blood-testing device called Edison was so  revolutionary that it was about to turn the entire  

被稱為 "愛迪生 "的血液檢測設備是如此具有革命性，以至於它即將改變整個世界。

healthcare industry upside down. This technology  wasn't just another breakthrough in healthcare  

顛覆了醫療保健行業。這項技術不只是醫療保健領域的另一項突破

but had the potential to reshape the entire world.  Vice President Joe Biden came to visit her Labs,  

但有可能重塑整個世界。 副總統喬-拜登來參觀她的實驗室。

Henry Kissinger, James Mattis former defense  se cretary joined the board of the company,  

亨利-基辛格、詹姆斯-馬蒂斯前國防部長加入了公司董事會。

and America's richest family (Walton) was  ready to give her as much money as she wants  

而美國最富有的家族（沃爾頓）準備給她多少錢都可以。

just to make sure that this technology  wouldn't fall into the wrong hands. 

只是為了確保這項技術不會落入不法分子手中。

Little did all of these people  know that this little girl  

所有這些人都不知道，這個小姑娘

is just fooling the American government  and the country's wealthiest people.

只是在愚弄美國政府和該國最富有的人。

In 2003 , a 19-year-old teenager from Stanford  decided to start her own company. Elizabeth Holmes  

2003年，一位來自斯坦福的19歲少年決定創辦自己的公司。伊麗莎白-霍姆斯

wasn't an ordinary student. She used to wear  a black turtleneck and was deeply inspired by  

她不是一個普通的學生。她曾經穿著黑色的高領毛衣，並深受其啟發。

Steve Jobs. Getting into Stanford is a challenge  by itself but Her ambitions were much bigger than  

史蒂夫-喬布斯。進入斯坦福大學本身就是一個挑戰，但她的雄心壯志遠遠大於

just Stanford. She wanted to change the world with  her inventions and leave her mark in the history  

只是斯坦福大學。她想用她的發明改變世界，在歷史上留下她的印記。

books like Thomas Edison, Bill Gates, and Steve  Jobs. The only problem was, she didn't know what  

托馬斯-愛迪生、比爾-蓋茨和史蒂夫-喬布斯等書籍。唯一的問題是，她不知道什麼是

exactly she should invent to make a difference. But that quickly changed when she stumbled  

確切地說，她應該發明一個與眾不同的東西。但這種情況很快就改變了，因為她偶然發現

across an idea of a wearable patch that  could adjust the dosage of drug delivery  

跨越了一個可以調整給藥劑量的可穿戴貼片的想法

and notify doctors of variables in patients'  blood. However, that seemed impossible because  

並通知醫生病人血液中的變量。然而，這似乎不可能，因為

blood tests, first of all, take at least a few  days and secondly are expensive. Most people  

血液檢查，首先需要至少幾天的時間，其次是昂貴。大多數人

can't afford to do blood tests on a regular basis.  So she started developing lab-on-a-chip technology  

不能定期做血液檢查。 是以，她開始開發芯片上的實驗室技術

for blood tests, with the idea to start a  company that would make blood tests cheaper,  

為驗血，他的想法是創辦一家公司，使驗血更便宜。

more convenient, and accessible to consumers. Finally, she has an idea that could change  

更加方便，併為消費者所接受。最後，她有一個想法，可以改變

the world forever. She dropped out of Standford  

徹底改變了世界。她從斯坦福大學退學

while she was a teenager and started a company  called "Real-Time Cures”. She quickly realized  

當她還是個少年時，她創辦了一家名為 "實時治療 "的公司。她很快意識到

the power of marketing and if she wants to be like  Steve Jobs, she needs to market like steve jobs.  

營銷的力量，如果她想成為史蒂夫-喬布斯那樣的人，她需要像史蒂夫-喬布斯那樣進行營銷。

So she changed the name of the  company to Theranos, a combination  

是以，她將公司的名稱改為Theranos，這是一個組合。

of the words "therapy" and "diagnosis". Just a year after finding the company,  

的 "治療 "和 "診斷 "這兩個詞。就在找到該公司的一年後。

Holmes raised 6.9 million dollars valuing  the company at 30 million dollars. She was  

霍姆斯籌集了690萬美元，使公司的估值達到3000萬美元。她是

the new cool kid in the town. She was so  good at convincing people that by 2007,  

她是鎮上的新酷兒。她是如此善於說服人們，以至於到2007年。

she raised another 43.2 million dollars at a 197  million dollar valuation. Theranos was booming,  

她又以1.97億美元的估值籌集了4320萬美元的資金。Theranos正在蓬勃發展。

investors were lining up to give Holmes the  money she wants to develop her technology. 

投資者正在排隊給霍姆斯提供她想要的資金，以發展她的技術。

But what exactly Theranos was developing? 

但Theranos到底在開發什麼？

Blood testing has changed the world  since blood types were discovered  

自發現血型以來，血液檢測已經改變了世界

in 1930. Since then we have learned to discover  STDs, cancer, and a lot of other problems  

在1930年。從那時起，我們已經學會了發現性病、癌症和許多其他的問題

through blood testing and prevent them before they  get serious. But it's not easy or cheap. While a  

通過血液檢測，在它們變得嚴重之前預防它們。但這並不容易，也不便宜。雖然一個

blood test is simple for you—with the exception  of feeling "a little pinch"—the actual diagnostic  

血液檢查對你來說很簡單--除了感覺 "有點疼 "之外--實際的診斷工作是由你來完成的。

process behind the scenes is quite complex,  requiring specialized equipment and technicians.  

幕後的過程相當複雜，需要專門的設備和技術人員。

And if something slightly goes wrong, the blood  results are going to be wrong. So the industry  

而如果稍有不慎，血液結果就會出錯。是以，該行業

has been mostly controlled by a few giants. But that was about to change because what  

一直以來，大部分都是由幾個巨頭控制。但這種情況即將改變，因為什麼

Theranos was promising wouldn't just  change the industry but the entire world! 

Theranos承諾不僅會改變行業，而且會改變整個世界。

Holmes named her invention Edison. This machine  required very little blood, a few drops from your  

霍姆斯將她的發明命名為愛迪生。這臺機器只需要很少的血，從你的身上滴幾滴就可以了。

fingerpick, and could run hundreds of tests within  a few hours. So instead of taking a lot of blood  

指尖，並能在幾小時內進行數百次測試。是以，與其抽大量的血

from your veins with big needles that will be sent  to the lab for a few days for testing. You could  

用大的針頭從你的靜脈中取出，將被送到實驗室進行幾天的測試。你可以

place this machine in the store and people  can blood tests much more frequently and stop  

在商店裡放置這臺機器，人們可以更頻繁地進行血液測試，並停止使用。

diseases like cancer when they are just starting. It was easy to imagine how such a machine wouldn't  

癌症等疾病剛剛開始時。很容易想象，這樣的機器怎麼會不

just be placed in every store across  the country (USA) but in every store in  

在全國（美國）的每家商店，但在每家商店

every part of the world. Investors were lining up  

世界的每一個地方。投資者在排隊等候

to buy a piece of her company, especially  those who missed the opportunity to invest  

購買她公司的股份，特別是那些錯過投資機會的人。

in Facebook a few years ago. After a few rounds of  funding, Theranos was valued at 1 billion dollars. 

幾年前在Facebook。經過幾輪融資，Theranos的估值為10億美元。

After 10 years of working, she claimed that her  technology, validated by FDA and was used by the  

經過10年的工作，她聲稱，她的技術經過美國食品和藥物管理局的驗證，並被用於

military on the battlefield. Investors were sold.  The Walton family invested 150 million dollars.  

戰場上的軍隊。投資者被賣了。 沃爾頓家族投資了1.5億美元。

Robert Murdock invested 125 million dollars. In 2014, With over $400 million in funding,  

Robert Murdock投資了1.25億美元。在2014年，隨著超過4億美元的資金。

Theranos was valued at nearly $9 billion.  Holmes effectively became a multi-millionaire  

Theranos公司的估值接近90億美元。 霍姆斯有效地成為一個千萬富翁

thanks to her 50% stake. She appeared  on the Forbes magazine cover page,  

得益於她50%的股份。她出現在《福布斯》雜誌的封面頁上。

times' most influential people, the NYT, fortune,  and so on. She was seen as the next Steve Jobs,  

時代最具影響力的人物，《紐約時報》、《財富》等等。她被看作是下一個史蒂夫-喬布斯。

especially when jobs recently passed away. Overall, she raised 900 million dollars to  

特別是當工作最近去世的時候。總的來說，她籌集了9億美元的資金來

fund Theranos, and Thanks to her 50  percent ownership of the company,  

資助Theranos，並感謝她對該公司50%的所有權。

her net worth exceeded 5 billion dollars once  Theranos crossed the 10 billion dollar mark. 

一旦Theranos公司突破100億美元大關，她的淨資產就超過了50億美元。

But not everything was sunshine and rainbows, what  she didn't know is that wall street journalists  

但不是所有的事情都是陽光和彩虹，她不知道的是，華爾街的記者們

were secretly investigating her technology  and were about to bring her company to knees! 

他們正在祕密調查她的技術，並準備讓她的公司下臺！"。

Just days before Theranos's Series C-3  funding where the company had sought to  

就在Theranos的C-3系列融資的前幾天，該公司曾尋求

raise an additional $200 million. Wall  Street Journal released their article  

額外籌集2億美元的資金。華爾街日報》發佈了他們的文章

criticizing Theranos's blood-testing device. That infuriated the investors, Homles did  

在責備Theranos公司的血液測試設備時，他說："這激怒了投資者。這激怒了投資者，霍姆斯做了

everything she could but the damage has already  been made. When the world knew that Theranos was  

她所能做的一切，但傷害已經造成。當全世界都知道Theranos是

actually rigging their test results, that  was a death sentence. Her partners one by  

實際上是操縱他們的測試結果，那是一個死刑判決。她的夥伴們一個接一個

one began detaching themselves  from her and closing the labs. 

一個人開始與她分離，並關閉實驗室。

But that was just the beginning because little  did she know that she might end up spending  

但這僅僅是個開始，因為她不知道她最終可能會花掉。

the rest of her life in prison! Holmes denied all the claims,  

她的餘生將在監獄中度過!霍姆斯否認了所有的說法。

calling the Journal a "tabloid" and promising the  company would publish data on the accuracy of its  

稱該雜誌為 "小報"，並承諾該公司將公佈關於其準確性的數據。

tests. She appeared on CNBC claiming "This is what  happens when you work to change things, first they  

測試。她出現在CNBC上，聲稱 "這就是當你努力改變事情時發生的情況，首先他們

think you're crazy, then they fight you, and  then all of a sudden you change the world.” 

認為你瘋了，然後他們和你打架，然後你突然改變了世界。"

But that didn't work. Lawsuits after lawsuits  drained the company's resources. In March 2018,  

但這並不奏效。一場又一場的訴訟耗盡了該公司的資源。在2018年3月。

the SEC charged Holmes with fraud by taking  more than $700 million from investors  

美國證券交易委員會指控霍姆斯從投資者那裡拿走了7億多美元，涉嫌欺詐。

while advertising a false product. Homles is found guilty and faces a  

同時為虛假產品做廣告。霍姆斯被認定有罪並面臨

maximum sentence of 20 years in prison. But here  investors never really criticized her? But why? 

最高刑罰為20年監禁。但這裡的投資者從未真正責備過她？但為什麼呢？

While it's easy to hate Homles for her fraud,  you have to understand the culture of silicon  

雖然討厭Homles的欺詐行為很容易，但你必須瞭解硅的文化。

valley. 9 out of 10 startups fail and  those who succeed become really huge.

山谷。10家創業公司中有9家失敗，而那些成功的公司則變得非常巨大。

When you get to investors with your idea, what  most investors care about is if you are going  

當你帶著你的想法去找投資者時，大多數投資者關心的是，你是否會

to make it to your next round of funding so that  they can sell their shares to the next investors  

以達到你的下一輪融資，這樣他們就可以向下一個投資者出售他們的股份。

for a higher price. And the next investors  only care if you can make it to round C,  

以獲得更高的價格。而下一個投資者只關心你是否能做到C輪。

D, and so on until the company goes public and  the last investor will be able to cash out. 

D，以此類推，直到公司上市，最後一個投資者將能夠兌現。

The rest doesn't matter. 

其餘的都不重要。

That's why a lot of startups that come  up from silicon valley are usually  

這就是為什麼很多從硅谷上來的創業公司通常都是

overpriced and keep investors' attention  by overpromising and underdelivering. 

通過過度承諾和交付不足來保持投資者的注意力。

Take the example of WeWork, Nikola Motors,  and even Tesla. Tesla is a great company,  

以WeWork、Nikola Motors，甚至Tesla為例。特斯拉是一個偉大的公司。

but if you look at it, Elon Musk has always  been overpromising until he makes it. 

但如果你看一下，埃隆-馬斯克一直在過度承諾，直到他成功。

In January 2016, he promised that in 2 years,  we will have fully self-driving cars. In 2017,  

2016年1月，他承諾在2年內，我們將擁有完全自動駕駛的汽車。在2017年。

he said that in 3 to 6 months, Tesla cars will  be fully self-driving. But here we are in 2022,  

他說，在3到6個月內，特斯拉汽車將實現完全自動駕駛。但我們現在是在2022年。

5 years later, and we don't even know when is that  going to happen. The new Roadster was first teased  

5年後，我們甚至不知道這將在何時發生。新款Roadster首次被預告

in 2014. In 2017 a prototype was shown with insane  claims that it could accelerate from 0 to 60  

在2014年。2017年，一個原型車被展示出來，瘋狂地聲稱它可以從0加速到60

in under 1.9 seconds, with a range of 620 miles.  Production should have started in 2020. But now  

在1.9秒內完成，續航能力為620英里。 生產本應在2020年開始。但現在

in 2022, Tesla postponed it to 2023 or 2024 and  we have no idea when is that really coming. Tesla  

在2022年，特斯拉將其延後到2023年或2024年，我們不知道什麼時候是真正的到來。特斯拉

SemiTrack should have been delivered by 2019,  but now it's 2022, it's on hold UNTIL TESLA CAN  

SemiTrack本應在2019年之前交付，但現在是2022年，它被擱置了，直到特斯拉能夠做到。

FIGURE OUT THE WHOLE BATTERY THING. The same story  is with cyberattacks. All of these promises have  

弄清楚整個電池的事情。網絡攻擊的情況也是如此。所有這些承諾都有

kept pushing the stock price higher and higher Instead of Tesla delivering on its promises,  

不斷將股價推高，而不是特斯拉兌現其承諾。

Elon Musk is claiming that Tesla is a robotic  company and it's going to focus on robots.  

埃隆-馬斯克聲稱，特斯拉是一家機器人公司，它將專注於機器人。

These are just a few examples. I am not trashing Elon musk or  

這些只是幾個例子。我不是在抨擊伊隆-馬斯克或

defending Theranos. Tesla might deliver on all of  its promises, maybe 5, 10, or 20 years from now.  

為Theranos辯護。特斯拉可能會兌現其所有的承諾，也許是5年、10年或20年後。

But the strategy is simple - fake it till  you make it. That's how silicon valley works. 

但策略很簡單--假戲真做，直到你成功。這就是硅谷的運作方式。

Once you make it, everyone is going to  clap and talk about what a genius are you,  

一旦你成功了，每個人都會拍手稱快，談論你是多麼的一個天才。

but if you don't make it, or get caught in  the middle before delivering on your promises,  

但如果你沒有做到，或者在兌現承諾之前被夾在中間。

then you are going to be seen like the villain who  defrauded everyone. Whether that's right or wrong,  

那麼你就會被看作是詐騙大家的小人。無論這是對還是錯。

I will leave that for you to answer.

我將把這個問題留給你來回答。