Celebrating female impact entrepreneurs at the 2024 Cartier Women’s Initiative Awards

Several of Cartier’s values are deeply embedded in the initiative. “We see these values reflected in the entrepreneurs we select, which is both inspiring and a learning opportunity for us. Our selection criteria include leadership traits that align with Cartier’s core values, such as boldness and generosity. Many female impact entrepreneurs embody these values through their ambitious business models aimed at social and environmental change,” Sin added.

Most of the fellows are at the pre-Series A stage of their start-ups, typically with less than six years in operation and less than $2 million in funding. This stage, known as the “missing middle”, is where women often face significant hurdles. CWI focuses on helping them scale their operations to a level where they can sustain and expand their impact.

The 2024 fellows found their way to CWI through various platforms. Mercedes Bidart from Colombia discovered CWI through LinkedIn, while Marlene Molero Suárez from Peru first saw it being advertised on a billboard in Lima in 2014. At the time, it was something that Suarez felt was far beyond her reach. Then last year when she was in Europe, she saw an advertisement on another billboard, and that moved her to apply because, this time, she felt she was ready.

Canadian Kyla Bolden knew a past winner who inspired and encouraged her to apply. American Julia Taylor applied after an advisor suggested it, drawn to the initiative by the words “women” and “impact”. When we caught up with her during the awards, she told us, “I didn’t know I was an impact entrepreneur until CWI!” Spaniard Amaia Rodriguez, whose company Gravity Wave turns plastic and fishing nets harvested from the sea into furniture, was motivated by a conversation with a 2020 fellow who told her: “CWI is the best thing that has ever happened to me”.

For American Erica Cole, CWI “has been on the vision board for a long time”. She told us that she knew, within two months of launching her business No Limbits, which designs and produces clothing for the disabled community, that she wanted to be a CWI fellow one day. In fact, she used the application criteria as a constant litmus test to gauge how her company was developing.

The application process, according to the fellows, is also a tough one. One fellow told us that the due diligence was tougher than what she faced from investors. The process, which spans eight to nine months, requires candidates to submit a five-year business plan. Once shortlisted, a third-party due diligence firm evaluates applicants, followed by interviews by a jury.

More than just with the founders, these interviews extend to clients, employees and investors. “Our process is indeed rigorous. We apply [such a high] standard of due diligence because we are investing in our brand by promoting these entrepreneurs,” Sin explained. “The application process, while lengthy, is also designed to be reflective for the applicants, helping them align their values and business goals with what we cherish in the CWI.”

Taylor, whose business Geekpack has imparted tech skills to over 100,000 women, concurred: “Filling out the application gave me time to reflect on my journey. It was really valuable and special to be able to look back on what we’ve accomplished.” The winners of CWI receive substantial support from Cartier and its partners. This includes significant financial rewards, with first-place awardees receiving US$100,000 in grant funding, second-place awardees receiving US$60,000, and third-place awardees receiving US$30,000. Beyond financial support, all fellows benefit from tailored mentoring and coaching, media visibility and extensive networking opportunities.

They also gain access to education courses from leading business school Insead. Additionally, CWI offers a comprehensive one-year fellowship programme that includes training in impact entrepreneurship, leadership communication and specific business topics, alongside executive coaching and peer-learning sessions.

The theme of the 2024 awards, “Forces for Good,” emphasised collective action to deliver change. The evening included performances by the dance department of the Zhejiang Conservatory of Music and speeches by Guo Jingjing, Olympic diving champion and advocate for public welfare, and supermodel Karlie Kloss, whose non-profit organisation Kode with Klossy provides tech training for young women. Cartier chief executive officer and president Cyrille Vigneron expressed his pride in the vibrant community of changemakers supported by the initiative. “When women thrive, humanity thrives,” Vigneron noted, emphasising the integral role women play in societal advancement.

Within the 11 categories, two are global, and this year the first-place winner of the Science & Technology Pioneer Award was Dr Lynne Lim, a Singaporean ENT surgeon who captivated the audience with her journey. Her innovation, a device for treating middle ear infections, simplifies the traditional procedure, significantly reducing costs and risks. Middle ear infections, or “glue ear”, are the leading cause of hearing loss in children today. But annually, only 15 per cent of the 120 million people worldwide who need ear tube surgery undergo it because it requires general anaesthesia and an operating theatre.

“The device is very small, about one millimetre in diameter, with a unique design that facilitates its function. It’s a single-use, disposable device that precisely places and secures the tube with minimal intervention,” Lim shared. The surgeon is understandably ecstatic with her win. “The visibility and credibility that come with such a fellowship are invaluable.” Her company NousQ is currently looking to raise $4 million—and she felt that the recognition will help generate greater investment interest.

But, as other fellows have said, the most valuable takeaway from the experience has been the community. “It’s about the network; the Cartier community is incredibly supportive. Whether it’s a need for contacts in a new market or advice on a challenge, a simple message can lead to meaningful connections and assistance,” Lim said. Marina Tran-Vu, a fellow from Vietnam, echoed the same sentiment, “The Cartier Women’s Initiative has been transformative, providing not only financial support but also a robust network of mentors and resources that have helped navigate the complexities of entrepreneurship. The community and the rigorous application process have prompted deep reflections about my business, significantly impacting my strategic planning and execution.”

As we interacted with the fellows during the days preceding the awards, the camaraderie, mutual respect and admiration among them were obvious. American entrepreneur Jessica Menon put it succinctly when she told us, “Having people who see you and understand you is not the norm.” As the evening concluded, after all the awards were given out, and the photos taken, the 33 fellows stayed on stage. Together, they began to chant, “I am remarkable!” It was an incredibly powerful moment and one that we are sure will stay with not just these amazing female impact founders, but all of us in the audience who had gathered together to celebrate their bravery, perseverance, boldness and generosity.

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