5 Tricks to Make Your Femtech Startup Stand Out
Femtech, which focuses on applied sciences to automate, enhance and increase female-centered healthcare options, is quickly gaining worldwide consideration. That is notably true in the wake of the U.S. Supreme Court docket’s current controversial determination around reproductive rights.
The time period “femtech” has solely been around since 2016, however, the trade has made big strides since entrepreneur Ida Tin coined the phrase. In accordance with McKinsey, the femtech market worth ranges from $500 million to as much as $1 billion, relying on how broadly the time period is utilized, and forecasts challenge a double-digit CAGR.
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The latest Pitchbook estimates present that more than 800 companies fall beneath the femtech umbrella. Many of those firms have been based for to now few years, and a number of unicorns are already taking the trade by storm.
The femtech revolution
Femtech is poised to start out a real rebellion that may totally disrupt the healthcare system as we all know it. Even now, firms are making landmark breakthroughs in addressing stigmatized subjects like feminine sexual wellness and menstrual health and delivering culturally delicate, customized care to marginalized populations.
The worldwide femtech market is predicted to develop to at the very least $10.1 billion by 2028, an 11% CAGR. Stories present that VC funding into femtech startups has soared to over $1 billion in 2021. As well as, the extreme underfunding of feminine well-being analysis (only 4% of all healthcare R&D) leaves the door large open for continued progress, growth, and innovation.
There’s appreciable potential for the event of breakthrough technologies that may completely disrupt the market. The acute client curiosity, coupled with the strong progress outlook and at the moment underdeveloped market, creates an ideal setting for profitable new funding alternatives and revolutionary startups.
The trade is on the cusp of explosive progress, so there may be nonetheless time for entrepreneurs to step in and grow to be leaders in this revolution. It is necessary to not forget that the femtech area will proceed to grow to be extra aggressive, so listed below are 5 suggestions for launching a profitable femtech startup:
1. Put product high quality first
Your preliminary launch does not should be excellent, however you should be keen to simply accept criticism and constructive feedback that may enable you to enhance. It is best to get a working prototype into the palms of testers who’re a part of your goal demographic with the intention to begin gathering information about what works and what does not. Even in case you suppose you recognize what shoppers will need and what ought to be higher, prospects will typically shock you with their desires and wishes.
All through improvement and implementation, make certain you might have efficient, quantifiable strategies in place for measuring high quality and efficacy. Incorporate metrics like customer reviews, beta testing, medical proof, and educational analysis to get a holistic image of the right way to enhance the product’s high quality.
2. Entice a skilled group
When doable, entice certified girls to assist develop a product. Not solely does having a group of girls make your startup extra enticing to shoppers and traders, but it surely offers your online business extra credibility.
Keep in mind that, as a founder, it isn’t your job to be “good at all things.” Take a sincere look at your strengths and weaknesses, after which seek out team members with complementary strengths to create a well-rounded group of consultants.
Above all, ensure your group shares a standard imaginative and prescient to your product. When everybody within the firm is pointed towards the identical purpose, your product is way extra more likely to succeed.
3. Take all doable precautions to guard consumer information
Data privacy is a big concern throughout all industries, but it surely’s notably important for industries like finance and medication due to the extraordinarily private, identifiable information that prospects are trusting you with. It is important to speculate the mandatory time and sources for cybersecurity and information safety.
The femtech trade offers extremely delicate information, so any leaks or dangerous PR about information safety are a death sentence to your startup. That is very true as feminine reproductive well-being has come beneath the heart in current months, making girls more concerned than ever about their privacy.
4. Have a memorable diversifier
Your organization wants a key differentiator that makes your services or products memorable in comparison with the competitors. This doesn’t suggest that you must spend the vast majority of your time evaluating your brand to rivals, but it surely does imply that you simply want a powerful dedication to separating your organization from the herd.
Examine the entire current merchandise from rivals, and be sure you’re providing one thing that is extra technologically superior or environment friendly. Different profitable methods can embrace offering a greater customer experience, searching for methods to construct into new markets and sustaining an ardor for fixed enchancment.
5. Take heed to constructive and unfavorable suggestions
A standard pitfall that founders throughout all industries can fall, sufferer, is being blind to the faults of their product. Once you spend a lot of time painstakingly developing your product and model, it may be straightforward to dismiss seemingly small points or overlook issues that can be clear to somebody in a roundabout way concerned with the product.
All through improvement, ask customers what they want and the way they need your product labored. Hear rigorously to those that love your product, however pay attention simply as intently to those who stopped utilizing it so you’ll be able to enhance. It may be troublesome to accept criticism of an idea you have labored so exhaustedly on, however studying this ability is crucial for all profitable entrepreneurs.
Public consciousness is at an all-time excessive. It is time to act.
In earlier years, the gradual progress of femtech was primarily a result of a lot of feminine healthcare being locked behind a door of stigma, taboo, and compelled silence. So, whereas there was all the time a requirement, it was not straightforward to beat these obstacles to adoption.
Now, there are public conferences and accessible talks that focus solely on girls well being, together with FemTech Forum, Fertility Innovation Summit, and the Reproductive Health Innovation Summit. There are additionally new influencers and thought leaders, like girls’ well-being advocate Estrella Jaramillo and Madorra CEO Holly Rockweiler.
Femtech has proven immense promise, and shoppers have indicated that they now need and want this expertise greater than ever. The femtech revolution is already underway, and now could be the proper time for VCs and entrepreneurs to embrace the long run and discover new alternatives to vary the world.