The femtech business has a variety of potential.
If you wish to construct a femtech startup to unravel ladies’s points and assist them lead a greater life, you possibly can really create a worthwhile enterprise out of it whereas contributing to ladies’s empowerment.
Individuals, regardless of their gender, have began discussing ladies’s points and discovering options to them on the worldwide stage.
In keeping with Statista, the worldwide femtech market was valued at $22 billion in 2020 and will attain $60 billion by 2027.
Now, we now have a variety of services and products being created to fulfill their particular wants. That is proof that we’re making progress on this subject, forsaking the stigma round these delicate subjects associated to ladies, equivalent to menstruation, being pregnant, sexual wellness, and so on.
On this article, I’ll talk about what femtech is and the way to create a femtech utility that may handle ladies’s points and assist improve their high quality of life.
What Is Femtech?
Femtech refers to technological options specializing in ladies’s well being.
These options might be software program, merchandise, providers, diagnostic instruments, wearables, and so on., utilizing expertise to handle or clear up ladies’s well being issues. These issues may be associated to menstruation, sexual well being, reproductive well being, maternal well being, psychological well being (like menopause stress), health, diet, and so forth. It additionally contains normal well being situations affecting ladies like cardiovascular illnesses, osteoporosis, and so on.
The time period “Femtech” is the acronym for feminine expertise or feminine well being expertise coined by a Danish entrepreneur Ida Tin in 2016. She is the co-founder of Clue, an app to trace intervals.
Femtech will increase consciousness in regards to the systemic, social, and historic exclusion of girls’s well being points and wishes. It additionally goals to showcase analysis gaps, empower ladies, and encourage them to embrace their our bodies and enhance their well being and hygiene.
Instance: A number of the Femtech merchandise, providers, instruments, and apps are:
- Clue, a menstrual cycle monitoring utility
- Ava, a multi-sensor bracelet to foretell your fertile days
- Freda, a subscription service to ship female hygiene merchandise at your doorsteps throughout Europe
- Daye, a startup targeted on serving to fight interval ache amongst menstruators with the assistance of painkiller alternate options equivalent to CBD.
- Lattice Medical, a French startup utilizing bio-engineering to assist breast most cancers survivors with implants and pure breast reconstruction
- Kindbody is an organization providing fertility remedies and providers equivalent to donor assist, in-vitro fertilization (IVF), intrauterine insemination, embryo freezing, and egg freezing.
- Coroflow is an organization that has developed a breastfeeding monitor to measure the quantity of milk a child drinks.
And plenty of extra services and products selling and reworking female well being and hygiene.
So, in case you are eager to leap into this quickly progressive business and create one thing that may clear up ladies’s points and improve their lives, there are a variety of avenues for you. You may take into consideration the issues nonetheless left unaddressed that girls face, work out the answer, and the easiest way to achieve that resolution. This might be by means of an app, product, service, analysis device, and so forth.
If you wish to construct an utility that may clear up ladies’s issues, let’s perceive the way to proceed with it.
Why Are Femtech Apps Fashionable?
That is the period of the web and devices like smartphones and computer systems. Purposes are constructed to unravel issues and supply leisure. They run on gadgets and are fuelled by the web to increase assist regardless of the place you might be.
So, with the expansion of Femtech, startups and firms at the moment are creating helpful functions that may assist ladies clear up their well being issues on the go. That is opposite to the olden days when merely talking about these issues or anyone listening to them was an enormous problem. Ladies had been on the backfoot, and so had been their well being points.
However now, Femtech has given them a brand new dimension the place they not solely can overtly discuss points however discover precise options to them. This helps them lead their life wholesome and take higher care of their kids and household.
Services and products delivered by means of apps are thus gaining fast momentum today. And they’re rising in popularity today because of a number of causes, equivalent to:
- The rise of feminism and talks of girls’s issues on the world stage
- Buyers have began supporting Femtech companies
- Innovators creating software program services and products to assist ladies
- Elevated demand for details about ladies’s well being, our bodies, and fertility
So, when you can construct a startup that’s targeted on enhancing ladies’s well being by constructing Femtech-related functions, you cannot solely generate good-looking income but in addition contribute to empowering ladies’s well being.
Varieties of Femtech Apps
If you wish to create software program functions centered round female well being, there are completely different classes of functions you possibly can strive your arms on. They’re:
#1. Being pregnant Care
Software program functions for being pregnant care and nursing assist new and expectant moms observe their bodily well being earlier than and after supply. They’ll additionally entry important info to take correct care of their infants and themselves.
Examples: Babycenter and GiftedMom.
#2. Interval and Fertility Trackers and Pelvis Well being Apps
This class of functions is most well-known since they cater to ladies of childbearing age. The variety of such customers is considerable throughout the globe. Interval monitoring apps assist ladies observe their intervals simply as a substitute of manually. They’ll additionally monitor their menstruation cycle and detect irregularities, which in lots of circumstances, can point out a well being problem.
Equally, fertility monitoring apps might help you propose your being pregnant with helpful info tracked over some time. These functions additionally assist you to regulate your reproductive well being, discover the fertile days in your cycle, and avail of useful recommendation to plan your being pregnant.
There are pelvic well being apps accessible that may connect with {hardware} or work as standalone software program providing knowledge a few girl’s pelvic and sexual wellness. It could possibly assist ladies with sure menstrual points equivalent to menopause, interval irregularities, and so forth.
Instance: Clue and Grace Well being.
#3. Vitamin and Health Apps
Vitamin and health apps are for ladies who need to preserve their health and are creating their exercise regimes and following diet applications. These apps can provide tailor-made assist for a lady’s wants and information them on the way to obtain their health targets.
Instance: Gazella and MyPlate Calorie Tracker
#4. Way of life Purposes
Way of life functions goal to assist ladies stay their lives to the fullest when it comes to each psychological and bodily wellbeing. These apps can information you in health, sleep, meditation, managing stress, and enhancing your high quality of life.
Instance: Asana Insurgent
#5. Common Well being
Other than well being points particular to ladies, Femtech apps may be targeted on normal well being issues {that a} girl would possibly face. It’s constructed to ease their lives and allow them to entry info and clear up points regardless of the place they’re. It could possibly embrace drugs trackers, telemedicine apps connecting customers to their well being counselors, docs, nurses, nutritionists, and so on.
Instance: Maven
#6. Psychological Well being Apps
So as to lead a high quality life, each the spheres of our being have to be good – bodily well being and psychological well being. With rising consciousness about psychological well being, you possibly can see many individuals, together with celebrities and public figures coming ahead and speaking about psychological well being today.
So, you possibly can construct a psychological well being app to enhance ladies’s psychological well being. There are apps accessible that may assist ladies connect with their well being specialists, observe their emotional state and temper, provide personalised recommendation, and extra.
Easy methods to Begin Constructing a Femtech Software?
So, you’ve gotten made up your thoughts to leap into this advancing Femtech market. And for that, you need to construct an utility targeted on ladies.
Alright!
Right here’s how one can create a femtech utility and excel at it.
Begin with an Concept
Whether or not you need to construct a software program or {hardware} product, you want an excellent concept. This concept have to be centered round fixing sure points for ladies or serving to them lead higher lives. And you’ll convey that concept to life by way of your software program utility. For this, you possibly can go along with both an online or cell app.
There’s a variety of competitors round, so be sure your concept should resonate together with your audience. If there are already related services or products accessible available in the market, work out your USP and how one can present a greater resolution.
Additionally, you will must approve your concept from healthcare organizations and, if required, discover companions. So, guarantee your concept is sensible and your aim achievable.
Perceive the Market
Now, in case your concept is stable, spend time understanding the market totally as a substitute of immediately beginning with the event course of.
Deep dive into your audience’s wants, preferences, and struggles so you possibly can assist them together with your resolution. All the time contemplate their age, background, common revenue, and placement of the audience, on this case, ladies who will probably be utilizing your app.
Additionally, analyze the femtech market:
- What’s working and what’s not
- Who’re the leaders on this area, and the explanations for his or her excellence
- Your direct opponents and their methods.
Study from others’ errors and enhance your methods. As well as, since femtech remains to be new, ladies won’t have details about the sort of app accessible. So, promote your product effectively, so it reaches each family.
Purchase Funding
Creating a femtech utility is just not simple, particularly when you resolve to do it alone. It’ll take a substantial sum of money on software program growth, testing, deployment, and upkeep. And for this, you’ll require a group with wonderful builders, testers, and professionals for operations, together with instruments and applied sciences to construct an infrastructure to deal with every thing. That is an costly journey.
Thus, you have to an investor who believes in your concept and helps you with a good-looking sum to fund your growth. The very best factor is many buyers, regardless of their gender, have began supporting femtech startups. You can even discover corporations investing in femtech startups, equivalent to Portfolia, Catalyst Well being Ventures, and so on.
As soon as you discover some buyers, current your concept earlier than them. You may create a product prototype to indicate precisely how your imaginative and prescient can grow to be a actuality and assist ladies on the market and, on the identical time, be worthwhile business-wise.
Earlier than that, you have to create your marketing strategy and the way to monetize your app in order that buyers could have a transparent concept of what to anticipate from you and whether or not or to not grant you the fund.
Take Authorized Permissions
Since femtech is related to healthcare, you have to perceive relevant guidelines in your nation and area and take authorized permissions from authorities or regulatory our bodies.
As well as, in case your app collects and transfers customers’ private knowledge, you have to make sure the app is compliant with knowledge privateness guidelines, equivalent to HIPAA (relevant within the US) and GDPR (relevant within the European Union).
Begin the Software program Improvement Course of
After getting every thing in place – concept, enterprise technique, and funding, you can begin the applying growth course of. This may embrace completely different steps.
#1. Discover a dependable group: You have to discover a dependable group with expert software program builders, testers, and professionals to deal with operations. At this level, you have to allocate your funds strategically in direction of the event group, advertising and marketing, and a few miscellaneous funds to deal with different bills.
You may both construct a software program growth group in-house or outsource it to professional professionals. The primary method is dear as you’ll have to deal with every thing, from infrastructure to salaries and issues in between. However when you outsource it to a rustic the place you may get expert professionals at affordable charges, it might save your funds considerably.
Go along with any method and discover a good growth group on platforms like LinkedIn, learn evaluations, search assist out of your friends, or put up an advert.
#2. Create an MVP: After getting discovered your group, plan on constructing a scalable minimal viable product (MVP). It’ll assist you to perceive the market demand to your software program product and lower your expenses as a substitute of going for a fully-fledged manufacturing at one go.
For this, select probably the most putting options you need to embrace in your utility that may entice customers and add worth to their lives. For this, take assist from cell consultants in conducting advertising and marketing analysis and itemizing options.
#3. Documentation: As soon as the function record is authorized, let what you are promoting analyst put together the documentation highlighting the venture’s technical necessities. It’ll function a information to your complete group.
#4. Software program growth: Now comes the stage the place you can begin creating your femtech utility to wow your audience. It contains a number of levels – planning, creating the code, testing, deployment, and upkeep.
- Planning: Your group will put together the event atmosphere to your utility, create API documentation, and analysis third-party providers to incorporate in your app.
- Code constructing and testing: Primarily based on the venture necessities, your coders will create the code utilizing an acceptable programming language and numerous instruments and applied sciences like frameworks, libraries, and so on. You have to additionally take a look at your code for bugs and errors and rectify them instantly to make sure the app high quality when it comes to safety, efficiency, performance, scalability, and so on.
- Deployment: As soon as the app is prepared, deploy or launch it in the marketplace. Guarantee it’s compliant with relevant knowledge privateness guidelines and optimize it for app shops like Google Play and Apple Retailer to rank larger within the search outcomes.
Analyze and Enhance
Constructing and deploying the app is just not the place your journey ends, and you will notice appreciable progress immediately.
You have to analyze how your app performs in the actual world amongst your focused viewers. Regulate the app metrics equivalent to site visitors, who makes use of it probably the most, on what platforms, what pages they like probably the most, and so on. This info will assist you to discover gaps in your utility which you could enhance and supply higher providers to the customers whereas strengthening your sturdy factors.
You can even add extra options and test the response each from advertising and marketing and technical glances. It’ll assist prolong your app’s performance and make it superior, higher, and extra competent. As well as, deal with the app’s periodic upkeep to make sure every thing is working simply superb and patch the problems, if any, to make it safer and performing.
Challenges in Constructing a Femtech Begin-up
Though ladies’s points at the moment are being mentioned on the world stage and services and products can be found greater than earlier than, constructing a femtech startup remains to be a problem for a lot of. Therefore, you have to know all of the hurdles you would possibly face earlier than you begin together with your utility.
#1. Funding Points
A majority of buyers are males, who could not perceive feminine issues as deeply as ladies. Therefore, they will not be satisfied by your concept {that a} explicit utility, product, or service will really be useful to ladies and convey potential income.
That is why getting funds from them may be difficult. And in case you are a girl attempting to influence an investor, it turns into much more tough to elucidate all of the intricacies {that a} male has by no means skilled.
#2. Fewer Funds for Ladies
Ladies are prone to purchase fewer funds; blame it on gender inequality or anything, however these points nonetheless exist. That is the period when ladies are beginning to come out greater than ever, constructing companies and turning into the monetary assist of their households.
This concept is but to realize extra recognition worldwide. The wave has already began in developed international locations and is gaining momentum in creating and underdeveloped international locations.
However, many ladies entrepreneurs are hesitant to ask for funds. It might be because of many points just like the concern of not being thought of, made enjoyable of, and so on. No matter your causes are, be sturdy about it. If you happen to don’t consider in your self, how will others be?
You can begin with a prototype to pitch your concept, and all the time be prepared to listen to sure or no.
To encourage you extra, check out some well-known femtech apps.
Well-known Femtech Purposes to Blow Your Thoughts
Clue: Clue, which appeared a number of instances on this article, is a interval monitoring app based by Ida Tin, who coined the time period “femtech” in 2016. It additionally helps you observe your being pregnant, PMS, and ovulation, presents predictions based mostly on knowledge and tracks cycle lengths that will help you observe patterns.
You can even discover science-based articles within the app to make higher well being selections and study your boy extra. This Berlin-based app already has 12 million lively customers month-to-month, 4.5 million month-to-month readers, and has raised over 27.4 million Euros.
Get Clue on Google Play and App Retailer.
Pure Cycles: This cell app is the primary FDA-cleared contraception utility with out requiring a prescription. It helps you observe physique temperature in ladies to foretell their fertile days. It retains your knowledge secure and in addition helps you propose your being pregnant. This app was created by Elina Berglund, a particle physicist, and launched in Sweden. To this point, it has garnered 1.5+ million customers globally.
Get it on App Retailer and Google Play.
Flo: Flo is a interval and menstrual cycle monitoring utility. You may entry personalised insights about your well being and programs to study cycles and their results in your total well-being. They’ve 100+ well being consultants and docs on their group to supply suggestions, ideas, and evidence-based articles to reinforce your well being.
Get Flo on Google Play and App Retailer.
Conclusion
If you wish to construct a femtech start-up specializing in functions that may clear up ladies’s points and enhance their high quality of life and well being, this text guides you on the way to do it and contribute to this progressive area.