Cheques, challenges and change: Why VC still misses the mark

At a time when brand investments are increasingly measured by impact and inclusivity, day two of the Cannes Lions International Festival of Creativity began with a panel discussion probing the intersections of health, innovation, and gender equity.

Titled ‘Impact Innovators: Building a Healthier World,’ it featured tennis champion and entrepreneur Serena Williams, Catherine Casey Nanda, the managing partner of Acumen America, and Sheila Redzepi, chief communications and corporate affairs officer at Reckitt. The conversation, moderated by CNBC anchor Tania Bryer, also marked the announcement of Reckitt Catalyst—a five-year global initiative focused on women-led health ventures.

While Williams is best known for her record 23 Grand Slam singles titles and four Olympic gold medals, she is also the founder of Serena Ventures, a venture capital fund launched in 2017 to back early-stage companies, particularly those led by women and minorities. Bryer opened the discussion by asking Williams about the origins of her business acumen.

“In the beginning, I had to get comfortable with being uncomfortable,” Williams shared. “A lot of people want to get more comfortable making decisions, whether it is investing in people that look like me. And I think that is so important because we are the people that are actually making change in the world and are seeing things differently.”

She reflected on her upbringing in Compton, California, noting that it wasn’t the most conducive environment for growth. Yet, her athletic career taught her to show up consistently and reinvent herself. Drawing a parallel to venture capital, she said, “VCs need to look at life as a bigger picture when they are looking to grow their business... whether it’s investing in women or people who look like me.”

A key focus of the panel was the persistent gender gap in venture funding, especially within healthcare. Catherine Casey Nanda highlighted the disparity with a stark statistic: only 2% of VC funding goes to women entrepreneurs.

“And what makes it shocking is that it’s not improving,” she said. “That’s even though women-led businesses outperform other businesses by 35%.” She further pointed out that women represent 90% of the global frontline health workforce, making them uniquely positioned to understand and respond to community health needs.

Responding to the statistic, Williams said, “I thought I had misheard this number when I heard it the first time.”

Nanda reiterated the urgency for action, stating, “They generate 35% better returns, create six times more jobs than their counterparts. And the healthcare sector is no exception.” She emphasised that when investments are made in women-led healthcare businesses, the combination of skill and lived experience often results in high-impact outcomes.

From Reckitt’s perspective, Sheila Redzepi explained how the company is working with local entrepreneurs across 13 countries. “Local communities that are closest to the issues best understand the challenges near them. We work with these start-ups and hope we can help them do justice,” she said.

She cited a specific project in Pakistan with Nida Yousaf Sheikh, CEO of Tayaba. The company has introduced a device that converts humidity in the air into clean drinking water—a major health intervention in a country where 20-22 million people lack access to potable water.

During through the panel, Redzepi announced the launch of Reckitt Catalyst, a five-year commitment of up to £10 million to support up to 200 health and hygiene start-ups. These ventures must be led by women and under-represented entrepreneurs, and the goal is to improve access to health and hygiene for five million people globally.

Sheikh, one of the benefactors of this initiative, commented, “Reckitt’s mentorship and funding have been instrumental in advancing our product and sharpening our communications, which secured further investments, allowing Tayaba to bring clean water to more people.”

Reckitt Catalyst is supported by partners including Acumen America, Yunus Social Innovation, and the Health Innovation Exchange (HIEX). Reckitt Catalyst will leverage Reckitt’s internal talent along with Williams, who serves as its Entrepreneur-in-Residence.

Speaking about the programme, Williams said, “We believe in diversity. Sometimes funding is great, but we need mentorship and support too. We want to solve problems on a global scale. I want to empower women and want to change who is writing the cheque. We want to change the top of the funnel.”

The world champion also noted that the launch had been in the works for over two years. “I have always played a solo sport. This is such a great opportunity to work together,” she remarked.

In the United States, Acumen America will serve as the lead partner for the initiative, while in markets such as Nigeria, South Africa, Brazil, Indonesia and Pakistan, Reckitt will continue working with its existing partners. Nanda added a cautionary yet optimistic note. “While we can expect some failures, when founders have the right team around them, extremely successful stuff can be built,” she said.

The discussion closed with reflections on the long-term ambitions of Reckitt Catalyst: to touch five million lives across 15 countries by scaling early-stage, impact-focused health businesses. While panellists refrained from offering grand predictions, the numbers and strategies outlined suggested a measured yet ambitious roadmap. The emphasis was clear—community-first insight, data-backed support, and sustained investment must come together to deliver scalable health solutions.

As the global sports market continues to intersect with entrepreneurship, investment, and social impact, the Cannes Lions session illustrated how cross-sector alliances might unlock new paths for inclusive growth. For the advertising and brand marketing world, the conversation served as a reminder that purpose and profit are not mutually exclusive—and that meaningful partnerships may well be built on the edges of discomfort, especially if the goal is systemic change.