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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 a series of pull-quotes to substantiate claims of financial impropriety and lack of product-market fit.",
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      "text": "Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in.",
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      "text": "Our analysis on the preceding pages is consistent with our interviews with ex-executives and employees of Ginkgo, who stated that real third-party customers – versus related-party fronts - were skeptical of Ginkgo’s CRO services and simply didn't want to pay, forcing them to invent a round-tripping model with equity transformed into non-cash revenue. That is, Ginkgo had to resort to paying customers to use its services, with the payments recycled back: “nobody wanted to pay an upfront payment for a technology that they really didn't understand or believe in.” The color indicated that third-party partners never paid much “when it came to money” and were just hype for financing, and that the actual downstream value capture from successfully engineered strains may have only been few hundred thousand dollars per year.",
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      "text": "“The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. So, lack of platform uniqueness, lack of product.” - Former employee",
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      "text": "“Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding.” - Former Ginkgo executive",
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      "text": "\"Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in.\" — Former Ginkgo executive; \"Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding.\" — Former Ginkgo executive; \"The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. So, lack of platform uniqueness, lack of product.\" — Former employee",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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