No wonder it’s so hard to keep up.
Oxford dictionary editors announced on average they add approximately 1,000 new entries to Oxford Dictionaries Online every year.
Those are a lot of new words and terms.
A number of them no doubt are constantly emanating from the San Francisco Tech industries including Bio-Tech to High-Tech and even Bio-Hackers.
So when we heard the term Fem-Tech, we were impressed. For good reason.
The informative source smallbiztrends.com reported, “According to data compiled by virtual event solutions company, Evia, women make up less than 20 percent of U.S. tech jobs, even though they make up more than half of the U.S. workforce.
Even worse, women now hold a lower share of computer science jobs than they did in the 1980s. This is surprising because unemployment across tech positions in 2016 at 2.5 percent was significantly lower than the 4.9 percent national average.”
Thus the creation of the term FemTech appears to speak to growth in a new Tech sector.
Have you heard of the term? What exactly is FemTech?
Femtech or Female technology is a term applied to a category of software, diagnostics, products, and services that use technology often to focus on women’s health.
This sector includes fertility solutions, period-tracking apps, pregnancy and nursing care, women’s sexual wellness, and reproductive system health care.
As an industry, Femtech largely encompasses any digital or standard health tools aimed at women’s health, including wearables, internet-connected medical devices, mobile apps, hygiene products, and others.
Urinary incontinence and breast pumping are two things many mothers face after giving birth, yet the tech industry has lagged behind when it comes to enhancing women’s health.
The concept of a digital women’s health category is relatively new and growing in popularity and financial credibility.
In 2015, Femtech startups raised around $82 million in funding from investment firms. In March 2017, the total amount of funding raised by Femtech companies since 2014 had reached $1.1 billion.
One FemTech company that is raising global awareness and major investment money is Elvie.
As reported by techcrunch.com on April 1, 2019, “Elvie is today announcing its third private financing, a $42 million Series B led by IPGL to support the release of four additional women’s health products. Octopus Ventures and Impact Ventures U.K. have also participated in the round.”
Their prowess has also been noticed by Forbes Magazine who adds, “London-based femtech startup Elvie has been working to design better, smarter technology for women, and announced today that it has raised $42 million in its Series B funding round.”
New and impressive.
We would like to meet them. They have much to say. At their informative home elvie.com they educate us as to their purpose, “Here’s the thing. Women shouldn’t have to make do with shoddy design or pink spin-offs when there are self-driving cars in the world.
We approach problems as women and solve them as engineers, scientists and designers, starting with a real need and innovating around it.
We create new products, new solutions and a fair few conversations while we’re at it. We don’t do controversy for controversy’s sake, but we’re committed to talking candidly about women’s bodies in order to give them the products they deserve.
Armed with genuine female insight and world-class design expertise, we’re working to transform the way women think and feel about themselves.”
They certainly are making headway. The large sums of money they have raised shows the industry is taking them seriously.
And they should.
“Technology and social media have brought power back to the people.”… Mark McKinnon
Fast growing companies often have dynamic leadership and so does Elvie.
Ms. Tania Boler is the founder and CEO.
They introduce her to us. “Tania is an internationally recognized women’s health expert and has held leadership positions for various global NGOs and the United Nations. Passionate about challenging taboo women’s issues, Tania founded Elvie in 2013, partnering with Alexander Asseily to create a global hub of connected health and lifestyle products for women.”
In her interviews she related that she was always interested in women’s health, especially from a health promotion perspective. Eventually the idea behind Elvie Trainer came from her own personal experience.
After she had her first baby, Tania’s interest in the field grew.
Other women’s interest in the field is swelling. They have even formed a collective.
The group at femtechcollective.com speaks to their growing movement. “FemTech Collective is the premiere network connecting innovators in the female focused health technology space through unique and impactful events, media, and an online platform.
We are a growing collective of over 500 FemTech startups, established companies, investors, and industry professionals coming together to catalyze innovative female focused health technology in the San Francisco Bay Area and globally.”
There certainly is strength in numbers especially when the engine is being driven by innovative female minds.
Meet Nicole Dahlstrom, the brilliant mind behind this growing collective.
They introduce her to us. “Back in 2016 when Nicole decided to start an online store selling probiotics for feminine health, she quickly realized that the internet had not leveled the playing field for female health focused startups like it had for other categories of products and services. In fact, there were so many hurdles to overcome online and in several other arenas that Nicole decided to create an opportunity for other FemTech founders and supporters to connect and join forces in solving this problem.
Nicole’s mission is to transform the collective frustration felt by innovators creating better products and services for female health into a global movement for collaboration between the entire FemTech ecosystem.
Through over six years of experience providing marketing and project management services to non profits, Nicole has developed the ability to think creatively about raising capital and strategically using all the resources available to achieve her mission.”
Please go to their link: https://femtechcollective.com/about-us
You will be extremely impressed with the primarily female professionals who comprise their team. Their credentials are amazing.
Now that we have been to school, FemTech is a new term that we will always remember.
As the industry continues to grow in financing, innovation and customer satisfaction, they will continue to make news.
You’ll no doubt always remember the phrasing too.
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Opening photo elvie.com photo credit
August 28, 2013: Oxford Dictionaries Online quarterly update: new words added to oxforddictionaries.com today.