alternative, which allow for almost zero switching costs from the traditional method to the Theranos method.
I am very fond of one specific detail that is unique to the Theranos journey. Theranos has developed relationships with drug manufactures and uses its technology to offer services to these large companies in order to earn revenue so that it can support the long term vision of blood testing for the consumer while they are still in development.
Another key to Elizabeth’s success is the support of her parents throughout this journey. Her parents have not only been early seed investors, but have encouraged her to pursue her passion in order to find meaning in life.
In the words of Theranos, “One tiny drop changes everything.”
Discovering and developing a new way to do a simple task can be an easy way for an entrepreneur to make money and this is a perfect example of just that!
I hate getting shots and have always wished for a quicker way to get it over with. This product really does sound revolutionary and it has so many improvements that I can definitely see this be the future of blood tests. Cheaper, quicker and more accessible, i know that we will be seeing these everywhere very soon.
I even think i forgot to mention that they are in partnership with Walgreens in order to get to the consumer faster, therefore Theranos will literally be everywhere.
I love how this business serves their customers in so many ways, with such a simple task. By creating a better way to draw blood, they make it less daunting for patients, easier to collect for the offices, and also much much cheaper. No one loses.