Femovate Spotlight: FemHealth Insights
Welcome to the spotlight series on the innovations chosen for our Femtech-focused UX design sponsorship program, Femovate!
Each week, we’re going to introduce you to one of the early-stage startups in our program, illuminate the challenges the founders are working hard to solve and discuss what our team is doing to help put them on the best track for success.
Our first startup, FemHealth Insights, is building the foundation desperately needed to increase investment in female health and the FemTech market.
Why we need better data on the Femtech market
For years, the women’s health market has not been properly tracked or measured. Until recently, there wasn’t even a simple list of companies solely focused on innovating for women’s health.?
The result of this neglect is that the FemTech market continues to be undervalued and underinvested in. What’s worse, without a clear understanding of the scope of the market size and a clear view of the many lucrative opportunities, women’s health innovations remain severely underfunded for research in comparison to the female population size.
You can’t invest in what you can’t see or measure
In 2020, Dr. Brittany Barreto, founder of FemHealth Insights, began compiling her own database of FemTech companies to interview on her recently launched podcast, FemTech Focus. Two short years later, she’d amassed more data than anyone else on the market size, valuation, and deals going on in the FemTech market.
When our team met Dr. Barreto this fall, we saw the potential to help her grow her unique data set, which included both financial and scientific data points, into a powerful data and market research platform with visualizations to help business leaders, investors, and others understand the nuances of female health and gain insight into the FemTech market.
“I showed up with a giant database and an idea for a platform so clients can search and learn about women's health market trends, Guidea did the rest!
I cried when I saw their first drafts. There is no better moment for an entrepreneur to see their idea manifested into a design far better than one they could even imagine! The UX prototype has already resulted in $350K of letters of intent to license once the product is live.” - Dr. Brittany Barreto, founder and CEO of FemHealth Insights?
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The UX challenge
Building a SaaS solution from scratch on a startup budget is challenging enough but this one, we knew, had to be on par with industry standards — or the data would never get the chance to make the impact FemTech needs. The FemHealth Insights software would need to compete with well-established companies like Pitchbook and Crunchbase, which have little-to-no data on female health and wellness companies and yet, are the go-to source for market research.
The FemHealth Insights software also needed to work for customers with varying levels of awareness of women’s health and FemTech. We knew we needed to pull users in right away and showcase the breadth of the market, so they could see the enormous potential. We also explored avenues to track and predict trends using new sources of scientific data to bring a more holistic approach to market research in women’s health.
Finally, as is the challenge with most startups, the development budget would be minimal, so our team needed to be laser-focused on designing an MVP that provided a high value immediately, without going overboard on features that weren’t critical to early adoption.?
The solution?
To begin, our team leveraged the early market research conducted by the FemHealth Insights team so we could understand the needs of prospective buyers and users. Building on that information, we then defined the product strategy and key features. Our team has designed dozens of business intelligence platforms, so we relied on those previously tested design patterns to create this new application.?
From there we created interactive prototypes to test with investors and corporate venture arm professionals. We ensured the designs met their needs and followed up by realigning the design with the insights the interviews provided. The final step was to apply the FemHealth Insights brand and prepare the assets for development.
What’s Next
Looking ahead, we’re eager to see how the early adopters use FemHealth Insights and how we can refine the UX to help future customers confidently investigate and invest in this growing market.?
Guidea Team: Khati Paul , Dylan Reece , Afeez Yunus and Theresa Neil