Banco Santander has announced a new global initiative in partnership with Philips and the Oxentia Foundation. The challenge seeks to identify startups and scaleups from 11 countries that can provide innovative solutions to address issues related to ageing populations. The participating countries include Argentina, Brazil, Chile, Germany, Mexico, Poland, Portugal, Spain, the United Kingdom, Uruguay, and the United States.
The contest is focused on finding companies that can help meet the challenges of longer life expectancy and support healthy, active ageing. It is divided into four categories: preventive health and early detection; technology-based assistants for independent living; planning and finances for a longer life; and social connection, mental well-being, and lifelong learning.
Startups and scaleups interested in participating have until August 4 to submit their proposals through the Santander X website. Winners will be selected by an expert panel. Six companies will be chosen—three startups and three scaleups—to share a total prize pool of EUR 120,000. Each winning startup will receive EUR 10,000 while each scaleup will get EUR 30,000.
In addition to the monetary awards, winners will gain access to Santander X 100—a network of top-performing startups and scaleups supported by Banco Santander—and benefit from expert advice provided by Philips. They will also have opportunities through Fintech Station, Banco Santander’s open innovation program.
Antonio Suárez-Pumariega, Global Head of Digital businesses at Santander Universities stated: "This challenge aims to promote innovation in addressing the needs of an ageing society by supporting entrepreneurs who are developing impactful solutions."
Juan Carmona, Solutions Leader Spain & Portugal | Innovative & Strategic projects at Philips Ibérica said: "We believe collaboration between corporations and startups is essential for creating effective responses to demographic changes."
Miguel de Foronda, Managing Director of Philips Ibérica added: "Our goal is to encourage technological advances that improve quality of life for senior citizens."
The competition highlights growing efforts among major organizations to foster new technologies aimed at supporting older adults’ independence and well-being as populations age globally.