Comment on DNA testing firm 23andMe files for bankruptcy

CitricBase@lemmy.world ⁨1⁩ ⁨week⁩ ago

• Ledericas@lemm.ee ⁨1⁩ ⁨week⁩ ago

  They were being sued in the past for privacy breaches, they probably are in more trouble financially n than what’s being reported?

  Apparently they were just there to sell your genome data once you submit it, also there’s no repeat customers since once you get your results you aren’t going to get another one.

  This article explains it better"standard.co.uk/…/23-and-me-dna-test-collapse-b121…"

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  • slaacaa@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Good article. It was fundamentally not a good business model. You have to acquire new customers constantly just to keep the lights on, it’s unsustainable. Adding on top of that the experations from investors to grow every year, and the collapse we see now is guatanteed.

    I see they tried to diversify, that could have helped, but without a recurring revenue stream at the core of your business, you cannot become the big company they wanted to be.

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    • Ledericas@lemm.ee ⁨1⁩ ⁨week⁩ ago

      i was comparing it to THERANOS, more or less it was a scam from the start. Having someone like glaxo-kline smith access to data without consent is just asking for trouble.

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  • DandomRude@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Yes, just terrible management. You could have just made good money, but no, there has to be more. So excessive greed at any price - now it’s just bankruptcy. But I’m sure that won’t bother the senior management: they’ve already put their millions in a safe place and will simply move on. The next company that needs their outstanding business management is bound to come along…

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• meliante@lemm.ee ⁨1⁩ ⁨week⁩ ago

  No returning customers, due to the nature of the business. It’s dead from the start.

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  • Voroxpete@sh.itjust.works ⁨1⁩ ⁨week⁩ ago

    I’m not sure what would make you think the “customers” for an enormous DNA database were the people providing the DNA.

    Those people were just paying to be the product.

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  • cactusupyourbutt@lemmy.world ⁨1⁩ ⁨week⁩ ago

    people get born every day

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    • StenSaksTapir@feddit.dk ⁨1⁩ ⁨week⁩ ago

      I don’t. It’s only happened to me once.

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      • calabast@lemm.ee ⁨1⁩ ⁨week⁩ ago

        A person is born every day.

        You are not born every day.

        Seems clear that you must not be a person.

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      • spankmonkey@lemmy.world ⁨1⁩ ⁨week⁩ ago

        It happened to me yesterday and now I hear it only happens once?

        Smh my head.

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    • SippyCup@feddit.nl ⁨1⁩ ⁨week⁩ ago

      Right, but the data you get from that test is pretty broad. One test will create a background for an entire family. You only need to do one for one child. Or if both parents have one, or a sibling of both parents have done one, the children of that pair also no longer needs a test to see their background.

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      • dubyakay@lemmy.ca ⁨1⁩ ⁨week⁩ ago

        It’s not just about background though. Could also filter the results for genetic markers of medical conditions, something that may differ between individuals.

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    • Zoomboingding@lemmy.world ⁨1⁩ ⁨week⁩ ago

      People that would presumably already know their lineage since their parents already took the test.

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    • acosmichippo@lemmy.world ⁨1⁩ ⁨week⁩ ago

      true but after the enormous initial boom they would have reached an equilibrium of a small trickle. the question is if that small trickle is enough to sustain a company on its own, so apparently not.

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  • CitricBase@lemmy.world ⁨1⁩ ⁨week⁩ ago

    It can’t be just that, right? There are loads of successful products that any given person only ever buys once.

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    • SquiffSquiff@lemmy.world ⁨1⁩ ⁨week⁩ ago

      Sure, list five

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      • Captain_Buddha@lemmy.world ⁨1⁩ ⁨week⁩ ago

        That’s easy! 1: Coffin 2: Headstone 3: septic tank 4: bad parachute 5: cemetery plot

        There’s, uh, a bit of a theme with these though.

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      • asap@lemmy.world ⁨1⁩ ⁨week⁩ ago

        Come on. Any “buy it for life” product will fall in that category. Safety razor for example.

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      • Jerb322@lemmy.world ⁨1⁩ ⁨week⁩ ago

        A headstone, grave, urn, wedding dress, and any outfit used in a religious ceremony.

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  • clutchtwopointzero@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Exactly this

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