Looking ahead to a world transformed by the Coronavirus outbreak, Banco Santander has launched the X Tomorrow Challenge to fund entrepreneurial projects dealing with the post Covid-19 fallout.
The Spanish bank is allocating EUR1 million in cash and benefits to the programme, which will launch in 14 countries with the aim of finding innovative solutions to help mitigate the socioeconomic aftermath of the pandemic.
Ana Botín, group executive chairman of Banco Santander, says: “The coronavirus is changing our world, but we can shape this change. This is the time for entrepreneurs because, when they see a challenge, they are able to imagine new solutions. We are launching Santander X Tomorrow Challenge because we believe in them and in their capacity to find a response to today’s problems and those that we are going to be facing in the near future."
The challenge is structured into four categories that combine some of the main problems being posed by this new situation: job creation; transforming personal skills; reinventing and reopening business and industries; and the appearance of new business opportunities.
Applications will be evaluated by a jury of 12 representatives from the entrepreneurial ecosystem and bank management. The 20 best projects will each receive EUR20000 in cash and get support from the bank and participating entities, who will provide more than 100 hours of expert mentoring; a roadshow with at least five investors per project to facilitate access to financing; advice on technology and innovation from the MIT Innovation Initiative; and access to software licences and services.