Council Discussion: Pioneering Women's Health: Crucial Insights for Health Tech Entrepreneurs
Council Discussion: Pioneering Women's Health: Crucial Insights for Health Tech Entrepreneurs
Janet Zhang is the co-founder and Chief Operating Officer of Boston Easy Biotech.
The health technology sector has made significant strides in recent years, but certain areas, particularly those catering to women's health, are yet to receive the necessary investment and innovation. This is disappointing, considering women's health is a high-potential market that could contribute $1 trillion annually to the global economy by 2040. However, as a founder, I've come to see this "white space" as an opportunity for business growth and making a meaningful impact. For aspiring founders looking to enter women's health tech, here are some insights from my journey that can help guide the way.
Identifying and Addressing Underserved Markets
While it's tempting to pursue established needs and build differentiation from there, true innovation happens when we focus on what's missing. The health sector, particularly women's health, has struggled with monopolization and a lack of economies of scale, leaving important needs unmet.
For instance, fertility tracking can be complicated with traditional methods requiring women to interpret results on their own, often through intrusive processes. Health tech startups have a real chance to simplify and improve these experiences. To find your space:
• Consider non-core markets. Instead of focusing solely on saturated areas, look for areas where healthcare innovation is truly lacking.
• Conduct targeted market research. Prioritize research with underserved demographics to pinpoint real pain points and develop relevant solutions.
• Design with empathy. Create user experiences that genuinely reflect the needs and expectations of underserved users, particularly those who have been historically overlooked in healthcare solutions.
Thoughtful AI Integration
AI holds great promise for health tech, making tools smarter and more accessible, especially for non-experts. However, AI should not add complexity that could alienate users. In health tech, AI should enhance functionality without overwhelming users with unnecessary features. To integrate AI effectively:
• Use AI to bridge communication gaps, not for flashy features. Focus on creating products that are intuitive and relevant to users' needs, avoiding unnecessary functionality.
• Present data in clear, accessible language. Results should be easy to understand to allow users to confidently communicate and rely on the information provided.
• Build trust through transparency and consistency. In sensitive areas like reproductive health, making it clear what information the AI processes and has access to is crucial for creating a trusted relationship with users.
User-centric design can be the difference between a great product and "just another AI solution."
Prioritizing Accessibility and Precision
The promise of health tech is democratizing quality care and diagnostics. But accessibility should never come at the expense of precision. In women's health, precision is essential and can be life-changing. Founders should focus on tools that minimize user input while delivering accurate, reliable results. This empowers women to take charge of their health with confidence.
• Design intuitive interfaces that simplify user experience. Healthcare can be challenging, so it's important to minimize user training.
• Make accessibility a core principle. Aim to deliver lab-grade accuracy without requiring users to rely on third-party specialists, even if it means additional investment. In the long run, it will pay dividends in trust and impact.
• Test rigorously in real-world settings. Products should be tested extensively to ensure they meet the needs of diverse users, especially those in underserved communities.
Vision-Driven Funding
Securing funding in women's health tech can be challenging, as niche products might not immediately resonate with investors. The key is to seek partners who share your commitment to expanding access to women's healthcare. Vision-driven funding partnerships should be rooted in shared values and purpose.
• Highlight the demand in your target market. When addressing an underserved need, the growth potential encompasses the entire market, not just a segment.
• Identify values-aligned investors. Seek out those with an interest in social impact and underserved markets who understand the importance of both profit and purpose.
• Balance mission with a clear business model. While passion is necessary, demonstrating a sustainable, profitable model can dispel any skepticism about emotional appeals.
Paving the Path in Health Tech
Entering the health tech industry, particularly in women's health, is challenging, but also rich in opportunity and responsibility. By addressing overlooked areas and developing empathetic, high-impact solutions, we have the chance to reshape healthcare. I call on more founders to help lead the way.
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Janet Zhang, as the co-founder and Chief Operating Officer of Boston Easy Biotech, is a notable figure in the health technology sector, particularly in women's health.
For individuals interested in entering women's health tech, they may find the insights and advice shared by Janet Zhang in her role with The Business Council to be beneficial in guiding their journey.