Truist Foundation Inspire Awards Challenge

We’re collaborating with MIT Solve again for our second year of the Inspire Awards Challenge. Nonprofits from across the country have pitched innovative tech-based solutions that support entrepreneurs from undercapitalized communities.

Let’s make a difference—together.

In 2022, we launched the inaugural Inspire Awards in response to the unprecedented impact of COVID-19 on small businesses, particularly entrepreneurs from undercapitalized communities. This year’s Inspire Awards Challenge will look to innovative, technology-based solutions as a proven pathway to resiliency and sustainability for small businesses.

Technology solutions empower businesses to reach new customers, adapt during economic disruptions, streamline operations, and build partnerships that strengthen the small business community. Even during uncertain times, technology is and will continue to be crucial to small business success.

Learn more about our finalists and their solutions

Learn more

Focus on cutting-edge concepts

Our nonprofit finalists will be comprised of organizations with innovative, tech-enabled solutions that address challenges faced by small business owners, including:

Financial readiness – Developing new or improved methods, or tools, that assist in finance for loan acquisition, including understanding and assessing credit and assets, loan-to-debt ratio, cost of growth, and information on alternative/non-traditional funding sources
Business development and procurement – Connecting small business owners to vendors, suppliers, and networks to transform their ability to do business
Support scaling – Supporting long-term business plans and succession through mergers and acquisitions, generational/equitable wealth, hiring pipeline, legal advising, and back-office support
Internal financial health – Introducing innovative solutions to decrease the burden of keeping healthy and accurate financial records
Employee advancement – Supporting upskilling and reskilling, managing human resources, and mid-management or mid-career advancement
Data and impact – Capturing, synthesizing, optimizing, and displaying data for business intelligence, impact evaluation, and improved decision-making for resource allocation

To be eligible, solutions to this challenge must include a technology component. Technologies can include but are not limited to platforms, apps, software, management tools, financial programs, etc.

For more details on our challenge, please visit MIT Solve.

Building a program of opportunity

Truist Foundation, with help from its advisory council, is interviewing 15 semifinalists. Then, Truist Foundation will narrow it down to seven finalists. The eight remaining semifinalist organizations will receive a $10,000 grant each to put toward their idea.

The seven finalists will take part in a six-month wraparound support program to help transform their groundbreaking ideas into tangible solutions. The program includes:

A comprehensive needs assessment to determine what resources and support will most likely accelerate impact
Access to a network of resource partners, mentors, and coaches across industries and sectors
Learning and development modules aimed at refining the business model, theory of change, and plans for scaling
A peer-to-peer network to build a community with dedicated spaces to convene during the support program
An invitation to a two-day Truist Leadership Institute retreat
A workshop focused on helping finalists prepare for the presentation and awards event
An invitation to participate in the annual flagship Solve at MIT event, held in May each year

The celebration of success

Following the completion of the program, each of the finalists will present their unique solutions to the Truist Foundation. During an exciting one-night-only event, finalists will have the opportunity to share their innovative idea with the community and a live audience where we will announce the grant recipients.

Here are the grants for this challenge:

First place: $250,000
Second place: $150,000
Audience Favorite: $75,000
Runners-up: $25,000

Keep these important dates in mind:

May 5, 2023: Challenge opened
August 11, 2023: Deadline for applicants to submit a solution
October 2-3, 2023: Semifinalists invited for interview session with Truist Foundation and advisory council members
October 6, 2023: Finalists announced
October 2023 - April 2024: Finalists support program
April 24, 2024: Pitch event for finalists and winner announcement

Here’s a recap of the 2022 Inspire Awards.

Atlanta Wealth Building Initiative (AWBI) was the first-place recipient of the inaugural Inspire Awards. After each nonprofit finalist pitched their solutions to the Truist Foundation, AWBI was awarded a $250,000 grant. AWBI employs a community wealth-building framework to bolster 1,000 Black businesses in 1,000 days.

A grant for $225,000 was awarded to second place and audience fan favorite Aarti Sahgal, founder of Synergies Work. Synergies Work creates a framework of end-to-end support for entrepreneurs with disabilities focusing on financial capital, social capital, education, and mentorship to bridge the gaps between the business and disability community.

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Truist Foundation Inspire Awards Challenge

Let’s make a difference—together.

Learn more about our finalists and their solutions

Focus on cutting-edge concepts

Building a program of opportunity

The celebration of success

Here are the grants for this challenge:

Keep these important dates in mind:

Here’s a recap of the 2022 Inspire Awards.

Investment and Insurance Products:

Limited English Proficiency Support:

New York City residents:

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

Truist Foundation Inspire Awards Challenge

Let’s make a difference—together.

Learn more about our finalists and their solutions

Focus on cutting-edge concepts

Building a program of opportunity

The celebration of success

Here are the grants for this challenge:

Keep these important dates in mind:

Here’s a recap of the 2022 Inspire Awards.

Disclosures

Investment and Insurance Products:

Limited English Proficiency Support:

New York City residents:

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

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