Prizes and awards facilitate and embolden new ideas. These creative innovations and larger thinking can come from anywhere around us, and in fact, the more varied the voices, the more diverse the problems that are tackled.
It is with this aim that The Bicester Collection (the collective behind 11 shopping villages around the world, including Bicester Village in England) launched ‘Unlock Her Future Prize’ last year. The start-up competition, which is part of their Do Good programme, awards four women social entrepreneurs with innovative early stage ideas in line with the United Nations’ Sustainable Development Goals. The winner gets up to $100,000 in cash prizes each, as well as human capital and mentoring to grow the ideas.
What sets the Prize apart from existing ones by luxury brands such as Cartier, Rolex, and Veuve Clicquot, is the wide net it casts. For instance, past winners became essential mentors for the class of 2024’s eight finalists; last year’s winner Nuhayr Zein’s plant based leather alternative products was showcased at the Egypt Fashion Week and Dubai Design Week; and Sara Llalla, founder of Ecocentric, an online marketplace that aims to eliminate single-use materials through a sustainable ecosystem, attended COP 28. This year, with 954 applicants enrolling, the audience got a front row seat to a spectrum of ideas — from Colombia-based Valentina Agudelo’s Salva Health that uses AI for early breast cancer detection, to Brazil’s Thamires Pontes who has harnessed seaweed as an alternative to petrochemical materials in clothing.
Nuhayr Zein’s plant based leather alternative products
On the eve of the announcement of the winners last month, I sat down with Elena Foguet, business director of The Bicester Collection, to understand the initiative and its role in cultivating more women in leading businesses.
What germinated the Prize and why?
When it came to taking on a positive project and commitment, we wanted to look at those in the world who have less visibility and whose voices are not heard loud and clear — women and children. That is why the Do Good programme endorses them. Women impact communities and consider the growth of everyone around them with their brilliant ideas; they only need the opportunity.
Valentina Agudelo’s Salva Health
There are several such Prizes around the world. How do you differentiate Unlock Her Future?
The Prize money is, of course, a big part of it. Then, there is the human capital support with mentorship and leadership coaching with international experts who make up the jury and beyond. In the coming months, we will coach them, supporting and aiding them for their future. There is also global access to The Bicester Collection, its partners, affiliates, and industry contacts.
You’re now taking it to another region — South Asia. How do you see this unfolding, and why South Asia?
In 2025, the Prize will travel to South Asia, where Chantal Khoueiry, a key leader of the Do Good programme, has examined the following: one in four women are in the workforce and women entrepreneurs lead 20% of social enterprises. Encouragingly, India, Pakistan, and Bangladesh have seen a rise in social businesses over the last few decades. However, in 2023, the World Bank reported the rate of female ownership of firms in South Asia was 18%, significantly lower than the global average of 34%, indicative of systemic challenges such as limited access to finance, market opportunities, and societal support.
Finalists of Unlock Her Future Prize 2024
Primarily due to gender discrimination and cultural bias, for women in South Asian countries these systemic challenges begin with a lack of quality education, particularly in entrepreneurship, restricting their ability to gain the skills and understanding necessary to launch and scale sustainable businesses. Additionally, access to capital and networks is a major challenge, as they often have limited access to credit, financial resources, mentors, and visibility in the business community. We think this is where the Unlock Her Future Prize can make a significant difference. Moreover, we host clients from all over the world in our villages. This is our way of also giving back to those communities.
The writer is an independent journalist based in London, writing on fashion, luxury and lifestyle.
Published - July 09, 2024 10:54 am IST
