It’s official. If you want to be the next tech giant, make sure you’re aiming at the Femtech market. And it’s even better if your company is run by women too!
For years, actually decades, the personal computing and IT sectors were dominated by products and services created by men for men. About the only application where women were heavily involved was word processing, and later, desktop publishing.
That’s all changed, but the big names in tech startups are still heavily biased to the male gender, and Silicon Valley and venture capital firms are mainly populated by men.
Now there’s a new word on the tech superhighway, and it’s ‘Femtech’. Gadgets and apps that are specifically aimed at women, and increasingly designed and marketed by women. And funded by women too.
Female health, sexuality, fertility and reproduction are obvious focus areas, but a market that’s almost half the global population is hardly a niche – it’s massive! In a world increasingly defined by technology, it’s critical to engage everyone.
It goes beyond a tech spill-over into traditional female markets like fashion and beauty, with wearables and body augmentation becoming commonplace. Since the abolition of the ‘one child’ policy, China has seen a boom in female consumers, who are now buying in a Femtech world.
Femtech is as much about the data, algorithms and lifestyle nuances in our highly automated, machine augmented society. Amazon ascribes much of its recent success – passing the trillion-dollar mark – to aligning its platform business to women, who it calls “natural collaborators.”
Smart cities and communities run on the internet of everything, dealing with data that is unstructured, diverse and ambiguous. It’s messy, but that’s reality. Some say the female psyche is better equipped to deal with it. Men are just too binary; they’re not programmed for fuzzy logic. Perhaps that’s why there are so many female Presidents and Prime Ministers these days.
Oh, and the latest HeMan sexbot called “Guy” is also hot – especially in Japan!