Without women in the decision making room who empathize with the problems that female-oriented products solve, it can be challenging to get the “yes” for funding.
If investors don’t understand the problem, they may assume that it’s a niche product because it doesn’t match their own experiences. Millard urges not to stand for this. “Unconventional is not the same as niche. If your solution is a departure from the status quo, it could still have a huge addressable market,” she shared.
Millard learned this firsthand from being told that De Lune was a niche solution. “Let’s unpack that. Roughly half of the population experiences menstruation, and 90% of us experience monthly symptoms. Over 60 million Americans are currently on a menstrual cycle and many of us will be for decades, since menstruation typically spans ages 12-52. That’s four straight decades of dealing with monthly pain, mood swings, fatigue, bloating, and other symptoms.
As for how she convinced investors, Millard said she learned to stop comparing her products directly to painkillers and start showing the buying behaviors of De Lune’s target audience in other categories. “When I started explaining De Lune as a pioneer in this emerging category, investors began to see the potential more clearly. They wanted to be a part of this new age of period health,” she reflected.
It comes down to positioning. Even if venture capitalists don’t understand your product at first, numbers don’t lie. Prove that there is a heavy demand for what you are building, and encourage them to ask their mothers, daughters, wives, and sisters for input on your product if they themselves can’t see how it could be helpful.
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