Do you know what area of health tech just crossed the $1B VC investment mark?

published3 months ago
6 min read


Hey there,

This has been a strange September for me. It’s the first time in over a decade that I am not participating in some type of back-to-school programming as part of my full-time job. I forgot how much fun it is to meet new students and help them get their careers into high gear. I have signed multiple new clients recently (and a few are current students) so it’s similar but not quite the same. The bittersweet aspects of change. It’s also the 20th anniversary of 9/11/01 tomorrow, which takes me back to the beginning of my career in NYC. It was a devastating day to be a New Yorker. I lost friends that day. I walked home from my midtown office, along with hordes of other NYC residents, and spent the night huddled around the TV with friends. I am surprisingly still thankful for AOL IM, which was the main method of communication that worked that day, when phone lines were overwhelmed. I still take time every year to remember the brave men & women who died that day and in the aftermath. #neverforget


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#techsoundbite

One of my current clients is looking for roles in female-founded/female-focused companies, which got me thinking about femtech as a topic for this week’s newsletter. Femtech (aka ‘female technology’) is used to describe a category of digital health companies that focus specifically on women’s health.

The term is not without controversy as some are worried that by labeling these apps/technologies with a gendered term, it will have an adverse effect on growth, funding, and product pricing. I mean, has anyone ever used the term ‘ManTech’? It’s also not lost on many in the industry that one of the first male-focused health tech companies Hims immediately got plenty of VC funding in year one to help cure ED, whereas other female-focused companies founded years earlier got very little to help with supporting the everyday challenges of menstruation and pregnancy. (Hims also changed its name at some point to Hims & Hers to expand services to the other half of the population.) And another male-focused health company Ro acquired Modern Fertility earlier this year to do the same.

2021 is a landmark year for the femtech industry, with global VC investment crossing the $1 billion mark for the first time, according to PitchBook data.” Maven Clinic became the first unicorn to be focused on femtech by closing a $110million series D round last month. In the same month, my friend Paris Wallace’s company Ovia was acquired by LabCorp for an undisclosed sum. (Yes, I know that one was founded by a man.) Then earlier this week, Flo (a period tracking app) raised a $50million series B round.

Right now, the majority of femtech funding has gone to companies that focus on fertility, pregnancy, and motherhood, despite the fact that less than 45% of the US female population is able to take advantage of these services. There are calls to step back and evaluate where the next femtech companies should focus their efforts, namely on menopausal and senior-aged women who have their own specific sets of health needs. They also tend to have even more disposable income available to them to pay for these services.

If you’d like to explore further, as always, CB Insights has done a great job with a femtech market map to help demonstrate the variety of companies that are operating in this space. And their 2nd annual 2020 Digital 150 list includes 10 femtech companies. Also, this Forbes article has identified 52 female-led startups focused on building femtech and healthtech companies. It is inevitable that there will be an increased focus on women’s health companies in the next few years, as women spend $500billion annually on medical expenses.


Making the switch to a new job in tech? Let me help you find the tech job of your dreams as I've done for so many others: Check out my Coaching options here.


#careertip

Here are three important resume tips to help your resume tell the right story to a recruiter, so you move forward from review to interview.

(1) Make a recruiter’s job easier by telling a coherent story with your resume, supported by relevant experiences.

  • Your goal with a resume is to get an interview. Full stop. It is NOT to have the recruiter spend more time on it. You want them to scan it, have no questions, and move you forward to an interview.
  • Also, a good tech resume has to tell a story vis-a-vis your experiences because many tech companies are doing away with cover letters. Ask yourself: can someone tell what I want to do by scanning just my resume?
  • Rule of thumb for resume length
    • If you have less than 10 years experience = one page
    • If you have more than 10 years experience = two pages
    • Never use 1.5 pages! It looks like you forgot to add something - and it’s a strategic misuse of space when you could have explained additional projects!)
  • Struggling to fit everything in a one-page resume version? Try thinking about your experience cumulatively.
    • If you have managed a budget of $25K at job 1, $50K at job 2, and $100K at job 3, only list it for the job with the best example of that experience - or for the most recent job. Recruiters will assume that if you manage a $100K budget now, you’ve either had prior budget experience at other roles or that you are already at the budget management level they require. The only caveat to this advice is that sometimes, it’s useful to show the progression from job 1 to 3 -- but that’s when you ask me (your tech career strategist) for advice!

(2) Do you have a Master Resume?

  • We have all had the experience of working on a resume for days and developing the ‘perfect’ bullet(s). We hit save, and never change that bullet ever again. Not the best move though.
  • I have to tell you: your resume is a living document and needs to be continually updated for new roles/audiences/industries.
  • A Master Resume is a document that contains ALL the bullets and experiences you’ve had over your entire career and can often extend to 10+ pages. Think of it as a repository for everything (classes, certifications, skills, degrees, work and volunteer experiences/projects, awards, failed startups, hackathons, publications, etc).
  • As you get further along in your career, you will struggle to remember pieces of your background or which version of your resume had that perfect set of bullets. Creating a master resume will allow you to have it all in one place and serve as a reference guide when you have to create new versions. It’s especially useful for those pivoting to new industries as you may be able to resurrect now-relevant projects to put on your resume.

(3) Use a ‘Projects’ section on your resume to help you when pivoting into tech.

  • Tech values informal experiences and a Projects section is a great place to capture and collect these experiences. It can be easily modified to add/subtract new experiences depending on the role you are applying for.
  • This section is also a visual representation of the pivot you are making, so a recruiter or hiring manager doesn’t have to guess about your tech-related skills - they will see it in black and white. Many of my clients only want to put paid experiences in the main Experience section, so this offers them a way to add all the informal experiences.
  • Maybe you and a friend created an app one weekend? Maybe you took a Coursera class to learn SQL? Maybe you did a tech-focused project in a class or for one of your volunteer groups?
  • The Projects section is likely to appear towards the bottom of your resume (right next to Skills or Personal). For some clients, we have put it at the top of the resume (above Experiences) in order to highlight these new skills ‘above the fold.’
  • Don’t have many informal experiences to add? Consider starting a side hustle/project.

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#jobs

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#random

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Bye for now,

Liz



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