Ida Tin coined the term “FemTech” in 2016.
clue
Ida Tin wanted to study art in college when she stumbled across a place in a business course – she later became a pioneer in an industry valued at over $1 trillion.
“I got really lost in the hallway and I ended up in a certain office where they were waiting for a candidate to work. [the business course interview],” said Tin as she explained her first steps in the business world.
She took the course and then combined her artistic skills with business flair to set up a jewelry company, then a motorbike tour company, and then a year later. In 2012, she co-founded Clue, a menstrual health app that now has 11 million monthly active users.
Clue was one of the first period tracking apps, and it allows users to track their cycles, as well as side effects like mood, energy levels, and eating habits.
As Clue gained more users, Tin realized that there wasn’t much of a community surrounding women’s health products and services, although more and more products appeared on the market.
“They feel like like-minded souls and I’m trying to figure out how we talk about ourselves and our products… So I really wanted something that would combine everything. together under one umbrella,” Tin told CNBC. And so, in 2016, the name “FemTech” was born.
The term now encompasses all types of technologies and innovations designed to address health issues that only or disproportionately affect women’s health, from menstrual cycle tracking apps and sexual health products to cardiovascular medical devices and mental health therapy.
give FemTech its own name helped the community of people working in the field find each other, but also gave investors peace of mind about where they were putting their money. speak.
“It’s a little easier to say you invest in FemTech than, you know, a company that keeps women from peeing their pants… It also closes the gap with men, which is important, because so many investors are men.”
“And I have to say I was surprised but I really saw how it resonated globally,” she added.
The FemTech industry will be worth an estimated $1.186 trillion by 2027, according to a forecast by the FemTech focus nonprofit.
The estimate defines the market as products and services designed to address 97 health conditions that “single, disproportionate or disparate impact on girls, women and women”. That includes 23 subsections on women’s health, including menopause, bone health, abortion, brain health, heart health, and reproductive health.
FemTech funding is ‘peanuts’
From jumpsuits that use heat and vibration to ease menstrual cramps to wearable technology that helps breast cancer patients recover, the FemTech space has no shortage of creativity and innovation, but many businesses didn’t get the capital they needed to fully take off, Tin said.
“We still feel lost when you see the money that’s been invested in, you know, e-scooters, car-sharing services… They just have so much money to build these businesses. I’ve never seen that kind of sponsorship,” Tin said.
“We have to prove ourselves very hard throughout this journey,” she said. “We raised a lot of money, and you know, comparable, we did really well. But to be honest, I think we’ve been underfunded for a long time.”
According to trend forecasting agency Ultra Violet Futures, more than 80% of FemTech startups have female founders, and many documents claim that companies founded by women attract less capital. By 2022, women-founded companies will receive only 2% of total investment in venture-backed startups in the US, according to a new report. PitchBook Data for February.
Gaps in the market
According to Tin, there are huge gaps in the market when it comes to technology designed around women’s health.
Why don’t I have a really good feeling about my hormonal changes throughout my life? I don’t have any predictive analytics yet.
“Menopause is a huge gap, contraception is still a gap. And I feel like we’re ready for a leap in the depth of technology,” she said.
“I still wonder why I don’t know the makeup of the nervous system in my pleasure zones, like I know it’s technologically possible, but why isn’t it a consumer product? Why don’t I have a really good feeling about my hormones changing throughout my life? I still don’t have any predictive analytics. When will I enter menopause?”
“These are all problems we can use more advanced technology to solve. I’d love to see that and I haven’t seen it yet,” Tin added.
Research is certainly being done in the field of women’s health, for example, studies at the University of Colorado are looking at how a blood test can predict when a woman will start menopause two years ago. as it happens, but the technology is ready for widespread use is some way off.
There is also a strong business case to be made for product development in this area. For example, global productivity losses can amount to more than $150 billion annually as unsupported women leave the workforce at the peak of their careers or as more women go through pregnancy, perimenopause (the transition to menopause), and menopause, according to Future Ultraviolet.
beyond clues
News of Clue’s resignation as CEO in 2021 shortly after the company’s birth control app was approved by the FDA as a medical device.
“I can see that the things that I have to learn to really serve the company are things I’m not very good at, and I’m not interested in a lot of serious operational work and that doesn’t interest me. much. like that,” Tin said.
“If you don’t think you can serve well enough or you’re not the best person to serve, then you should totally leave,” she added.
Audrey Tsang and Carrie Walter take over as Co-CEOs of Clue, while Tin continues to work with the company as president and write a book about her experiences in the FemTech world.
