Does tech have gender? Venture capitalist Priyanka Gill says femtech is the future

Thiruvananthapuram: Amid all the ideas that came up for discussion during the Huddle Global 2024 startup summit, one was particularly thought-provoking – the gender of technology.

The concept of Femtech, which could trigger a heated debate in the world of technology and entrepreneurship, was brought to the discussion table by entrepreneur and venture capitalist Priyanka Gill. Priyanka, a venture partner of Kalaari Capital and group co-founder of Glamm Group, defined femtech as the technology incorporating feminine traits. She asserted that the concept has a bright future.

She delivered a talk on "A Future by Women, for Women: Creating Inclusive Growth through Empowerment and Innovation" at Huddle Global 2024, the beachside startup festival organised by the Kerala Startup Mission (KSUM) in Kovalam, which drew to a close on Saturday.

"It is a fact that we live in a world designed by men, and the world of technology is no different. Most technology is designed by men for men, where the traits and tastes of women are discarded. There’s a bright future for Femtech that has yet to be explored, and we should encourage more women-centric technology and startups," she said.

"There should be change in this scenario, and conscious efforts need to be made to build and deliver women-centric technology and female-led startups," said Priyanka, whose Kalaari Capital is an initiative that aims to help female founder-CEOs by building a network of capital, coaching and community. Its motto is 'level the playing field' for women CEOs.

"Emerging technologies like AI should incorporate female instincts in design and function. For this to happen, women entrepreneurs and women in the tech field should think of developing technological solutions based on the female psyche," she noted.

She explained her concept with the example of how women and men shop differently and how the spending and saving nature of both genders varies significantly.

"Women tend to save more than men, according to statistics. 78% of women own bank accounts, 57 % of women have a credit score of Prime Plus, and 53% of women shop on e-commerce, but our finance technology is completely designed for men and their finance management ways. That’s why Kalaari Capital supported the idea of a financial platform designed for women named Lxme app," she said.

"Lxme app aims to make women financially fearless by enabling them with the tools and resources to be money smart and money confident," she added. She also stressed that men should also be ready and conscious of gender biases and inequality in their workspace. She concluded with the slogan 'Future is Bright, and Future is Female.'