התמלול המלא של Building The First Continuous Hormone Monitor for Women — Jenny Duan & Abhinav Agarwal

every few hours and then ⁓ rhythm also affects them. So they operate across three different cycles and they impact everything. from fertility to symptoms like brain fog for instance, hot flashes for pedimenopausal women. they ⁓ there are estrogen receptors all over the body, like they impact skin health. ⁓ this ⁓ skincare ⁓ built around women, ⁓ but hormones impact skin health and everything that, you know, women like need throughout their like lifespan. ⁓ Josh Broward: So if I'm hearing you right, it's not necessarily that hormone ⁓ not strictly speaking that hormones themselves are more important for women, it's that women have more variability and it's ⁓ more important to understand what's happening at a given time. ⁓ Is right? ⁓ Abhinav: Yeah, the way we like to think about it is like hormones are almost like the operating system for women's health, so they impact everything for them and that's one of the reasons it's really important to understand the way they impact like different aspects of their health. And problem lies because we don't understand women's hormones as well as we need to. ⁓ ⁓ where like we are starting with like ⁓ truly like trying to understand like how like hormone fluctuations, how different aspects of hormones impact the outcomes for women. Jenny Duan: Yeah, I think Wa I wanna just follow up on what Abhinav was saying. I think that, that women operate on very different timescales compared to men. And so ⁓ interesting about women is that there are parts during the month or during her cycle where she's in an estrogen ⁓ dominant phase, and then there's ⁓ times where she's in a more progesterone dominant phase. And that can manifest in different bodily symptoms, things like water retention changes, stress, even some people experience things like increasing Anxiety or increased depression around their cycle. And I think that because testosterates on a 24-hour timescale, the symptoms are less observable in men. That being said, I think around perimenopause, and as both women and men age, we do see like decreased health outcomes that are associated with decreased testosterone in men as they age, and then decreased estrogen and progesterone with women. And so I think that there's definitely a parallel there as well. Josh Broward: Thank you. And why why does tracking hormones with you personally? ⁓ there's a a world full of problems out there. ⁓ this one? Jenny Duan: I think that you know we have seen a resurgent or upsurgence of Personal data being made accessible to the public through wearables like Whoop, like Aura, and even new invasive devices like CGMs, which have really transformed the way that we understand our body and our health and has led us to make better decisions about maybe drinking less or eating less sugary foods or maybe maximizing protein all in the pursuit of health. But in the case of female health, and I think in the conversation about longevity, women have oftentimes been left out or ⁓ been a second thought. In these conversations, I think that hormones are really like the fundamental unlock to female health span and to female longevity, and ⁓ now they haven't been made visible. And so I spent a lot of time speaking with my friends, my family, and the woman in my life, and ⁓ almost single woman I know has had an experience where she's felt dismissed or unheard in the medical system. And I think that the underlying challenge is that we don't have the data to back up how we feel, and so by making it visible by for the first time, I see a huge opportunity to change the paradigm in which we treat women's health and also the way that we are approaching longevity as a whole. Josh Broward: how about you? Why why hormones? Which I you get that question a lot as a guy, right? why why why a guy launching a fintech company, to launch? Abhinav: Yeah for I mean for me I was working No, I mean I was working in variable space and C GM space before this and I was seeing like how much of those conversations were Josh Broward: Okay, so hold on, let's let's just clarify, you guys have both said C GM a few times. So ⁓ can can you clarify for those listening what that means? And and yeah. Abhinav: Yes, CGMs mean continuous glucose monitors. So they are like, you know, patches or like micro needle based solutions where like you put on and like they continuously track blood glucose or levels and that is super crucial for people with type one diabetes and who might be prone to going into hyper hyperglycemia. So and then C GMs, like initially they were mostly for diabetics, but we saw like C GMs are now being used even by people who are just curious about their metabolic health who want to maximize the training and like a lot of athletes have been wearing them, a lot of celebrities have been wearing them. So we felt ⁓ think to Jenny's point like we felt hormones are ⁓ to have their CGM moment now, ⁓ ⁓ extent to which they impact women's health. ⁓ yeah, I was working in the C GM space before this actually and ⁓ I was seeing I was in those rooms where those decisions were being made around variables around like what needs to be put out in the market and I was seeing like how women were excluded from those conversations and as people like even running the studies and all we felt like women were like super excited about the data and like one woman in particular who came back and be like ⁓ I really wanted to get access ⁓ a CGM prescribed but I wasn't getting it ⁓ based on the data from the study I was able to get a CGM prescribed and they found a ⁓ health issue which otherwise wouldn't have been caught Which was linked to metabolic health issue. And she had hit menopause, so she had lost the progesterone protection that women normally have from a lot of those conditions. we I saw like this huge gap in the paradigm ⁓ like one-third women that go to see care, like they come back after their 12-minute conversation with their doctor, ⁓ feeling they were just told ⁓ to and

Like they weren't really told to, ⁓ they weren't anything, they weren't given any remedy. Nothing. there was this survey I think in 2023 on doctors and OBG violence even. ⁓ almost half of those OBG violence said they actually don't feel comfortable helping people like who come with perimenopause or menopause related issues just because they have not been trained to do so. ⁓ And there's very alarming factor around that ⁓ where most the OBG violence don't even get an hour of training ⁓ in menopause ⁓ get no in perimenopause. at all so they just are not equipped to serve them. So Jenny and I as we were talking, she was coming from the nonprofit background. I was coming more from the variable and like ⁓ machine learning that background we both saw like this huge gap and we felt this this is our calling. We need to do something around it. Like and yeah, so that was it for me. Josh Broward: Great. you. So what's a win ⁓ for ⁓ in last year that you're especially proud of? Jenny Duan: ⁓ maybe I can start here. I think, you know, we've seen a lot of success with pre-orders and with wait lists. But what I'm most excited about is think being a part of the general culture shift around women's health and around improving awareness for hormones' health and specifically for the perimenopause demographic. I think that this has been a community that's been very underserved for a long time. And I think with people talking about Claire, that naturally extends into talking about a lot of these issues. Issues that we are kind of at the forefront of solving. And so what I'm proudest of is just bringing these issues that are a bit taboo or maybe something that people don't often discuss into everyday communication, into culture. But what about you, Avi? I'm curious. Josh Broward: Well before you go, Avi, I wanna double click here. ⁓ you mentioned pre-orders and wait lists. you show us ⁓ the bracelet and and tell us about the pre-order process? ⁓ Jenny Duan: Yeah. In the beginning with any as is the case with any like pre-launch hardware product, we were a little bit nervous, you know, will people even buy this? Is this something that's important to other people beyond us? And like have we been spending time building something that people actually want, which is I think the most important thing about building any type of business. ⁓ and so we were pretty surprised that you know, within the first ten weeks of launching, we'd already signed over twenty five thousand women on our wait list and we had over five thousand pre-orders, which was super exciting. And so So I think that's just a testament to how much women are really asking for devices like this and how excited they are. And we just hope that we can build a product that meets all of their expectations. Josh Broward: That that is a huge win. So awesome. Well done. Javi? Abhinav: Yeah, and to add to that, I mean you can do all like you you can do however much market research you wanna do before you launch, but ⁓ validation ⁓ comes like after you launch, like because during like, you know, market testing and all, like you can get ⁓ sorts of answers around whether people want it or not, but ⁓ when you launch then you find out whether people really want it or not. So that was great. for me the big win was actually getting the product where it needs to be. So we are super proud that ⁓ were able to iterate really fast on hardware, ⁓ really fast on firmware, really fast on the software and the machine learning to be able to launch so ⁓ soon in companies, like you know, lifetime and like we are launching to general in November this year. So that was within like eighteen months of the company even starting, so that's super great for us. Josh Broward: So the the people who place their pre-orders get their product in November or they'll get it earlier. ⁓ So ⁓ and ⁓ do already have your your I know ⁓ often hardware production it's done in batches. So do already your first batch ⁓ sold out? Abhinav: They'll get in November. Yeah, we actually sold out our first batch in like a few weeks and then are on to our next batch right now. ⁓ Josh Broward: Excellent. ⁓ that sure must it easier to raise money. I I grazing always hard, ⁓ but when ⁓ you're you selling out it it ⁓ giv ⁓ really gives investors lot confidence that that you have ⁓ real product market fit. You guys are humble. You're just no you're just quietly nodding but no making no no comments there. ⁓ Jenny Duan: Yeah. Fundraising was t difficult. I mean, I think fundraising's always a challenge. It's one of the hardest things that early stage founders have to go through. But I think we're lucky that we are entering the market at a good time where is getting its moment, wearables are kind of becoming hot again. And so yeah, I think w it's ⁓ combination definitely of like market traction plus just general momentum. Josh Broward: So we talked about every like what's going well. Can you guys give us an example of something you learned from failure or struggle? founders ⁓ we I I often say get kicked in the shins. ⁓ or chins. Shins or chins. ⁓ ⁓ ⁓ Abhinav: Archens. Jenny Duan: Or both. Depending. Josh Broward: ⁓ one VC told me I I heard him on the panel, he said a company is like signing up to get punched in the face for ten years. ⁓ was like, ⁓ years? I it just comes in different ways ⁓ as move on. ⁓ So have you guys gotten kicked ⁓ and then learned from it? Jenny Duan: ⁓ I think that, you know, early on, so we took a big risk in the beginning. We decided to hire our first two employees without having a single dollar of VC funding. So it was a very stressful time for, you know, the beginning of our company, figuring out how we could make payroll. We eventually got, you know, our first angel check. And then was a moment where we actually got rejected from, you know, ⁓ like accelerator program that we were kind of counting on getting into to fund our company. And so ⁓ had to be super gritty. ⁓ actually went back to the

program ⁓ ⁓ ⁓ you know scheduled follow-up conversations with them and eventually we did get accepted and this was speedrun which was like the accelerator that kind of propelled our company and today we couldn't be more grateful for the team there but I think there was a there's a moment where we really struggled with knowing what to do next. We had to pivot a little bit of our business strategy, execute really quickly and thankfully it all worked out but they're definitely like a make it or break it type of moment there for us. Josh Broward: A So what did you learn from that struggle? Jenny Duan: I think the resilience is sometimes you can say no to people saying no to you. And I didn't even know that that was possible, you know, in the beginning, that you could reject other people's rejections. But yeah, I mean I I think that, you know, you can and nothing is set in stone. You can always be an advocate for yourself ⁓ matter where you are. ⁓ I think that was a really powerful lesson that I learned. ⁓ Abhinav: Yeah, for me, ⁓ I think the best way to put it would be like I was meeting a friend who told me closed mouths rarely get fed and I think that applies here where if you don't ask for what you want, you rarely would get it. So that was a big lesson for us where like every single point in a company, like when we are working with external parties, have to ask for what you want and like just, know, place your bets there. Josh Broward: Closed mouths rarely get fed. I like that. kind of a ⁓ a it's a better variation than the ⁓ squeaky wheel gets the grease. I think ⁓ getting sounds better. Okay, so as you are preparing to to actually deliver these order these pre-orders Abhinav: Exactly. Josh Broward: What what's one of the biggest challenges you're trying to solve right now? Abhinav: I think racing against time because very like I think it's huge like logistics problem around like between manufacturing, 3PL logistics, ⁓ all the FCC certifications, So there are like tons of like moving parts here. So for it's almost you know orchestrating an opera where like we have to ⁓ or ⁓ a where we have to like really make sure that all those parts come together ⁓ on time that we can deliver on time. Josh Broward: Great. Than thanks. How how 'bout you, Jenny? Anything you wanna add or a another challenge? Jenny Duan: I mean I would say that is the that is the main challenge. Yeah, ensuring that we meet the timelines and the ambitious goals that we set for ourselves and just making sure that ⁓ we account for and plan ahead for things that are outside of our control, which is a challenging thing because you don't really know what you don't know, but you still have to be ready for it anyways. Josh Broward: how you guys evolved as leaders ⁓ since started ⁓ Claire? Jenny Duan: Yeah, I mean I think that the most important thing to do with an early stage company is really to assemble the best deem possible your personal vendors. And I think, you know, early on in the company was when it was just oven of an eye, it was easier to work together, to make decisions together. But now that we're responsible for a whole team, our team is seven people full time and we work with around another seven fractional part time folks. It does involve a lot more responsibility and your role is becomes less so of solely an individual contributor and you have to not only drive the vision for the company but also be the rock for people when they have questions. You have to unblock people and ensure that you yourself are not the blocker. And I think it's been a great journey so far learning how to work with people, how to be a great leader and I think to lead by example in both personal character and also hopefully like the vision for the company. And so yeah, I think it's been a great journey so far, but there's definitely been moments where we're or I'm doing this for the first time. And so there's definitely a lot to learn and I mean, easy to make mistakes, but been a fun journey so far. Abhinav: Yeah, I mean for me as well, I think biggest area of growth has been taking pride in individual contribution, more pride in making sure everyone else on the team is unblocked, able to contribute ⁓ to their potential, ⁓ enabling everyone on the team. I think that has been the biggest area of growth ⁓ as well. Josh Broward: I hear you guys describe this, it sounds like one the first transitions that every founder has to go through. ⁓ yeah It's some usually it's around eight or ten people. when you you can't fit your team around one table. And you guys are ki basically there because of your full time part time combo. it's the from ⁓ quarterback or captain ⁓ to team when you're the I so I played football, I think ⁓ I think in those terms, when you're the quarterback you You may not be the key for every play, but you touch the ball every play, at least when your team's on offense. And you start the play, you call the play, you facilitate the play, and then other people do it. so I I that's kind of how you guys you're were operating, but ⁓ quickly you have to transition to being the team coach ⁓ ⁓ you're not even on the field. ⁓ you're on the sidelines and may the plays ⁓ but ⁓ people all the almost all of the execution. And so if team or loses isn't entirely up to you. it's a it has to do with how you build the team and how you help them succeed. So h how does that resonate with you guys? Jenny Duan: Yeah, I think we've definitely prioritized like Everyone on the team has a skill set that we don't have and that's what makes us such a powerful team because we all build off of each other's strong suits and also can fit in where we're not as strong. So key thing that we did was we hired a great team of hardware engineers pretty early on because Abanev and I don't have a background in, you know, electrical engineering or ⁓ engineering, and so that has been ⁓ of the biggest unlocks for our companies so far. And ⁓ like to think that every

single person in the company has differentiated value that they can you know use to support the whole team. So I think company and companies and company building are a team sport. And I grew up as an athlete too, so I think that sports are a great metaphor for the process of building a company. I I did ballet and then fencing as well. Josh Broward: What what sport did you play? Or sports? Abhinav: I I grew up playing more of a team sport, cricket, so Josh Broward: Yeah. Cool. Okay, so we've talked some about how you have evolved. forward over the next year, what's best guess of how you need to evolve? What what's the next growth step for you as leaders? ⁓ Jenny Duan: Well, our goal one of our goals is to double our team in the next three to six months. So I think that's going to be a big challenge associated with a lot of growing pains. We ⁓ recently got our first office, so that's been super exciting and now it's all about growing the team to fill out the space that we have, which is super exciting, but I think will require a lot of growth, a a lot of challenging ourselves. And I'm personally super excited for this next phase in our journey. What about you, Avi Avanov, what are you excited about? Abhinav: No, yeah, I think that is pretty much it. Like in terms of like as we grow our team we'd have to make sure that the culture that we wanna build, ⁓ the values that we wanna inculcate the values that we personally have, we can pass down across all the teammates, across the new people that join our team as well. that we can have all the processes in place where everyone is set up for success even if we don't have like personal eyes on every single thing that happens with every single person. So those are I think some of the areas of growth for us too. Josh Broward: What you guys doing to prepare for this growth and and to build the culture that you want? Jenny Duan: I think that you know, we're trying to show up as much as we can for our employees, taking on their physical, mental well being, and also trying to set the example for the culture we want to build in our company. So that means working really hard and also being of course kind, being open about giving and receiving feedback. And I think that do have the opportunity to set the tone for the rest of the company and every ⁓ higher at this point makes a difference. So our goal is is to share the spirit of the company that we're building and the vision that we are trying to build with every single person who touches the company. I think every interaction is an opportunity for connection and an opportunity to communicate your brand it through the people that represent it. And that is something that's really important for us. Abhinav: And I believe a lot of it also about looking inward rather than outward. So having being as much in touch with ourselves, as much in touch with like our for the company and our values, that definitely helps too as we build a strong foundation for ⁓ Claire. Josh Broward: Well that's a a natural transition to the next question. know, ⁓ a startup is kind of like drinking out of a fire hose. It's ⁓ an of urgent ⁓ things. at same time, if you're gonna keep ⁓ riding this as it grows, ⁓ you have grow personally. ⁓ So ⁓ are two of you investing in your own leadership, in e ⁓ expanding ⁓ personal as leaders, not just adding people to the team. Abhinav: I think for me, ⁓ I'm sort of an extroverted introvert, so I do have a lot of time with myself to look and work, to reflect on what I'm doing. that really helps. So despite the busy work, despite everything, taking the time for myself so that I can reflect on the choices that I'm making, ⁓ not for myself, but on behalf of my team as well, that really helps me think through what I'm And on second thing that trying to grow into is ⁓ expanding that inward reflection process with taking a lot of external feedback as well, be it from Jenny, be it from other people on the team, be it from people like who I don't get to interact with as much, but whenever I do like trying to make sure like their needs are being met and like what I can do better to support them. So that definitely is on my radar and that I'm trying to do. So because as the team grows, the amount of time spent per person with every individual would kind of get divided. So wanna make sure like I can d extract as much signal as from eating someone, ⁓ even that meeting is shorter. Josh Broward: Jenny, about you? ⁓ Jenny Duan: I second that. I think that also continuing to set the best example possible in every micro interaction is really important because we may not get the opportunity to spend, you know, thirty minutes or even ten minutes a day with all of our employees, but ensuring that we still come across and represent the best of the company is really important. I also think that as we continue to grow our team and as we think about our own performance, it's important to continue continuously set a vision for the company because ultimately that's what inspires a lot of people to join a new team or to go from a big company to a startup and so communicating that really strongly is important for me. Josh Broward: if somebody out there ⁓ ⁓ to this and they think Claire is amazing and want to support you guys and your mission, how can they help? what kind intros are you looking for? What ⁓ what can do ⁓ to to ⁓ this cause? Jenny Duan: That is super kind. F first I would just thank them and I would tell them that they can pre-order a device on our website, which is www.wareclare.com and also ⁓ we would love just to be connected with anyone they think could be a supporting could play a supporting role in our cause, whether it be someone in healthcare or in media or even in hardware. Abhinav: Yeah, I mean if it's an organization there's also a partnership form on our website to connect with us like anything any organization that wants to connect with us. Plus if anyone's anyone wants to join the team then they can reach out to us as well with most impressive things they have done. Josh Broward: Great. Well thank thank you guys so much for making time for this and for sharing part of your journey. I think it's really important for other founders to to ⁓ your story. So ⁓ I appreciate ⁓ ⁓ Jenny Duan: Thank you so much, Josh. Abhinav: Thanks, Josh. Josh Broward: Yeah, you're welcome.