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Exploring FemTech

For a long time, technology and tech products have been considered a "man's world." With men being the majority gender in the workforce, they have also been the leading creators of emerging tech.  This one-sided point of view has left a void in the area of women's needs and women-focused technology. While some "male" designed products are very successful, others miss essential features that female users would want and need.

Fortunately, in recent years, we have seen the diversity of technology creators coming to the forefront, and one of those specific demographics is women. With more women joining the technology industry, we aren’t just seeing more women coders and developers but also business makers. Women have been carving a space for themselves to create the products they need and forcing the door open in the market.  Women founders are researching and focusing on the issues that have long been ignored in women’s health. Whether it is a product that has been on the market for a while (like the traditional breast pump going wireless and Bluetooth-enabled) or designing a brand-new product for menstrual health. Women are creating products solely with them in mind and creating a community where women can address their concerns together.

Nicknamed “FemTech,” it is technology built by women for women, covering various topics from women’s health to security to even makeup. This tech is a gamechanger for so many women, and it is bringing in the dollars. In 2019, Forbes estimated that FemTech would become a $50 billion industry by 2025 (and just reproductive health alone is thought to become a $3 billion industry by 2030).

One major division of FemTech has been women’s health. Women have been long marginalized when it comes to understanding their health, even being left out of critical health trials. In the 20th century alone, the US had different philosophies of menstrual health, pregnancy and menopause, and women haven’t been an integral part of that discussion. With FemTech, we see more women talking about the problems women face and diving down into specific trends across the board. Forbes specifically called out Heart Disease (the leading cause of death for women), fertility treatments, and pain management solutions (often protecting women of color from damaging stereotypes).

FemTech answers the question, “what would technology look like if it were geared towards women’s needs.” As a sector that is seeing incredible growth, FemTech has become a space where entrepreneurs with visions to change the world collaborate. Withum has offered its services, connections, and support to this space to help those innovators grow their businesses. FemTech Focus, Women of Wearables, and FaB are just some of the partnerships Withum has entered into with like-minded organizations whose goal is to provide services to the world of FemTech. And as the dedicated FemTech team grows, so do the partnerships they undertake to continue their support.

More than that, Withum is committed to increasing connection opportunities for people operating in the FemTech space and women in the tech world in general. Withum regularly hosts women in tech events that revolve around education, mentorships and community, with heavy networking elements that draw on the power of building that community. On a more intimate level, Withum ensures that every FemTech client we have gets the most out of working with us – whether that be connections or tailoring services to fit where their company is and where they’d like to be.

At first glance, it looks like some incredible products are out on the market and are designed in a way that the women would want to use. But when you look into what women are spending on these products, it is mind-blowing. Women are taking their health seriously, even if other industries aren’t there yet.  FemTech is proving: Sisters are doing it for themselves.

Authors: Madeline Tomchick, mtomchick@withum.com | Christina Barea, cbarea@withum.com | Sarah Werner, swerner@withum.com

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