Shenzhen, China — The 2024 Cartier Women’s Initiative Awards ceremony in Shenzhen was a powerful showcase of female entrepreneurs who are making significant strides through their innovative and impactful ventures. Held in May, the event celebrated women who have navigated considerable challenges to bring about meaningful change through their work.
Egyptian entrepreneur Rania Gafaar’s poignant reflection set the tone for the evening: “Being an entrepreneur is tough. Being a female entrepreneur is even tougher. Being a female impact entrepreneur is a thousand times tougher than that.” This sentiment resonated with the audience, underscoring the unique obstacles women face, particularly in securing funding and recognition. Despite advancements, gender bias remains prevalent even in developed markets. Laura Harnett, a UK-based CWI fellow, highlighted that women-founded startups received less than 2 percent of venture capital funding in Europe and the US. She also noted that 85 percent of children in the UK could not name a single female founder.
The Cartier Women’s Initiative (CWI), which began as an award in 2006, has since evolved into a comprehensive program dedicated to supporting female impact entrepreneurs. Cartier has invested $9.5 million in grants, recognizing 330 fellows as of 2024. CWI Global Director Wingee Sin emphasized the program’s expansion: “Since I joined five years ago, my focus has been to solidify and broaden the initiative. We’ve increased the number of fellows from five to 33 annually, significantly enriching the peer-to-peer learning experience.”
The initiative reflects Cartier’s core values of boldness and generosity. Sin noted, “We see these values in the entrepreneurs we select, which is both inspiring and educational for us.” Most of the fellows are at the pre-Series A stage, grappling with what is often referred to as the “missing middle”—a critical phase where many women face substantial barriers.
The 2024 fellows arrived at CWI through various means. Mercedes Bidart from Colombia found out about CWI through LinkedIn, while Marlene Molero Suárez from Peru saw an advertisement on a billboard and applied after feeling ready. Canadian Kyla Bolden was inspired by a past winner, and American Julia Taylor was drawn by the initiative’s focus on women and impact. Spanish entrepreneur Amaia Rodriguez, whose company Gravity Wave transforms ocean waste into furniture, was motivated by a 2020 fellow’s endorsement of the program.
The application process for CWI is rigorous, involving a detailed evaluation of a five-year business plan, interviews with clients, employees, and investors, and a comprehensive due diligence process. Sin explained, “We maintain high standards to invest in our brand by promoting these entrepreneurs.” Despite the challenges, fellows like Taylor have found the process valuable for reflection and growth.
The awards provide substantial support, including financial grants of $100,000 for first place, $60,000 for second place, and $30,000 for third place. Fellows also receive tailored mentoring, media exposure, networking opportunities, and access to education courses from Insead. The initiative’s one-year fellowship program includes training in impact entrepreneurship, leadership communication, and executive coaching.
The 2024 awards, themed “Forces for Good,” highlighted collective action for change. The evening featured performances by the Zhejiang Conservatory of Music and speeches by Olympic diving champion Guo Jingjing and supermodel Karlie Kloss, whose non-profit Kode with Klossy trains young women in tech. Cartier CEO Cyrille Vigneron celebrated the initiative’s impact, stating, “When women thrive, humanity thrives.”
Among the winners was Dr. Lynne Lim, a Singaporean ENT surgeon who received the Science & Technology Pioneer Award for her innovative device designed to treat middle ear infections, a leading cause of hearing loss in children. Lim expressed her gratitude, noting that the recognition would aid in her efforts to secure further investment.
The true value of the Cartier Women’s Initiative lies in its supportive community. Fellows such as Marina Tran-Vu from Vietnam and Jessica Menon from the US highlighted the significance of the network and mentorship provided by CWI. As the evening concluded, the 33 fellows gathered on stage, united in a powerful chant: “I am remarkable!” This moment epitomized the collective spirit and resilience of these extraordinary women, leaving a lasting impression on all who witnessed their celebration.
