Submitted 4 weeks ago by cantankerous_cashew@lemmy.world to technology@lemmy.world
How on Earth did they manage to fuck this up?
They were the leading firm in a field where having the most data makes yours the most accurate tests. Their product sold for hundreds of dollars a pop, with practically zero marginal costs to run the tests. And they were really popular, selling like hotcakes.
It’s insane just how astoundingly incompetent upper management can be sometimes.
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…"
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.
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…
No returning customers, due to the nature of the business. It’s dead from the start.
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.
It can’t be just that, right? There are loads of successful products that any given person only ever buys once.
Exactly this
Reminder that you can download and save your data locally then revoke your consent agreements and delete your data. Who knows if it will actually be deleted though.
Yeah good luck with that.
I doubt they’d actually delete data now. Who are you going to sue if they don’t? They’re bankrupt and they’ll just pull a “oh we forgot to delete it!”
They need these samples and data to be sold off to pay off a lot of groups so I honestly don’t believe they’ll delete anything
If your brother or even cousin did a test it’s about good enough to be applied to you too for a lot of cases so yay, so much fun about human DNA databases now being available to the highest bidder.
Who would bid? Maybe America’s new Nazi’s would like an insight in their racial purity? So many fun ideas!
That company should be burned down to the ground
That company should be burned down to the ground
Seems like they did a pretty good job of burning themselves to the ground.
Pepperidge Farm remembers
US people should get ready to be denied even more healthcare
Well, I’ve always been curious what a ruthless person would do with all that DNA data. I’ll finally find out.
Church of Latter Day Saints will probably buy it. They believe they can convert the dead.
They can’t possibly be that stupid. I’m sure they have more sinister plans for these geneology databases. My first guess would be blackmail. But I’m guessing they have a ton of other evil ideas.
Don’t know why tho, since they believe only 144k people will be saved
I am so glad i never used the kit my dad got me. I had a suspicion this would happen sooner or later
some_dude@lemm.ee 4 weeks ago
I wonder who they will sell their data to
seeigel@feddit.org 4 weeks ago
The Saudi investment fond. It’s a perfect complement for that Pokemon Go data.
voodooattack@lemmy.world 4 weeks ago
I hear they’re quite fond of it
slaacaa@lemmy.world 4 weeks ago
happy chopping sounds l
ExLisper@lemmy.curiana.net 4 weeks ago
ICE
acosmichippo@lemmy.world 4 weeks ago
facebook
harrys_balzac@lemmy.dbzer0.com 4 weeks ago
Mormon church seems like a good candidate.