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Mon 29 Feb 2016 12:55 PM

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Women entrepreneurs choose social impact over profit, study reveals

INSEAD has released its findings on the impact of the Cartier Women’s Initiative Awards.

Women entrepreneurs choose social impact over profit, study reveals
Launch of the Cartier Women’s Initiative Award in 2006 by Cartier, INSEAD business school, the Global Women’s Forum and McKinsey & Company. (Photo courtesy of INSEAD)

Successful women entrepreneurs think that businesses should have a positive social impact, according to a review by INSEAD presented at the Global Women's Forum Dubai 2016.

INSEAD, a business school with campuses in Europe (France), Asia (Singapore) and Abu Dhabi, reviewed the Cartier Women’s Initiative Awards to reveal an overwhelming view among women entrepreneurs that businesses should deliver more than profits.

The school studied the impact that Cartier’s landmark entrepreneurship scheme has had on the women taking part, reviewing outcomes for their businesses and conducting in-depth surveys to gauge its success.

Female entrepreneurs identify importance of business networks to build contacts, gain resources and reduce isolation prior to business plan validation, the review added.

Some 5,200 new jobs have been created by the businesses that the Cartier Women’s Initiative Awards have supported with grants, coaching and networking opportunities, primarily from the four main partner organisations – Cartier, INSEAD, The Women’s Forum for The Economy and Society and McKinsey & Company.

Applications have grown from 360 in 2007 to 1,800 last year when 18 finalists from six regions were then selected to participate in a unique programme of coaching and training designed to improve each entrepreneur’s business plan, market position and skills.