Tech Bros Apparently Love Their Own Sexism Even More Than Money
If you have a uterus, you’re faced with the fact that FemTech is poorly funded every time you go in for a pap smear. Have you seen a speculum?! Those things haven’t been updated since Mount Vesuvius erupted, and if you think I’m joking click here to see an image for proof. Don’t get me started on how barbaric IUD insertions are. I haven’t had a mammogram yet, but I heard they’re painful, too! The point is, women’s health is not centered around comfort or convenience, let alone innovation, and if you’ve ever wondered why—lol, I know you haven’t because it’s so apparent if you have any of these body parts but play along anyway—it’s because tech bros are sexist, and now we have definitive proof. A recent article in CNBC lays it out in black and white:
Women make up more than 50% of the global population, which means the target market for products focusing on their health is massive. But just 3.3% of digital health investment in the U.S. went towards women’s health between 2011 and 2020, according to digital consultancy Rock Health.
These investors are leaving billions of dollars on the table as a result of their sexism, seriously:
Research by Women’s Health Access Matters, a nonprofit organization focused on funding for women’s health research, suggests that a $300 million investment into improving female health could generate around $13 billion for the global economy.
“The opportunities and the potential for value creation of investing in this area is huge,” Karen Taylor, research director of the Centre for Health Solutions at Deloitte told CNBC.
“So I think if there was some more homework done by some of these investors, they’d understand why this is an area that is ripe for growth and investment.
How sad is it that things have to be put in terms of revenue generation in order to get innovation for the issues women face? I guess it makes sense when you take into account that investors are overwhelmingly male, though. Keep in mind the FemTech sector is projected to be worth $1 trillion by 2027, but I guess we just have to wait on the men to catch up to that. Per the article above:
Personal understanding of a product is often key for investors, but the stats show that most investment decisions are made by men. A 2022 report by European Women in VC, a collection of senior female venture capitalists, found that just 15% of VC general partners were female.
I mean, I suppose if you’ve never had to get treatment for a body part you don’t have, it’s hard to understand why innovation is needed, but again, when half the population has those parts, how can you not see a need for advancement? I thought these investors were supposed to be smart?! However, companies seeking investment in FemTech run into an “ewww, that’s gross” mentality. Great. Cool. Glad to know it. Per CNBC:
The issue of not understanding women’s health – and the importance of female-specific health solutions – has deeper roots.
“Because it’s been such a taboo topic, it’s really hard to overcome,” Valerie Evans, consumer investor at venture capital fund The Craftory, said.
Are you mad yet? Well, I’m about to make you madder because even when female founders do get into a room with investors, they end up getting less if they get anything at all. Per CNBC:
Less than 3% of venture capitalist funds went to female-led startups in 2020, according to data from business school INSEAD, while female entrepreneurs are 63% less likely to get VC funding than men.
Deloitte’s Taylor said female founders also generally ask investors for less money than their male counterparts, which could be harming their prospects within the space.
“There’s lots of research that shows women tend to be much more honest and play down what they believe is the potential for their innovation,” she said. “Men are notorious for big sales and investors are used to it.”
Let’s be hyper-specific here, and anyone who identifies as a woman will know this to be true: women cannot be as assertive as men in a professional setting. If you don’t believe me, just ask Hillary Clinton. If you are assertive, you run the risk of getting nothing because you’re deemed a bitch. The fragile egos of the investor tech bros could be harming us, but hey, at least they didn’t get their feelings hurt, right?
It’s not all doom and gloom, despite the obstacles put forth for FemTech companies. The space is growing at an astounding rate, per the above article:
And the FemTech sector is growing at an astounding rate. More than 60% of FemTech startups were founded in the five years leading to 2022, and there has been a 1,000% increase in the number of businesses in the space over the last 10 years, according to FemHealth Insights research.
These growth rates — despite myriad obstacles — are encouraging for an industry that has been struggling to gain traction.
Basically, the sector is becoming so big, the scaredy cat “eww, vaginas are gross and/or not profitable” investors will have to take notice, as apparently they love money more than they are grossed out by female body parts. Doesn’t that make you feel better? If someone knows Mackenzie Scott, who gives away billions of her net worth to good causes, can you send her this article? I’d really like some updates in this space and I’d rather not wait around for the male investors to get on board. It’s time.
(featured image: Liubomyr Vorona/Getty Images)
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