In collaboration with MIT Solve, more than
$1 million in grants and
comprehensive support will be given to nonprofits utilizing
innovative technology-based solutions to support small business
owners
CHARLOTTE, N.C., May 8, 2023
/PRNewswire/ -- Truist Foundation announced the launch of its
second Inspire Awards Challenge, featuring a pitch and a
capacity-building grant program for nonprofit organizations that
are aiding entrepreneurs from undercapitalized communities. The
second Inspire Awards Challenge spotlights how technology remains
crucial for small business success, exploring how it can empower
entrepreneurs to serve their constituents, adapt during economic
disruptions, streamline operations, and build partnerships that
strengthen the small business community.
The Inspire Awards Challenge, in collaboration with Solve— an
initiative of the Massachusetts Institute of
Technology (MIT) dedicated to
promoting innovative solutions to global problems, seeks nonprofit
organizations with creative, tech-enabled solutions that address
challenges faced by small business owners. From now until
Aug. 7, 2023, qualifying nonprofits
can submit applications through MIT Solve that answer the
question, "What innovative, technology-based solution is your
nonprofit implementing to create pathways to resiliency and
sustainability for small businesses?"
"Truist Foundation is thrilled to bring back the Inspire Awards
Challenge for a second year, as we see this initiative as a pathway
to opening the aperture of our grantmaking pipeline to more
innovative nonprofit organizations," said Lynette Bell, president at Truist Foundation.
"Through our collaboration with MIT Solve, we're able to learn from
and uplift the next generation of community-led solutions to build
stronger ecosystems of support around small businesses
nationwide."
Truist Foundation and MIT Solve will conduct a six-month
wraparound support program for a cohort of seven nonprofit
finalists to help transform their groundbreaking ideas into
tangible solutions. The program includes a comprehensive needs
assessment, learning and development modules to help refine
business plans, measurement training, access to a network of
resource partners and coaches, and more leading up to the live
event. Following the completion of the support program, the
finalists will be invited to a live pitch event and ceremony where
they will showcase their solutions. The first-place nonprofit will
receive a $250,000 grant to actualize
their project, while $150,000 grant
goes to second place, and $25,000
grant to each of the runner-up teams. Plus, finalists are invited
to a two-day Truist Leadership Institute Retreat and the annual
flagship Solve at MIT event, held in
May each year.
"Working with Truist Foundation to help extend the reach and
support in the communities it serves has elevated talented
nonprofit leaders and centered their efforts as key drivers to
systemic change," said Michelle
King, portfolio lead, strategic & partner programs at
MIT Solve. "At MIT Solve, we look forward to continuing our work in
identifying innovators who are leveraging tech and can use this
opportunity to catalyze their work."
During the 2022 Truist Foundation Inspire Awards Challenge, more
than 127 nonprofits applied, with 75% of the teams being led by
women and half by Black leaders. Atlanta Wealth Building
Initiative (AWBI) was named the top recipient of the inaugural
Inspire Awards $250,000 grant. The
grant supported AWBI's 1,000 Black Businesses Campaign, which
supports growth and scale of Black-owned enterprises through
technical assistance, workforce development, research and data
sharing, as well as advocacy and policy shaping.
"Atlanta Wealth Building Initiative is honored to be the
inaugural winner of the Truist Foundation Inspire Award," said
Natasha Battle, program manager of
grants and projects at AWBI. "The exposure from this recognition is
allowing AWBI to leverage additional support and relationships, as
well as accelerate our goal in supporting Black-owned businesses
and building Black wealth."
To learn more or apply, click here.
About Truist Foundation
Truist Foundation is
committed to Truist Financial Corporation's (NYSE: TFC) purpose to
inspire and build better lives and communities. Established in
2020, the foundation makes strategic investments in nonprofit
organizations to help ensure the communities it serves have more
opportunities for a better quality of life. Truist Foundation's
grants and activities focus on building career pathways to economic
mobility and strengthening small businesses. Learn more at
Truist.com/Foundation.
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SOURCE Truist Foundation