Unlike any other, the FemTech sector is one of the fastest growing around the globe. In the UK, we are seeing large investments happening in order to improve healthcare inequalities and focusing on mental health, menopause, pregnancy and fertility. It is anticipated that the market will grow beyond USD $97 billion by 2030, making this an ideal time for innovation to grow and for founders to craft new ideas in FemTech.
What is FemTech?
FemTech includes applications, software and services that concentrate specifically on women’s health and well being. These include range of services and products related to reproduction, maternal health, fertility, menopause, sexual health and general wellness. In a nutshell, FemTech aims to enhance the practices and outcomes of women’s healthcare through relevant technology.
What is the FemTech Sector Worth?
The FemTech sector has rapidly advanced and is said to be worth over USD $60 billion dollars in value as of the latest reports and further predictions indicate it might rise over USD $100 billion by 2030. The major contributing factors driving this growth include the recognition of health issues women face, the rise of digital health solutions and investors’ acknowledgment of the opportunity present within this industry.
Finding Your Niche in FemTech
Finding your niche is the first and most important step of this process. When addressing women’s health a FemTech founder needs to consider what health issues women are facing and connect their technological skills to find a solution for it. Already-existing companies focus on a range of areas specifically for women, such as menopause, menstrual tracking, fertility, pregnancy, endometriosis and much more. A good way to begin your research is by taking data from the NHS to find healthcare gaps that might require attention.
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Creating the Perfect Team For Your Startup
Assembling a team comes next after determining your focus area. FemTech startups typically require a combination of technical, medical and commercial skills. This means engineers and product designers, as well as clinicians, doctors and midwives. Importantly, you will need regulatory specialists and individuals capable of commercialising the product. You can find your team through networking, partnering with a medical professional or on LinkedIn.
Securing Funding For Your FemTech Startup
Often, gaining access to funding can be the most difficult aspects of building a startup. Some venture capital firms and angel investors have started paying closer attention to women’s health. This is why founders should focus on NIHR programs and Crowdcube to try to get access to early funding. An example to follow is the London-based company, Elvie, which launched with a smart breast pump and pelvic floor trainer. By addressing a genuine gap and building trust, Elvie was able to expand into other areas of women health and raised more than £42 million.
Crafting Your Minimum Viable Product (MVP)
Once the funding is acquired, the next step is to develop a minimum viable product (MVP). For FemTech, the MVP can vary as it may be a software application, a digital health unit or an innovative service altogether. One of the most important aspects to this step is to include the actual women right from the get-go. Having focus groups and testing within the intended market can validate that the product you are creating is functional.
Legal and Ethical Considerations
Once health information is collected the primary focus shifts to the legal as well as ethical dimensions. Founders based in the UK have to adhere to the GDPR when dealing with sensitive information and may require MHRA authorisation if the product in question is a medical device. Beyond the legal frameworks, there is an ethical responsibility to be meticulous about sensitive issues, to emphasise informed consent and to disclose any risks and limitations. Transparency builds trust, which is vital in FemTech. Clear privacy policies, independent clinical validation and partnerships with trusted organisations such as NHS Trusts or health charities can reassure users that their information is safe.
Finding and Retaining Top Talent
It’s also a challenge to find and hold on to the best talent. Many professionals are attracted to FemTech because of the social impact, but the availability of engineers, clinicians and commercial leaders is scarce. Startups with a defined mission, remote working options and equity as part of job description are often able to build better teams. Networks like Women of Wearables or Tech Nation are good places to find interested candidates.
Scaling Your FemTech Startup
Scaling a UK FemTech business largely depends on partnerships. This could involve multi-partner collaborations incorporating the NHS, pharmacies or women’s health charities. After establishing a foothold, most startups pursue international expansion to meet the global demand for women’s health solutions, but founders need to be mindful of the unique regulations of different countries.
