More than 2,200 proposals compete to win the Santander X Tomorrow Challenge
Enjoy the live broadcast of the Santander X Tomorrow Challenge awards on July 17 at 3pm (BST) via this link.
The call for Santander X Tomorrow Challenge attracted 2,251 entrepreneurs, creatives and experts from all over the world.
From these entries, each winner will receive 20,000 euros in cash and various benefits such as mentoring, roadshows to access financing or technological advice from Santander Bank and other entities. The names of the winners will be published on 17 July.
Entries from Brazil, Mexico and Spain make up the bulk of the applications, with an average of 500 projects. Argentina and Chile have submitted 200 and 207 projects respectively and the United Kingdom, in sixth place, added 105. The remaining 448 projects are made up of other countries in the Santander Universities footprint, such as Germany, Poland and Portugal.
Four categories of innovation
Santander X Tomorrow Challenge requested entrepreneurial projects for four categories:
- Re-Skill, towards the development of new professional skills.
- Re-Invent, on the adaptation of business models.
- Re-Work, for the fight against unemployment generated by the pandemic.
- Re-Launch, based on the reopening of businesses and the identification of new market opportunities.
Re-Invent is the category that has received the most applications, with a total of 809 (36%). The second most requested category was Re-Launch, with 551 (24%). Re-Work is in third place with 490 projects (22%) and in last place, Re-Skill, with 401 projects (18%). Of these, e-commerce, health care, nutrition and talent management are the most popular sectors.
Although men's participation in the challenge has been higher with 69% of the total solutions received, the good news is that 28% of the applications to the Tomorrow Challenge were submitted by women. Crunchbase's report ‘Funding to the Female Founders’ (2019) showed a growth from 10% of companies founded by women in 2009 to 20% of startups with female founders in 2019. The 28% female participation is very good news as it is several points higher than the national and global average for female entrepreneurship, something that Santander Universities has been encouraging for years.
The data on the age of participants also draw positive attention. Although the average age is around 32, 44% of the startups (987) are formed by entrepreneurs who are still studying at university, a figure that speaks very positively of the growing entrepreneurial spirit of students, bearing in mind that there was no age limit in the call.
The initiative, promoted by Banco Santander via Santander Universities, seeks to encourage innovation in the face of the challenges posed by the new normality brought about by Covid-19.
Until July 12, the evaluators of the Santander X Tomorrow Challenge will filter a total of 40 candidate solutions that will be evaluated by the final juries during July 13 and 14.
On July 17th, we will be able to enjoy live the final of the Santander X Tomorrow Challenge through a streaming broadcast in which the 20 winning ventures of the 400,000 euros in cash and 600,000 euros in profits will be announced.