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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "notes": "The slide uses highlighted quotes from a former senior employee at Ginkgo to substantiate the 'Intrexon 2.0' thesis.",
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      "text": "More than one chapter in Ginkgo’s playbook copied from Intrexon",
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      "text": "Same model of pushing to control related-parties to capture and round-trip their “revenue”",
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      "text": "Same playbook with money “going from the left hand to the right”",
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      "text": "Ginkgo copied their playbook; says he’s “been around the block enough times to understand” Ginkgo’s related-party games; and noted it’s the same model where money is “going from the left hand to the right.”",
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      "text": "Ginkgo’s trajectory is typical of the synthetic biology space, which is littered with scams and blows ups, whether Zymergen two months ago or Intrexon, which we shorted successfully for years. Intrexon pioneered the round-tripping hustle in the space, using the term “Exclusive Channel Collaboration” for related-parties, while Ginkgo calls them “Platform Ventures.” An ex-employee of Ginkgo who worked at Intrexon stated that Ginkgo copied their playbook; says he’s “been around the block enough times to understand” Ginkgo’s related-party games; and noted it’s the same model where money is “going from the left hand to the right.”",
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      "text": "I think the related parties, going back to my comment about Intrexon... I know enough about what's going on there and have been around the block enough times to understand...Having come from Intrexon and having seen that playbook played out before...going from the left hand to the right, so to speak. They can do that because they can raise money like no one else I've ever seen before.” – Former senior employee at Ginkgo",
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      "text": "From a business perspective, they want all the revenue, and they want to control the entity, for sure. It reminds me a lot of RJ because, in the short term, everything looked amazing, but they never got a single project over the finish line. I know short-term, now that they're a public company, they have revenue expectations and things like that. But it's kind of interesting because the whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly.” – Former senior employee at Ginkgo",
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      "text": "If you're a student of the history of synthetic biology, there's more than one chapter in Ginkgo's playbook copied from Intrexon because what RJ Kirk was doing, he basically invested in distressed assets or companies that needed some sort of assistance, and that revenue came back to Intrexon and it looked like proper revenue for the company, it helped build the valuation of the company that allowed them to go out and do big acquisitions and things like that. You know how Intrexon ended. Q: “Is this basically Intrexon 2.0, just to be blunt?” A: “Yeah, I would say so.” – Former senior employee at Ginkgo",
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      "text": "“If you're a student of the history of synthetic biology, there's more than one chapter in Ginkgo's playbook copied from Intrexon... You know how Intrexon ended.” Q: “Is this basically Intrexon 2.0, just to be blunt?” A: “Yeah, I would say so.” — Former senior employee at Ginkgo",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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