![]() ![]() (.) It’s generally impossible to understand how people will use a feature or react to a change until after it has been implemented and pushed out into production.” This statement is the quintessence of the Silicon Valley mindset. The truth is that breaking things is unavoidable. Of course, some might wonder why you couldn’t just stop at the “move fast” part. These five words encapsulate a philosophy of rapid development, constant iteration, and the courage to leave the past behind. This mentality of innovating first and worrying about possible problems later has enabled numerous tech startups such as Facebook to thrive, becoming a standard for startups in Silicon Valley.Īccording to Andrew McCollum, a Facebook co-founder, “ ‘Move fast and break things’: It’s one of the principles that has guided Facebook’s development process since its earliest days. This Silicon Valley’s long-time mantra was pioneered by Facebook’s founder, Mark Zuckerberg, who has always promoted trying out new ideas as fast as possible to put the products into consumers’ hands and see if they work in the marketplace, according to Katy Cook, author of “Psychology of Silicon Valley”. At its peak in 2014, Theranos reached a valuation of over $9 billion, making Elizabeth Holmes the world’s wealthiest female billionaire, without actually possessing viable single-drop blood testing technology which was widely promoted in the media, including interviews and front covers in the most prominent magazines such as Forbes, or Fortune. Professor John Ioannidis from Stanford University, Professor Eleftherios Diamandis from University of Toronto, and The Wall Street Journal investigative journalist John Carreyrou, called into question the validity of Theranos's technology in 2015 which was a turning point for a then resoundingly successful startup.Īlthough ‘Fake It Till You Make It’ practice is widely used in Silicon Valley, some founders like Theranos founder, Elizabeth Holmes, take it to the extreme promising investors and the public the moon and pumping up their companies’ valuation to inconceivable levels, but eventually fail to deliver on their promises. ![]() I don’t think that Theranos is an exception in that regard.” They are probably overoptimistic and maybe most of these ideas would fail. They’re still working on them, but they haven’t tested them out. John Ioannidis, professor of medicine, epidemiology, biomedical data science from Stanford University School of Medicine, said in the Yahoo Finance documentary “Elizabeth Holmes: The 'Valley of Hype' behind the rise and fall of Theranos": “I suspect that there’s many other companies that don’t really have the ideas that they propose that they do that they have. Interestingly enough, lots of them have just an idea but still manage to find investors willing to provide seed capital for their innovative startups. However, to build a unicorn with a billion-dollar valuation based on a breakthrough and world-changing innovation, companies and founders need money, often falling back to the ‘Fake It Till You Make It’ strategy to acquire funding from venture capitalists or business angels. Silicon Valley is a place like no other where everything is possible and everyone is working on something big. As a result, all of them make Silicon Valley an unbeatable hotbed for innovation and technology disruption with pervasive, infectious, and one of its kind buzz, attracting dreamers focused on changing the world. By combining these two facts, Hoefler created the name of the most famous hub for technology companies in the world.Īlbeit Reid Hoffman exquisitely observed, “Silicon Valley is a mindset, not a location, ” it’s hard to find any other location with such a unique set of assets at its command like the abundance of capital from venture capitals, tech talents from world-class universities, and high-flying but collaborative culture. The term “ Silicon Valley” was coined by a journalist, Don Hoefler, in a 1971 article about computer companies located in the San Francisco Bay Area, formerly agricultural land, which started to be home to numerous leading businesses using silicon to manufacture their chips such as Intel or AMD. Elizabeth Holmes and the Power of Persuasion.Elizabeth Holmes - The Fall from the Top.
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