Redefining success and innovation in women’s health tech
In the rapidly evolving world of technology, FemTech has emerged as a groundbreaking sector, revolutionising women’s health. At the forefront of this movement are pioneering apps like Clue which is transforming how women understand and manage their reproductive health. However, the stories behind these apps reveal stark contrasts in approach, funding, and vision that reflect broader issues within the tech industry. So let’s get into the evolution of femtech.
Ida Tin, co-founder of Clue, and the woman who coined the term, femtech, recently appeared as a guest on Hotwire Australia Podcast, Flip the Focus. During the conversation, Ida emphasises the importance of trusting your instincts when identifying market opportunities.
“If you see a possibility in the market, something you have experienced in your own life that you’re like, hey, why hasn’t anybody solved this well? Trust that what you see is true, even if you meet people who doubt that it has any value.”
This advice is particularly poignant given the challenges Ida faced in securing funding for Clue. She points out the disparity in investment priorities, stating, “The world has put millions, billions of dollars into food delivery and ride-sharing and all kinds of things that are… important questions or things to solve on the planet, but they’re not on my top hundred.” This observation highlights the often-skewed priorities in tech funding, where women’s health issues are frequently overlooked.
Contrasting with Clue’s journey is Flo, an app that has recently spawned controversy after it achieved unicorn status with a valuation exceeding $1 billion. Ida raises concerns about the motivations behind the venture, revealing in a recent post on LinkedIn:
“It was two men who didn’t know much or care much about female health but, as serial entrepreneurs, spotted a commercial opportunity.”
Systemic issues in tech funding
This disparity in funding and approach underscores a systemic issue in the tech industry. Ida continues “…the systemic issue is that it pays off to be a confident (white) man, with money, to get more money, from men, to do things to make money,” – a statement which encapsulates the challenges still faced by female entrepreneurs in securing funding and recognition for their innovations.
However, Ida’s vision for FemTech extends far beyond financial success. In the episode, she sets a challenge to the tech industry’s narrow definition of success, arguing that it’s no longer enough to say that if someone makes a lot of money, they are successful. Instead, Ida advocates for “a broader understanding of success that encompasses societal impact and sustainability.”
Tin’s ambition for FemTech is expansive.
Ida announced on Flip the Focus that she is writing a book on her experiences as a founder, to help others tread a simpler path. She also envisions creating a think tank to explore “how female health, economy and planetary sustainability link.” This holistic approach demonstrates the potential for femtech to impact areas far beyond individual health tracking. As she sees it, “There is a lot of data showing that when you invest into female health, you really invest into societies – it’s great for economy, it’s great for wellbeing, it’s great for work participation, it’s great for so many things.”
As the femtech sector continues to grow, it faces both opportunities and challenges.
The success of apps like both Clue and Flo demonstrates the enormous market potential for women’s health technology. However, issues around data privacy, diverse representation in tech leadership, and equitable funding for women-led startups remain significant hurdles.
It’s fair to say that the evolution of femtech is reshaping not just how we approach women’s health, but also how we think about technology’s role in society. As Ida suggests on Flip the Focus – by investing in female health, we invest in society as a whole. The journey of FemTech is a testament to the power of addressing underserved needs and the potential for technology to drive meaningful change. It challenges us to redefine success in tech, prioritising societal impact alongside financial gains, and to create a more inclusive and ethical approach to innovation and funding in the tech industry.
Listen now
To hear more on the evolution of femtech: get Clued in on Flip the Focus with Host, and Ida Tin.
Listen to the full episode of Flip the Focus
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We want to share every tech story we can. So, Flip the Focus is a series designed to take you into the world’s of some of Australia’s most fascinating female Funders, Founders and Fearless Leaders. Through podcast episodes, events, long & short reads, Flip the Focus will help us amplifying female Funders, Founders and Fearless Leaders – across Australia and the globe.
