Socialab and SAP are offering US$5,000 for socially responsible startups

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Contxto – Funding is scarce right now startups, so here’s a chance to raise some mullah. Software company SAP, in partnership with Socialab—an association dedicated to developing entrepreneurial projects that have a positive impact on society—announced the launch of their Social Innomarathon.

This competition is looking for startups from Latin America that offer solutions for a more sustainable world in social, environmental, or economic terms. The winner will receive a US$5,000 investment.

The deadline is set for June 14, so there’s time. But remember, the sooner you apply, the sooner you can cross it off your bottomless “To Do List.”

What’s it take to participate? Read on.

Social Innomarathon terms and conditions

Among the essential requirements to apply, the regional competition is looking for startups that:

• Operate under a business to business (B2B) model
• Give technology a central role to make a positive impact
• Have been operating for at least six months at a local or national level
• Offer validated minimum viable product (MVP)

There are few others, so you’d best read the rules available here.

Following the submissions process, two finalists from each category will be flown (all-expenses paid) to the Social Innomarathon Summit in Colombia from November 10 to the 13 of this year.

• Related article: Chilean sustainability startup Algramo to introduce portable repackaging units to US

The winner will then receive US$5,000 to be used to further develop their socially-responsible startup. Doing a good deed is a reward in and of itself. However, the fact that there’s funding involved also helps.

You know the drill… if you’re ready to apply you may do so here.

It pays to do the right thing

It’s interesting to note that Socialab has funded other well-known startups from the region. Examples include Chilean Algramo and Lab4U. 

Why it’s a big deal: If anything, these types of initiatives are needed now more than ever in the region. Coronavirus (Covid-19) has exposed some of Latam’s most vulnerable populations to various risks. And that’s not only in terms of contagion, but also economic instability, as many people work as street vendors to make a living.

Our world would be worse off without startups and associations that take up social causes. Ones that don’t necessarily put profits, but rather people, first.

Related articles: Tech and startups from Colombia!

-ML