binarypublishGuidea, a women-led user experience (UX) design agency, has provided UX services, worth around one million dollars, to 30 early-stage FemTech startups as part of its design sponsorship program, Femovate. Developed by FemTech entrepreneur, Ida Tin, in 2016, FemTech involves products and solutions that use technology to focus on women’s health. Despite estimates placing its current market size between $500 million and $1 billion, these types of companies receive only roughly three percent of all digital health funding.
Femovate is Guidea’s response to this situation, having been created to support FemTech innovation in startup companies. In 2023 alone, the program donated UX and product design services to a group of FemTech companies, with another 30 early-stage firms selected for 2024 from 130 applicants worldwide. Guidea’s founder, Theresa Neil, commented that 2,000 FemTech businesses exist and 10% applied to Femovate, with many founders struggling to secure funding despite their credentials.
Theresa Neil spoke of the need to “gift our time and services” due to the founders’ struggles to secure funding, despite the revolutionary solutions and treatments they are working on. She noted that they plan to commit to providing these services to early-stage founders to attract investment and partnerships, as well as win grants. Neil admitted that it had been challenging as neither investors nor sponsors have yet come on board for Femovate. Guidea fully funds it, and the company does not take any stake or investment into the companies it helps.
Many of the companies in the 2023 cohort used their research-informed UX in their process to launch products, attract corporate partners, secure grants, and attract investors. Kelsey Mayo, the CEO of Armor Medical, praised Femovate for accelerating the successful growth of their business. The Femovate support enabled Armor Medical to secure more than $700,000 in non-dilutive grants and prizes from health organizations.
Neil also declared that FemTech could transform the market and overcome taboos and bias holding back its growth. She highlighted the discrepancies in investment and funding, as well as the bias against women’s health. Ultimately, she expressed hope for significant changes and improvements in women’s health.
