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[Joongang Ilbo] Wonder Women Changing the World — Cartier Supporting Women Entrepreneurs, Including 6 in Korea

2022-03-30

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JoongAng Ilbo

"When adults see a destroyed environment, wealth disparity, and unfair society, they ask if the younger generation feels disillusioned. But I say no. With your help, tomorrow's world can change. Help that changes the world is the greatest gift we can give to our generation!" Yara Shahidi, an actor and producer actively working in the industry, delivered these remarks at the 15th anniversary event of the 'Cartier Women's Initiative' with her signature bright voice, earning thunderous applause from the audience on the 6th. The event, held at the Dubai World Expo, commemorated Cartier, a French luxury brand, supporting female entrepreneurs for 15 years. As 'International Women's Day (March 8)' approached, 'Cartier Entrepreneurs Alumni' from around the world celebrated their efforts and achievements, with some moved to tears. Despite Active Entrepreneurship, 'Wealth Concentration' Persists Few people know that Cartier, famous for jewelry and watches, has been supporting women in early-stage startups since 2006. Under the 'Cartier Women's Initiative' program, the brand receives hundreds of applications annually from seven regions worldwide and selects 21 women—three from each region. To date, approximately 7.9 billion won has been awarded to 262 female entrepreneurs from 62 countries, including six from Korea. Since last year, a 'Science & Technology' category was added alongside regional selections, bringing the total number selected to 24. The approximately five-month selection process is evaluated as highly professional. The judging panel consists of investment experts and men and women who have founded businesses. Bae Su-hyun, a director at venture capital firm Envisioning Partners who has been judging since 2019, emphasized, "While the ratio of male and female entrepreneurs looking to start businesses is nearly equal, 90% of actual investments go to men, showing severe capital imbalance in the VC industry. We can achieve much higher returns when we abandon the prejudice that women's ideas are inferior." Women Doing 'Business That Changes the World' The most important factors in judging are whether the business has a clear purpose to change society and whether it can generate sustainable profits. The initiative supports startups suitable for so-called 'impact investing'—businesses that generate profits while creating positive effects on society and the environment. This aligns with the 17 Sustainable Development Goals set by the United Nations, including poverty eradication, health and well-being, quality education, gender equality, and clean energy. The award recipients at the 15th anniversary special event showed exceptional determination to improve challenges in their respective societies. Pariel Salahuddin (Pakistan) monetizes livestock to install modern infrastructure for farms without water or electricity; Charlotte Wang (China) uses big data analysis to save energy and reduce fuel costs and pollutants; Temi Giwa and Toyin Tubosun (Nigeria) operate motorcycle blood banks to address the reality where 37,000 mothers die annually from blood loss during childbirth. They stated, "Though there are times we cannot sleep due to hardship, we feel great fulfillment seeing the world gradually improve." Previously, in 2019, Jo Yeon-jeong, CEO of 'Say Global,' became the Far East Asia regional winner with a platform business connecting Korean retirees with young people worldwide who want to learn Korean. Supporting Korean Women Entrepreneurs Since Last Year As crucial as financial resources is human and social support—from persuasive speaking to investors, management leadership, marketing, and publicity. The Cartier Women's Initiative partners with France's INSEAD Business School to provide customized education. Notably, a community of approximately 500 global experts and peers was created, enabling members to serve as mentors and mentees to support each other. Cartier effectively plays the role of a global platform connecting women entrepreneurs worldwide. As a result, entrepreneurs achieved average annual sales of approximately 600 million won and net profits of 32 million won as of 2020. On the 8th, marking International Women's Day, Seira Kim, President of Cartier Korea, explained the significance of the 15th anniversary of the Cartier Women's Initiative and the 'UnderWomen Impact Community,' a Korean women entrepreneur support program. The building shown on screen is the 'Women's Pavilion' built by Cartier at the Dubai World Expo, attracting attention as the first pavilion themed on women in world expo history. Cartier held a press conference on the 8th, sharing video footage of the Dubai event in Korea. President Seira Kim stated, "I believe Korean women need long-term and realistic support, not one-time assistance, so we launched the 'UnderWomen Impact Community' last October." She added, "I want to send encouragement to many women to break prejudices, take on challenges, and lead positive change." The UnderWomen Impact Community is a project jointly undertaken by the Cartier Women's Initiative and startup education company UnderDogs, characterized by providing startup information and education, and community activities with industry professionals. President Kim concluded, "I hope the UnderWomen Impact Community becomes a stepping stone for more startups to emerge in Korea and for more women to advance to the global stage."

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