Prestigious award for start-up phase of women’s business initiatives
INSEAD announces today its partnership for the second year with the prestigious Cartier Women’s Initiative Awards. The awards are an annual business plan competition for women entrepreneurs from all over the world, and were created in 2006 by Cartier and the Women’s Forum for the Economy and Society in partnership with INSEAD and McKinsey.
The five winners of the Cartier Women’s Initiatives Awards 2007 will be announced tonight, 17 October 2008, at the Women’s Forum in Deauville, France. The prize includes a US$ 20,000 grant, coaching support for a full year and a free subscription to the INSEAD alumni newsletter for entrepreneurship.
Thirty INSEAD MBA students participated in the selection process of business plans from five continents and offered coaching to the finalists.
‘This type of collaboration really fits with INSEAD’s mission of developing worldly leaders who are able to operate effectively across multiple geographies in a transcultural manner,’ says Freja Day, Project Leader for the Cartier Women’s Initiative Awards. ‘There is such a diversity of background and experience at INSEAD that we are always able to find great coaches who are truly passionate about entrepreneurship.’
Fifteen promising entrepreneurs were selected as finalists by a jury of business leaders, including INSEAD Professor Loïc Sadoulet. Aimed at start-up phase initiatives, the Awards are given to five laureates, one per continent, following a competition in two rounds. Five regional jury groups representing a wide variety of profiles, backgrounds and countries select the finalists and winners.
Professor of Economics Loïc Sadoulet, jury member for the African panel, said: ‘I am a development economist and my interest lies in the mechanism processes that foster and support business creation in developing economies. The Cartier Women’s Initiative does exactly that.’
Madhu Rajesh, a current INSEAD MBA participant, said: ‘I was very lucky to be part of the selection process for these high-level business plans. It allowed me to put into practice a lot of business skills that are required when studying at INSEAD.’
MBAs coached the finalists to help them package and pitch their business ideas. Following a coaching period by INSEAD mentors, Cartier and McKinsey, the finalists submitted their detailed business plans in the last phase of the competition, held in Deauville.
The business plans were judged on creativity, sustainability and impact (environmental and social). In addition, the projects must be for an original, for-profit business creation; wholly conceived of by the team; a completely new concept; and still in the initial phase or in the first stages of development. Also the main leadership position must be filled by a woman.
If you would like to find out more on the Awards, please go to www.cartierwomensinitiative.com
The Partners
Cartier
Founded in 1847 by Louis-François Cartier, a remarkable entrepreneur and an inspired artist, Cartier is one of the world's most esteemed luxury brands, designing and manufacturing exclusive collections of fine jewellery, wristwatches, leather goods, fragrances, pens, eyewear and scarves through almost 250 Cartier boutiques.Present on all five continents, Cartier is also a "citizen of the world” committed to promoting contemporary art through the Fondation Cartier, initiator of ethical standards in the jewellery industry and at the forefront of the fight against international counterfeiting.
The Women’s Forum for the Economy and Society
Created by Aude Zieseniss de Thuin in 2005, the Women’s Forum for the Economy and Society is an independent and non-partisan platform for dialogue. An annual landmark event, it aims at promoting women’s perspectives on major issues today. During three days, men and women, CEOs, academic experts, leading figures of the cultural, scientific and political world from all countries and a variety of backgrounds gather to exchange, debate and above all, act.
McKinsey & Company
McKinsey & Company is a management consulting firm that, for more than 75 years, has been helping its clients achieve distinctive, substantial, and lasting improvements in their performance. Its clients include more than half of the world’s top 200 companies, as well as companies with the potential to reach the top. McKinsey & Company also helps a diverse range of government institutions and non-profit organizations with their management challenges.
