Carmen Busquets, an entrepreneur, philanthropist and impact investor in the fashion and tech space, has created the Carmen Busquets Foundation and the inaugural Carmen Busquets Prize.

Busquets is a Venezuelan businesswoman best known as the majority cofounding investor of Net-a-porter and as a vocal proponent of sustainability. The influential angel investor has invested in start-ups in the U.S. and Britain including Farfetch, Moda Operandi, Flowerbx, Tagwalk and Cult Beauty.

The Carmen Busquets Couture Prize x Latin American Fashion Awards marks the first in a series of strategic partnerships that will amplify the foundation’s mission of promoting cultural preservation, sustainability and inclusivity within the fashion, art and design industries.

Busquets chose to partner with the Latin American Fashion Awards for the foundation’s first prize because of its commitment to diversity and inclusion, and because of the first edition’s success. The organization’s 14 award categories recognize and promote the broad spectrum of Latin American creatives working in the fashion industry, from design to photography to artisan craftsmanship.

The Carmen Busquets Couture Prize winner will receive a financial prize of $50,000, and mentoring with Busquets and other experts. The participants have already applied, the finalists will be revealed Sept. 15, and the winner will be disclosed live at the Latin American Fashion Awards ceremony in the Dominican Republic on Nov. 8.

The winner will be selected based on criteria such as integration of heritage craftsmanship with innovative techniques; implementation of made-to-order couture and slow fashion principles; advancement of circularity and upcycling practices, employment of local artisans and seamstresses, and economic sustainability and growth potential.

“I have felt a profound sense of purpose throughout my life. My philanthropic work began 42 years ago, and I have sought to create a positive impact through my roles an an entrepreneur and investor. Now that I have turned 60, I will be significantly slowing down my investments in fashion-tech start-ups. But I still feel an urgent need to focus on the foundation, ensuring that my values and ethos are reflected in every activity it undertakes,” Busquets said.

She said she admires the work Constanza Cavalli Etro and Silvia Argüello are doing with the Latin American Fashion Awards. “They’re like the Oscars for our region, celebrating the richness of our talent and making sure Latin American creativity and cultural heritage are recognized around the world. That’s why I decided to create Latin America’s first Couture Prize with them — with the the hope of raising the bar and giving our region the recognition it deserves,” Busquets said.