The now-infamous biotech startup Theranos was valued at $10 billion in 2014 based on false claims that Theranos had a machine, call the Edison, that could use a few blood drops from a fingerprick to test for hundreds of diseases. The facade collapsed not long after John P.A. Ioannidis, who has been called "the godfather of science reform," expressed skepticism. In a February 2015 Viewpoint article in the Journal of the American Medical Association, Ioannidis criticized Theranos for its so-called "stealth" research — making claims without any peer review by outside scientists. Soon, others were asking the same question: Where's the proof?
Theranos is hardly unique, though criminal prosecutions are rare. Companies trying to raise money or sell products often make claims that cannot be verified. Startups are rife with "fake-it-till-you-make-it" mentalities among employees and founders, such that the idea has become cliché.
