There’s a reason why Theranos is a bad word these days. Firms that took on a similar sounding name before the US-based firm was exposed as a fraud are in a rush to make amends.
For example, Hyderabad based medical diagnostic startup Theranosis Life Sciences is in the process of rebranding itself ‘Oncophenomics’.
Revealing that their original name resulted in bewilderment among investors, founder Dr Shibichakravarthy Kannan said they took the decision to rebrand after investors pushed for it.
“All the investors were asking me to change the name, so we are changing it. It’s better to do now than later,” says Dr Kannan with a laugh, speaking on the phone from Hyderabad. The company recently received funding from the Mumbai Angels Network. Kannan says that almost all the investors he met questioned him about the company’s name.
When Kannan set up the company in 2015, he didn’t know the existence of Theranos. “The reason I named my company Theranosis was because it’s a combination of ‘therapy’ and ‘diagnostics’; a generic term we use in the research sector,” Kannan says.
“Also, since I came from Novartis, I wanted a company that ended with ‘is’. So I decided to keep this name. The domain and brand names were available. I thought, ‘Fantastic! We will be getting free SEO (Search Engine Optimisation) from Google.’” Kannan says that when he became aware of Theranos, it was at its peak.
“They raised very big series A and B funding and Elizabeth Holmes (Theranos founder) was the darling of Silicon Valley,” he says. “At one point, Theranos was more valuable than Uber, despite both being unicorns. People are caught up in this race for unicorn [status]. Today, it’s hit rock bottom; you don’t even know whether investors will get their money back.”.
From Amitabh Bachchan To Queen Elizabeth II: The Rich & Famous In …
8 Nov, 2017
In 2016 the Panama Papers thrust a spotlight on the tax affairs of the rich and powerful.
And 18 months later, the Paradise Papers have yet again brought the matter under global scrutiny.
The papers comprise data detailing the tax affairs of some of the wealthiest people and companies in the world.
Most of the information comes from papers leaked from Appleby, a Bermuda-based law firm specialising in offshore accounts.
Other records came from Asiaciti Trust, a family-run offshore specialist based In Singapore, and from 19 corporate registries maintained by governments in jurisdictions that draw the wealthy seeking privacy.
Here are some significant names that have emerged from the papers:
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