Legally Femtech

Send us a text

In this episode, Bethany Corbin and Virginia Franco discuss: 

• Why it is important to be humble and ask for help
• Why you should follow quality standards from the beginning 
• How to inspire people to push back against stigma 
• How to manage the push and pull between regulation and innovation 

Key Takeaways: 

• You must allow yourself to ask for help. It’s important to be humble and to trust people. Treat each member as a part of the body of the product, it’ll be hard to live if one part doesn’t trust the other. You can’t know everything about the industry, you need to surround yourself with experts that you can trust. 
• If your company is not following proper quality standards, from the beginning, implementing them later becomes impossible. Launching your product as a wellness tool will prevent it from becoming a real diagnostic or medical device. 
• It has to be a part of every FemTech company to be creating initiatives that will inspire people to push back against taboos and stigma. Companies will need to collaborate with their target user base in order for their technology to grow and evolve. 
• There is a bit of a push and pull between innovation and regulation. Regulation is very important as it ensures that customers will not be harmed, but at the same time, when regulation becomes unnecessarily excessive, it could impede the progress of innovation. 

“Believe in your product and believe in the partners you bring. They will be the brain, heart, and legs of your product. It is difficult to live if you cannot trust some parts of your body, you will struggle more.” - Virginia Franco

Learn More: 

LinkedIn: https://www.linkedin.com/in/virg%C3%ADnia-franco-14848216a/ 

Yoni Solutions Website: https://www.yonisolutions.com/ 

Yoni Solutions LinkedIn: https://www.linkedin.com/company/yoni-solutions/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

Send us a text

In this episode, Bethany Corbin and Sylvia Kang discuss: 

• Why launching a startup is more difficult than you expect
• Why a product has to have a market fit 
• How to create a brand message that resonates with consumers 
• How organizational structure helps companies scale and grow

Key Takeaways: 

• Launching a startup will always be harder than you think, so be prepared to plan and go through a process of trial and error. Be prepared to respond quickly, be nimble, and continue to test again and again. 
• If the customer doesn’t need the product, then it’ll be a losing battle no matter what marketing you’re doing. Eventually, you’re going to be unprofitable. 
• Design your marketing in a way that shows that your product could help solve their problem. Make their journey easier and experience better, and help your users achieve their goals. 
• Invest in your team and make sure that your managers know how to build a team, and how to grow and expand. There must be an organizational structure in order for the company to not be a mess, each one must be assigned to a job that they hold expertise in instead of just playing it by ear. 

“If you see things that don't work or only partially work, then try to expand on the part that's working…you have to respond quickly, be nimble, and continue to test and test and test again.” - Mira CEO Sylvia Kang

Learn More: 

LinkedIn: https://www.linkedin.com/in/sylviakang/ 

Mira LinkedIn: https://www.linkedin.com/company/miracare/ 

Sylvia and Mira in Forbes: https://www.forbes.com/sites/cherylrobinson/2021/01/10/why-sylvia-kang-created-an-at-home-womens-health-monitoring-platform-that-predicts-ovulation/?sh=744b69e35a65 

Mira;s  Website: https://usd.miracare.com/products/fertility-max-starter-kit?variant=41992270741690 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

Send us a text

In this episode, Bethany Corbin and Dallas Barnes discuss: 

• Why birth control shouldn’t be a one-size-fits-all solution
• What misconceptions people have about birth control 
• Why it is important to get feedback from your users
• How to manage the uphill battle of pitching in FemTech

Key Takeaways: 

• Birth control is an individualized journey and not a one-size-fits-all solution. The solution for each person has to be personalized. Not every pill is the same and not every person is the same, there is always a difference in interaction. 
• Birth control products aren’t only for pregnancy prevention but also to address hormonal related symptoms, things that have a relationship with one’s cycle. At the end of the day, the goal really is to increase somebody’s quality of life.
• In the FemTech industry, it’s important to sit down and talk to the people who are actually going to use your product as it will help shape and adjust the solution that you’re going to be providing. 
• Discomfort is a huge part of the entrepreneurial journey and every day you’ll meet a new challenge that will push you beyond your comfort zone. If you want to grow, you’ll have to get comfortable with being uncomfortable. 

“A lot of the problem stems from this one size fits all approach. We're just not asking the right questions upfront. We're not having these conversations that really celebrate someone's uniqueness and using that uniqueness as leverage and to our advantage in this decision-making process.” - Dallas Barnes

Connect with Dallas Barnes:

LinkedIn: https://www.linkedin.com/in/dallasjbarnes/ 

Reya Health Website: https://www.reyahealth.ca/ 

Reya Health LinkedIn: https://www.linkedin.com/company/reya-health/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

Send us a text

In this episode, Bethany Corbin and Kate Batz discuss: 

• Why women’s health companies don’t get the attention they deserve
• Creating progress in FemTech 
• Addressing women’s health span 
• Bringing attention to your health 

Key Takeaways: 

• Women’s health companies don’t get the attention they deserve because only 4% of tech investment goes into life sciences and part of the reason why is that femtech is relatively young and is still an emerging industry. 
• Creating more progress would require companies to focus on getting funding and to do that, they have to spread awareness on FemTech and women’s health care. 
• Women live longer, but not necessarily healthier since they have specific health needs that need to be addressed with solutions built to solve those problems. 
• Bring more attention to FemTech by bringing more attention to your own health. Whether you are a startup or a user, be curious and strive to discover more in the space of FemTech. 

“One of our goals is to bring more focus to FemTech because it is an under-serviced sector and women comprise half of the population. We live longer, not necessarily healthier.” - Kate Batz

Resources:

FemTech Analytics: https://www.femtech.health/ 

FemTech Analytics' Q4 2022 Report: https://www.femtech.health/report-q4-2022 

Connect with Kate Batz: 

Email: [email protected]  

LinkedIn: https://www.linkedin.com/in/kate-batz-1b37a9b7/ 

Connect with Bethany Corbin: 

Email: [email protected]

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

Send us a text

In this episode, Bethany Corbin and Brittany Barreto discuss: 

• How to Empower your position in a founder-investor relationship
• How a convertible note and a safe are different
• What five terms you need to get familiar with in regard to convertible notes
• How to push back and set your own terms 

Key Takeaways: 

• As a founder, you have power in the founder-investor relationship. Usually, you’ll know more than investors do, so don’t be afraid to provide value. See them as partners and not merely as a lender of money. 
• There are a couple of differences between a safe and a convertible note. First, there’s no interest in a safe because it’s not a loan while there is on convertible notes since they are a loan. They also differ when they convert into equity. For safes, it’s when you raise your price equity round and for convertible notes, it’s when you hit your qualified financing amount. Lastly, you can do a rolling basis of fundraising on a safe. 
• Here are the five terms you need to get familiar with in regard to convertible notes: maturity date, qualified financing, discount, interest, and valuation cap. 
• Be confident. Don’t be afraid to push back if a question doesn’t make sense and don’t wait for an investor to set the terms. Set your own terms and negotiate them. 

“You set your terms and then you can go out and negotiate them. You don't have to sit back and wait for an investor to tell you what you're worth.” - Brittany Barreto

Connect with Dr. Brittany Barreto: 

Website: https://drbrittanybarreto.com/ 

LinkedIn: https://www.linkedin.com/in/brittanybarreto/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

Send us a text

In this episode, Bethany Corbin and Jessica Platt discuss: 

• What it means to design for inclusivity
• What role regulation and innovation play in FemTech
• Why companies need to be intentional in data privacy 
• Whether regulations should be decreased in favor of emerging industries 

Key Takeaways: 

• Designing for inclusivity is all about moving beyond the male standard approach and designing something that improves the user experience for everyone. 
• Regulation is helpful in providing structure for innovation. It helps keep everybody working in the same direction, always keeping in mind the health and safety of the users. 
• Women in America now have to look at their apps and see whether they are protected or vulnerable. To ease the burden of having to wonder about those things, companies today need to have an intentional approach to data privacy to help users feel much more comfortable with using the products going forward. 
• The heart of regulation is always the safety of the users. Sex toys having a shared baseline with medical devices might seem overkill or unrelated, but it ensures that people are fundamentally protected and that their health and safety will not be compromised. 

“Inclusive design is great design. The more inclusive you can make something, the more you can ensure that it meets their needs, the better the product will be for everyone.” - Jessica Platt

Learn More: 

Company Website: https://www.cambridge-design.com/ 

Connect with Jessica Platt on LinkedIn: https://www.linkedin.com/in/jessica-platt-womxns-health/ 

White Paper: A FemTech Innovator's Guide to Regulation: https://www.cambridge-design.com/whitepaper/a-femtech-innovators-guide-to-regulation 

Cambridge Collective for Women's Health on LinkedIn: https://www.linkedin.com/company/cambridge-collective-for-women-s-health/ 

Connect with Bethany Corbin:

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

LinkedIn: https://www.linkedin.com/in/bethanycorbin/ 

Send us a text

In this episode, Bethany Corbin and Christina Miller discuss: 

• What data governance is
• What the consequences are for irresponsible data governance 
• How to maintain data equity 
• Why data governance is a front-end investment 

Key Takeaways: 

• Data governance is how the culture in an organization makes decisions on how to organize and categorize data, who has ownership over it, who has access to it, and how decisions are made about how to engage with and use that data. 
• If companies don’t have a clear plan for how they’re going to either protect, sell or use their user’s data, they could actually end up perpetuating barriers around healthcare access. 
• We have to make sure to remove exclusion and bias in how we collect and process user data. If we're excluding certain categories, that the countries across the world who are buying using these products, it really diminishes the value of the algorithmic predictions
• Hiring someone to ensure good data governance in your company is a front-end investment that ensures the sustainability of the company. Bring an expert in, or seek training from resources that are widely available on the internet. 

“When you have a product that has taken into account so many users in an inclusive and effective way, that's how you're going to be able to identify and build market share quickly. And that's how you're going to have a really competitive product. ” - Christina Miller

Connect with Christina Miller: 

LinkedIn: https://www.linkedin.com/in/christinarmiller1/ 

Get the IHI Improvement Framework: https://www.ihi.org/resources/Pages/IHIWhitePapers/Achieving-Health-Equity.aspx 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

LinkedIn: https://www.linkedin.com/in/bethanycorbin/ 

Send us a text

In this episode, Bethany Corbin and Keren Leshem discuss: 

• Why you need to know your investor audience 
• Why investment is a two-way street 
• How to develop your story and pitch
• How to Communicate with investors and your team

Key Takeaways: 

• Know your audience. Know exactly who to go to, when you need to raise your funds, how much you're raising, how much you're going to raise now and in the future, and what your milestones are. It’s super important to think of this from start to finish.
• When you meet with an investor, ask them questions about who they’ve invested in, what stages they’ve invested in, or how much money is their check size. Based on their answers to these questions, you can know whether you are a good fit for each other or not. Remember that investment is a two-way street. 
• Make sure that your story flows. It has to be short, concise, and full of information but without too much detail. Take note of repeating questions and make them part of your pitch. Adjust your pitch for Zoom meetings to keep people interested. 
• Once you do get an investor on board, celebrate that win. Communicate the investment to your team and communicate back to the investor about the program and about the progress you are making. Don’t wait for them to ask for updates. 

“Success in women's health, regardless of what the company does, is success for all of us” - Keren Leshem

Connect with Keren Leshem: 

Website: https://oconmed.com/ 

LinkedIn: https://www.linkedin.com/in/keren-leshem-b67908a/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

LinkedIn: https://www.linkedin.com/in/bethanycorbin/ 

Send us a text

In this episode, Bethany Corbin and Dr. Brittany Barreto discuss: 

• How to choose between C Corp vs LLC for your FemTech startup
• When you should start forming your company
• How much to budget for legal fees
• What six documents you should have when starting your FemTech company
• What to expect in Part Two of our discussion

Key Takeaways: 

• While startup companies can form as either LLCs or C-Corps, the preferred corporate vehicle for attracting investment is the C-Corp. In fact, venture capitalists and investors prefer to invest in Delaware C-Corps. 
• When forming your entity, think carefully about the number of shares you’ll need and the price for those shares. Issuing 10 million shares of stock is common if you’re looking to create a company that attracts investors. If you’re an early-stage startup, you’ll want to set the par value of your shares low, as your company is not yet profitable and par value can have tax implications. 
• Make sure to prioritize legal services within your budget and think carefully about your anticipated monthly legal budget. Investors will want to know that you are serious about establishing your company properly and adhering to applicable laws and regulations. Depending on the stage and size of your business, legal fees may range from $2,000-$5,000 per month for early-stage companies. 
• Here are six key documents you should consider having when starting your femtech company: 
  • Non-Disclosure Agreement (NDA)
  • FAST Agreement
  • Employee agreement
  • Restricted stock agreement
  • 83(b) Form 
  • Contractor agreement

“Some founders, as soon as they have an idea, they'll set up their C Corp and then all of a sudden they have an annual franchise tax. Form [your company] when you’re about to really start to do business. Get revenue. You really need a bank account. I think the bank account is kind of that pivotal moment where you're like, Okay, this is a real business. This is a real company.” - Dr. Brittany Barreto

Connect with Dr. Brittany Barreto: 

Website: https://drbrittanybarreto.com/ 

LinkedIn: https://www.linkedin.com/in/brittanybarreto/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech 

LinkedIn: https://www.linkedin.com/in/bethanycorbin/ 

Send us a text

In this episode, Bethany Corbin and Oriana discuss: 

• How to bridge the gap between academia and the market
• Where to find a partner for your startup 
• How to handle rejection (3 tips!) 

Key Takeaways: 

• There is a lot of medical innovation being done in academia, but most of these stay in academia. Your company could be the bridge that could bring innovation out of academia and into the market. 
• Finding the perfect academic partner for your startup will require you to research intently and put out there who you’re looking for. Get a partner with a breakthrough idea who's excited to do something differently, someone who’s on the precipice of something really exciting. 
• Always ask for feedback, it’s always valuable. Always go back, don’t take no as a permanent no. Also, don’t take it personally and be comfortable walking away. Create a strong investor funnel and keep going. 
• Partnership is always a great option. Look for a partner who has a background and skills that can complement yours. There’s no room for ego in startup, be very self-critical, know your own gaps and find someone to fill those for you in order to benefit the company. 

“Not every investor is the right one for you. Not every startup is the right one for an investor. It has usually nothing to do with you personally, and a lot more to do with what's happening behind the scenes, either from an investor or from a fund perspective. So don't take it personally and just keep going.” - Oriana Papin-Zoghbi

Connect with Oriana Papin-Zoghbi: 

Website: https://www.aoadx.com/ 

LinkedIn: https://www.linkedin.com/in/orianazh/ 

Connect with Bethany Corbin: 

Website: https://nixongwiltlaw.com/  

Podcast: https://nixongwiltlaw.com/podcast-legally-femtech