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  "documentTitle": "Ginkgo Bioworks (DNA)",
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  "notes": "Uses expert testimony to draw parallels between two companies to frame a short thesis.",
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      "text": "Ginkgo’s product failure is identical to Zymergen’s, which claimed to have a product but didn’t, triggering a 70% plunge two months ago.",
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      "text": "Current executive at related-party “customer’ Joyn Bio “can’t tell what’s different”\n“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": "Ginkgo and Zymergen “were always looking jealously as each other”; not much differentiation between the two\n“I think both companies were always looking jealously at each other or trying to one-up each other. But I don’t think there’s a large differentiation between the two companies per se besides that historical philosophy. I think they’ve worked on very similar projects and ideas. Like, for Joyn Bio, Zymergen was a runner-up, and you can see in their S1. They kept working on a nitrogen-fixing microbe because they thought it was such a valuable idea or useful thing to do. There are a lot of parallels; they’re more similar to each other than they are different.” - Former director level employee",
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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\n“[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": "Ginkgo’s product failure is identical to Zymergen’s, which claimed to have a product but didn’t, triggering a 70% plunge two months ago. The companies are identical - both use yeast as their platform of choice; the same suppliers to outfit their facilities; and so many similarities that multiple ex-Ginkgo employees, including one who also worked at Zymergen, told us they expect the same implosion. We preview their comments, covered in more detail in Part 2: “can’t tell what’s different”; both founders “have their little magical thing they spin to get deals”; can’t figure out the “secret sauce” at either company; both “were always looking jealously at each other”; “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": "\"I can't tell what's different about them.\" — Current Joyn executive; \"I think both companies were always looking jealously at each other or trying to one-up each other. But I don't think there's a large differentiation between the two companies per se besides that historical philosophy... they're more similar to each other than they are different.\" — Former director level employee; \"Wow, it's like Zymergen too here. All the same stuff is happening, except it's happening even faster at Ginkgo.\" — Former Ginkgo employee",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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