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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses direct quotes to draw a parallel between Ginkgo and Zymergen, framing Ginkgo's business model as lacking substance ('secret sauce').",
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      "text": "Wow, it's like Zymergen too here. All the same stuff is happening, except it's happening even faster at Ginkgo.",
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      "text": "Ginkgo employee who worked at Zymergen stated it’s “all the same” but the decline is even faster at Ginkgo",
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      "text": "Current executive at related-party “customer” Joyn Bio “can’t tell what’s different” between Zymergen and Ginkgo; founders at both “have their little magical thing they spin to get deals”; can’t figure out the purported “secret sauce” at either company",
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      "text": "“As I understand it I think Zymergen actually has products, I mean, they're in partnerships, but I think that they actually have some products that they're working on either themselves or in collaboration with somebody. That's one difference. I can't assess under the hood because when we talked to Zymergen a couple of years ago, they were in the same thing. Zach Serber, the CSO, was the same kind of thing as Jason. They each have their little magical thing that they spin to get deals. You could never really get to what was the secret sauce. I can't tell what's different about them.” – Current Joyn executive",
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      "text": "“[A colleague who worked at Zymergen] was telling me, \"Wow, it's like Zymergen too here. All the same stuff is happening, except it's happening even faster at Ginkgo. The decline in the culture.\" There was a very fast decline when it got really close to IPO; the culture became terrible, I would say, in a matter of a few months.” –Former Ginkgo employee",
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      "text": "An ex-Ginkgo employee shared comments from a colleague at Ginkgo who worked at Zymergen: “Wow, it’s like Zymergen too here. All the same stuff is happening, except it’s happening even faster at Ginkgo.” A current executive at key related-party “customer” Joyn Bio offered color identical to what we heard from ex-employees: “can’t tell what’s different” between Zymergen and Ginkgo; stated that founders at both “have their little magical thing they spin to get deals”; and can’t figure out the purported “secret sauce” at either company.",
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      "text": "\"Wow, it's like Zymergen too here. All the same stuff is happening, except it's happening even faster at Ginkgo. The decline in the culture. There was a very fast decline when it got really close to IPO; the culture became terrible, I would say, in a matter of a few months.\" — Former Ginkgo employee; \"As I understand it I think Zymergen actually has products, I mean, they're in partnerships, but I think that they actually have some products that they're working on either themselves or in collaboration with somebody. That's one difference. I can't assess under the hood because when we talked to Zymergen a couple of years ago, they were in the same thing. Zach Serber, the CSO, was the same kind of thing as Jason. They each have their little magical thing that they spin to get deals. You could never really get to what was the secret sauce. I can't tell what's different about them.\" — Current Joyn executive",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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