Most markets are assumed to work the same way. A need appears. Entrepreneurs respond. Capital flows in. Eventually, the sector matures and innovation accelerates. But some markets never form at all because the conditions that allow capital to recognize the opportunity were never built in the first place.
In a recent episode of Blindspot Capital, I sat down with Cristina Ljungberg and Wendy Anderson, co-founders of The Case for Her, to talk about what it actually takes to create markets in women’s health that investors historically could not see.
For more than a decade, Cristina and Wendy have been working in the spaces that most traditional investors avoided: menstruation, sexual wellness, and access to reproductive health. When they started, these topics weren’t just underfunded. They were considered uninvestable.
Instead of waiting for venture capital to arrive, they took a different approach. They began using catalytic capital — philanthropy, early risk capital, grants, and unconventional financing — to fund research, build infrastructure, and support entrepreneurs long before a traditional venture ecosystem existed.
What followed was not a single breakthrough moment, but a slow process of market formation. The lesson is simple but uncomfortable: markets don’t fail because demand isn’t there. They fail because the system around them hasn’t been built yet.
We talk about:
Catalytic capital: why philanthropy, impact capital, and early-stage risk capital are often required before venture capital can enter a market
The hidden infrastructure problem: how missing standards, regulations, and research can quietly block entire industries from forming
Taboo as a market barrier: why menstruation, sexual health, and reproductive care have historically struggled to attract capital
The pattern recognition gap: why investors often avoid women’s health simply because they have never invested in it before
This conversation offers a rare look at the earliest stage of market creation; the phase that happens long before venture capital arrives and long before headlines start calling a sector “the next big opportunity.”
If you want to understand where the next wave of women’s health innovation will come from, this episode is a powerful reminder: Markets don’t appear fully formed. They are built.
🎧 Watch the full episode on YouTube
📄 Learn more about The Case for Her and catalytic capital in women’s health
🔎 Explore the SHIO study on menstrual product choice and market insights
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