Solutions must be focused on 'Digital Industry' -i.e., promoting, through the IoT, efficiency and productivity in industrial processes- and 'Digital Society' -with SMART technologies that improve the daily lives of users without overlooking sustainability-.

Projects from 11 countries (Germany, Argentina, Brazil, Chile, the United States, Spain, Mexico, Portugal, Poland, the United Kingdom and Uruguay) can be submitted. The deadline for applications to this challenge is 12 December on Santander X.

A jury of experts will select six winners, who will receive €120,000 in prizes: €30,000 for the three winning startups (€10,000 each) and €90,000 for the three best scaleups (€30,000 each). They will also have access to Santander X 100—the global entrepreneurship community with Santander X's most outstanding projects—and will be able to connect with Fintech Station, Banco Santander's Open Innovation area. They will also be able to connect with relevant companies in the IoT ecosystem.

According to Diego Calascibetta, global director of Entrepreneurship and Fintech Station at Santander Universities, "At the bank we believe that accelerating the transition to “smarter” cities, industry or commerce will boost industrial growth and productivity, improve social welfare and benefit consumers. Our goal is to identify the companies in the sector that are working on the most innovative solutions, and to give them the resources, connections and visibility they need to grow."

Once the deadline has passed, the projects will undergo various assessment processes until they reach the final phase, where 10 startups and 10 scaleups with the 20 best solutions will go head-to-head, presenting their initiatives to an international jury. The event will end with the awards ceremony at the 4YFN in Barcelona, an entrepreneurial event of international acclaim in the field of technology and innovation.

Steve Cleverley, CEO of Oxentia Foundation, “with the expansion of digital services across the entire economy, it is important that we support and promote startups and scaleups that are working towards a more innovative, efficient and sustainable society. Oxentia Foundation is therefore delighted to be working in partnership with Santander X to launch this challenge. As an Oxfordshire based organisation, we are privileged to share our home with several highly successful companies working in the digital economy space”.

Banco Santander undertakes a number of initiatives to help people enhance their future prospects. Through Santander X, we help business owners and small enterprises create opportunities, become stronger and grow. We offer them the training, advice and resources needed to move forward and scale up their business.

The bank has also recently launched a dedicated fund of 100 million euro, in partnership with Inveready, which aims to finance technology-based and high-growth startups in the early stages of their development, as well as providing comprehensive services and products for these startups and innovative companies with scalability potential, among other solutions tailored to each stage in these companies' growth cycle.