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…
Comment on DNA testing firm 23andMe files for bankruptcy
Ledericas@lemm.ee 1 week agoThey 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…"
DandomRude@lemmy.world 1 week ago
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.
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.