The Rise and Fall of 23AndMe
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- čas přidán 1. 06. 2024
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When it burst onto the scene, 23AndMe were seen as one of the most innovative companies in Silicon Valley. But with their value crashing 95% from their peak, what's going wrong for them? How did they go from a big buoyant startup to shunned by investors?
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Most people use these once out of curiousity, eventually you just run out of people.
Why not get tested again? Maybe your great-grandparents have changed, you never know!!!?!
😂@@teelo12000
They are also useless as they can't accurately predict much of anything. When you set it to what the formula is 99% sure off, it can only predict your linage by continent.
Yeah seems like people should know to be wary of investing in companies with no repeat customers
Yeah, I got myself tested because one of my great-grandparents was unknown and while I found all the info interesting, there's pretty much no reason for my parent or my siblings to get tested, same for me.
(Now if I get bitten by a radioactive spider than that's a different story 😄.)
My 23AndMe story...
Got incredibly detailed genetic results consistent with my family history in Europe
My results started getting simplified every few months
They started trying to sell me family tree services
My results kept getting simplified
They started bombarding me with their family tree services
One day I logged in I was "100% British".
No nuance, no subtlety, just a blue icon of the British Isles and not a scrap of further data..... just "British".
Then they lost all my personal data to hackers.
My mother is a Polish Jew.
Never seen such a brazen rug pull.
Brazilian rug pull costs extra
I believe the hackers leaked a list of people with Jewish ancestry in the database in order to prove that they had the data and pressure 23&Me to pay them off.
I was thinking of taking it. Should i?
@@amazingamx1255 I would personally advise against it unless you have a compelling reason, or you are trying to resolve a specific issue with family relations. If you are just curious, I suggest not. At the end of the day you are basically giving your personal details and DNA to a third party that has already lost lots of that data already mate
Huh?
Thanks to my 23andMe raw data I learned that I had a gene that made macular degeneration worse with zinc. Because of this my dad tried taking AREDS2 without zinc and saw noticeable improvement in his macular degeneration. His vision will continue to decline, but at a much slower rate than it otherwise would have. Thanks 23andMe!
People are probably more conscious of the risks of handing over full genetic data to companies in the age of AI, I probably would not risk it until better security is guaranteed
Exactly. Imagine if they sold your data to insurance companies and increase your bills massively because you had some genetic risk factors or something
@@RealUlrichLeland Health Insurance companies in UK, only check your medical report from your GP and no 3rd parties.
@@jenniferjuliana10 Yes, but we're talking about The USA here, let alone other nations with even weaker data protection. Even if the countries with strong privacy law like EU's GDPR abide the rules, we cannot guarantee other play with same rule. Imagine your DNA used by shady businesses based in those places.
@@jenniferjuliana10at the moment. Whose to say they won't in future? Whose to say they don't already and just lie about it? You trust the tories to police this?
Exactly
steps to become a famous successful entrepreneur
1. marry a billionaire
2. go back to step one
I guess 23andMe are not moving past '23😂
The central issue is that they didn't understand their niche. They were never going to be a giant ongoing concern. They should have expected an initial big surge from the novelty of the process and new market once they got economies of scale and costs controlled, used that to pay off investors, then settled into being a midrange company with at most a million or so customers a year (more if they got into other markets). Instead they shot for the moon, and now they're crashing. Maybe they'll still settle into the midrange position, just another quiet company with another market niche, but we'll see how the finances sort out.
Really, this is an issue with a lot of modern companies. They see the trendlines go up and want that forever, even though both basic economics and their particular market will obviously make that fail at some point, and they keep not planning or preparing for that point.
3:27 I know it's just an aside, but I really appreciate the FDA stepping in and basically saying "you guys sound shady" only to get out of the way when their product was proven reliable.
Props to the unsung heroes of bureaucracy that keep us safe even if they don't always get it right the first time
They are shady though because
1 they sell all the data to third parties
2 their models aren't accurate and do a lot of guess work on the deafult setting. It gives people a false impression of their linage, especially when it falsely sorts by country when it can only accurately predict continent
Or corporate lobbying led to a change of opinion? Admittedly, I know none of the details, but would be curious of the details on why they changed their minds on the approval. Great Video though!
Ah yes the fda, the same people who approve various chemicals, microplastics, and seed oils in every processed food item, and giving the untrialled covid vacx to pregnant women and children. Such a great beaurocracy! Thank God theyre looking out for us and not their pockets
@@Anon-nv7bpnone of those things are bad at the doses that are in products
@@Anon-nv7bp still whining about covid vaccines in the year of our lord 2024? jfc lol
I had considered getting a DNA test with this company, but they just made it extremely difficult in some countries. Their competitors are a breeze to use, but they seem to mainly be a US-centered company in terms of market appeal. Aside from medicine, they still have a multi-billion market in the other 190+ countries with the original tests.
23andMe:
Me: "I don't even know who you are"
Imagine if it later turns out the companies offering to protect you from data brokers, are in fact selling your data to more _circumspect_ data buyers all along, and TLDR has to run another video about their former sponsors.
Which sponsor did they have to make a video on? Established Titles?
I've heard Better Help is also a bit of a scam
@@esmeecampbell7396masterworks is a scam
@@esmeecampbell7396nearly all the CZcams sponsors are shady. Skillshare doesn't offer the free trial the way it says it does and charges people early. The land titles one is a lie. As is the painting stock one and the therapist one has awful online reviews.
In fact the only ones that sound vaguely above board are the VPNs and I still don't believe they're completely trustworthy seeing as most of their server ISPs are blocked on the very sites you'd want a VPN for
@@esmeecampbell7396Better Help, Established Titles, Masterworks, and the wine company that Cinemasins was promoting are all scams.
Problem is sponsorships are where you can take them they can do their research but it takes time and these sponsors fund their news so it's a manner of checks and balances for anyone dealing in the media industry
“Video brought to you by Incogni” 😂
I was going to do a DNA test through this company as I wanted to know more about my ancestral background. Then I found out once this company and its competitor owned your DNA when you give it to them. They could do anything with it. I wasn't comfortable with someone possibly using it for ill intentions and not having any say with how my information was used. I changed my mind and kept it private instead. Glad that I did especially with the breach that they had last year.
Everything you said is straight up wrong. They can't "Do anything with it". There are were always laws on the books and many more came about since the creation of services like 23 and me.
You only need to do it once, you only need one sibling to do it, and it's only really interesting if you come from a family with a migration history - one of my brothers took it and duh, we are the northern european celts we already knew from famiky records and, well, looking at us.
I’m shocked at so many comments saying that they never heard of this company. It was huge just a few years ago, advertised everywhere and I swear I couldn’t go anywhere without hearing or seeing advertisements.
I find that shocking as well.
Maybe the commenters came from different sections of life and the internet and maybe never actually came across the ads for it. Or maybe they saw the ads but just barely saw ads due to being super far in the background and ignored them.
Maybe it's a european thing? I've never seen a single ad, and I only know it because of a friend.
I never heard of it until that Wojcicki chick started appearing as a guest on Shark Tank. I don't remember seeing any ads for it years ago, but maybe it's because I tuned them out. I'm not the target audience, because I would never send my DNA to one of these shady companies. It's a breach of privacy. There's also a risk that you'll get harassed by police because some shrieking soccer mom Karen declares herself a genetic genealogist, and says you're a deleter. This happens more than you think. Look up Michael Usry Jr, who was falsely accused of deleting Angie Dodge after a shrieking soccer mom Karen genetic genealogist "figured out" he was the person who did it.
There were also lots of stories from the people who found out that their results didn't line up with their official family tree. A friend of my brother found out that her deceased grandfather wasn't actually her grandfather, but a man her grandma once had a fling with.
It's extraordinary how a company based on genetics has been plagued by such inbreeding amongst it's leaders and owners. Similarly they have largely ignored markets outside of the US. Genuine collaboration with healthcare providers (Primary care and Hospitals -leading them to develop their own services.) and Ancestry has cleaned up on the genetic relationship side with 23 and mes family tree aspect being shockingly lame. Whilst taking their eye of the ball on data security which had to be the number 1 risk for the entire business. They are victim of believing their own hype.
5:43 Hi, Dr.Nick!
Hmmm it's a bit disingenuous to look at stock price during the 2021/early 2022 biotech bubble to now. Almost all biotech companies went through insane valuations and crashes, mostly due to interest rates going from 0% to 5% in a few months and investors overvaluing biotech due to the coronavirus vaccine veing developed.
Best business plan, keep it in the family...
Great video! Also I love the dress! Feeling so inspired! subscribed :)
I can’t think why the hell anyone would give their dna to private company.
Never heard of it untill now, thanks...
Seems another effect of the end of free money (as it were). Higher interests rates mean investors are no longer throwing cash at anything with a flashy investment video - unless it has 'AI' in the title anyway.
That’s a great intro tune!! How is this song called?
Great to see the news on it… not much meat, industry comparison, foundation purpose/motivation, principles, comparisons of: size, innovation, papers, SWOT analysis, Eisenhower matrix, etc.
Have they tried 'surge pricing?'
Never heard of that company...
Definitely didn't do the test after reading the fine print.
I'm grateful that they found I had two Irish genetic diseases from 23andme. I had loads of odd symptoms and quite a few bloodtests and I only found out later after sometimes feeling fatigued and ill I had two copies of the hereditary haemochrotosis and a copy of the Coeliacs disease.
If you think you're of Irish descent, get yourself checked out!
This company fell from grace fast.
Isn't divorce a simpler way to get rich? Companies seem too much work. Profitable companies - wtf are those supposed to be?!
As someone who works in drug discovery this is wild. 50 candidates is INSANE. Drug discovery is one of the most expensive processes in the world due in part to the high failure rate. Additionally patient data is sacred being subject to significant data breach or mishandling is such a death knell. I wouldn't be surprised if GSK has tried to sever their connection with 23 and me to cover their own butts.
Never heard about this company in my entire life
It's unfortunate they are able to sell a legitimate product yet they can't be profitable. It would be interesting if they'd expand into more countries because that would provide better ancestry data. For example all the relatives I see in 23AndMe live in America when I'm positive 99.9% of my distant relatives in total actually do not.
"the DNA of decline" you guys are absolutely ruthless 😭😭😂😂😂
It turns out most people have the same DNA as their family members and local community. Who would have guessed?
If 23&me awitches to longevity research i think they can recoup losses
Best thing that could happen to this company.
Family secrets might dissuade those who know them from revealing them by publicizing their genetic connections.
never heard of this company ??
What's a "Conshumer"?
lmao
Will they get a bailout by the federal government?
This agencies should try to get more data from non Western countries, maybe they will get new customers
All the ancestry-obsessed people have already found out they have black ancestors and unalived themselves.
i am very disappointed with this company i cant enter my subscription for months even that "THEY SEND ME A NEW PASSWORD" and lately they not even send a password BAD very bad 0 stars for this company
When your DNA isn't considered protected medical information...
I would love a insurance compagnie having access to my genetic data and augment my rate based on my family genetic... that would NEVER happen right ??? haha
I tried 23 and me but they couldn't identify my ancestry. After speaking to customer support they sent me another pack for free to try again. So I sent my semen sample a second time and that didn't work either. And the company wonders why it's going downhill 🙄
Even a lame joke like this should have a smilier emoticon. Obviously they want your spit and not your spunk. Their procedures can't use the latter.
Next video. The rise and fall of Incogni 😂
We had a data breach. Please change your D.N.A. Sequence for future use.😅
Their main competitor (AncestryDNA) has been far more successful. They focused on the ancestry and family history aspect rather than delving into health and medical issues.
but the health and medical area is where the money is.
Personally, I never thought the DNA-Testkits would make them any money and only invested because of the drugs they will release years from now.
Ancestry might be the better service for private gene testing, but that's not really where the money is.
@@liquidminds Okay, but that doesn't seem to be what's happening. AncestryDNA is doing fine, but 23andMe may be going belly-up.
@@sylviabargas3340 because ancestry is making money with their primary business model, while 23&me is treading the water until their primary business model starts paying.
One is a consumer tech company and the other is a medical company. They do not trade the same way.
Right now, every company that is not being used as collateral for short positions is being shorted to the ground, independent of their financials. Just wait for the market correction and you'll see that the big boys with the big stock value are all pumped...
For everyone who's puzzled that they never heard of 23AndMe, it may be because they never entered your market, or because their marketing outside the US is poor. There are regulatory and legal constraints when you offer health-related services and charge for them, so it may be that they were delayed in entering markets outside the US, and did not promote as much in those markets. Try to figure this out: According to some of their webpages (starting at [[1]] and following links), they ship to the US, Canada, the UK, and various countries categorized as "Europe" or "International." Under "Europe" they list only
Denmark*
Finland*
Ireland*
Netherlands*
Sweden*
The asterisks identify EU members. So they considered the possibility of including non-EU members under "Europe," and include Ireland but not the UK in "Europe." Fine. The International list includes most other European countries.
Why the unexplained distinctions between a few select northern countries and most of Europe? Like a lot on their poorly thought-out pages, it's unclear. One possibility is that they advertised and consider as "Europe" only EU countries where pretty much anybody capable of spitting into a hygienic receptacle can also speak English. Another might be that both the "Ancestry Service" and the twice-as-expensive "Health + Ancestry Service" are available in the five "Europe" countries, but that in the "International" European countries they can only offer the "Ancestry Service."
West of the Russia-Belarus-Ukraine-Black Sea line, the "International" list excludes these generally recognized European countries East to West, unless I missed someone: Turkey, Serbia, Montenegro, France, and Andorra. The International list also includes many other "Western" countries.
[[1]] eu.customercare.23andme.com/hc/en-us/articles/204712980-What-Countries-Do-You-Ship-To
The reason is that in some countries it seems to be actually illegal. In France, private DNA paternity is punishable by up to 1 year in prison and a €15K fine. Since 23andMe reveals your Y-DNA haplogroup, if a father and son test, it can be easy to check for paternity. So maybe 23andMe are just covering their tracks, and only selling to countries from their EU subsidiary where they are sure to obey the local laws?
DNA term’s of ancestry is incorrect.
I've never heard of 23 and Me
How can a DNA test reveal your SSN number? lol, doesnt make sense.
am i missing something? why did they start talking about drug development in the middle of the video?
Because 23 and me started drug development program....
4:00
I think because zero repeat customers means that the only viable business models were ones that never came close to taking off. Like the subscription service and selling customer data
❤❤❤
:o
I’ve never heard of this company until now 😅
How many learned about it via the sponshorship advertisements of Death Battle?
why do you keep on shouting like you're in pain?
I honestly had never heard of this company, let alone that they were a billion dollar company, lol.
23AndBLM falling? Seems like good news to me.
First of all, why is it called 23 and me? Is it the chromosomes? But it sounds like a make up brand 😊
yes
Yep, humans specifically have 23 pairs of chromosomes (1-22 are your autosomes and 23 being your sex chromosomes), for a total of 46
The timing is very suspicious. Certain people clearly didn't like the result me think
Seems awfully similar to THERANOS
Like Come on GUYS
Not really, Theranos's plan was to have kiosks that would test your blood. The end goal wasn't for the customers to ship samples to the to then get results. This proved to be impossible so they faked it. With this they are upfront about how the testing is done...or at least it doesn't seem so suspicious.
That's not a bad point per se, but there are a number of differences. Namely 23 and me wasn't a complete fraud.
23AndMe has a working product, just the demand dried out. Theranos was just scam and fraud.
At least their tec sort of work
This company fell from grace fast.
❤❤❤
This company fell from grace fast.