If you are a woman and you already own a business which you plan to expand, you should know about the Cartier Women’s Initiative Awards. The Cartier Women’s Initiative Awards have been created in 2006 and since then, 198 women have benefited from their support. The awards is open for any woman, from any country and of any nationality, who are in the initial stages of their business, in any industry.
What you need to know about the eligibility criteria for this award:
- the business must be in early stages (1-3 years old), for profit, and led by a woman;
- the business must be generating revenue, which does not necessarily mean that is should already be profitable;
- the applicant must be at least 18 years old or of the age of legal majority in the country of residence;
- Applicants must be proficient in English, both writing and speaking.
The application consists in an online form, which will require the following documents: the business registration document, the applicant’s resume, the latest tax return, a receipt from the tax authorities as proof that the business’s tax returns have been filed and the capitalization table. Additionally, candidates have the option of submitting three other documents of their choice, such as product images, logos or articles about their business.
There are three main selection criteria: creativity, social impact and financial feasibility. The creativity criteria refers to the level of innovation brought by the business concept and the singularity of the project in the country where it is developed. Social impact is defined as the number of job the business creates and the way it impacts the social or natural environment. Financial feasibility includes aspects like revenue model or business strategy. Another evaluation criteria is the clarity and quality of the presentation.
The selection process has two phases: in phase 1, 21 finalists will be selected, three from each region (Europe, North America, Latin America,Middle East and North Africa, Sub-Saharan Africa, South Asia and Oceania, East Asia). The finalists will enter a coaching period, during which they will be prepared to participate in the second phase, which will select the 7 laureates. The second phase or the final will consist in submitting and presenting a detailed business plan in front of the Jury, during the Cartier Awards Week. The jury will chose one winner from each of the seven regions mentioned above.
The prizes for the seven laureates are $100 000 and participation in a personalized business mentoring while the 14 finalists will receive a prize of $30 000.
The applications for 2020 will be open in June 2019. You can find everything you need to know about this business grant here.