Nonprofits are the lifeblood of many communities around the world, doing the important work often without the amount of money and resources they deserve.
The Truist Foundation is aiming to change that. They recently announced the launch of its Inspire Awards, a pitch competition open to nonprofits supporting BIPOC and women-owned small businesses to grow.
“The Inspire Awards mark a new phase of the Truist Foundation’s mission to build pathways to economic mobility and strengthen small businesses,” said Lynette Bell, president of Truist Foundation in a statement. “We’ll bring catalytic solutions to fruition by investing in the next generation of innovative community nonprofits working to help historically excluded communities create generational wealth.”
According to a news release, the awards program is coming by way of a partnership with MIT Solve, the Massachusetts Institute of Technology’s (MIT) initiative that aims to drive innovation to solve world challenges.
Applications can be submitted through May 13, 2022 through MIT Solve by answering the question: What innovative solution is your nonprofit implementing to provide transformational support to women and BIPOC-owned businesses in the United States? The responses will be reviewed by a panel of experts.
After being selected as finalists, Truist Foundation and MIT Solve will bring the cohort together in a capacity support program, then invited to pitch their solutions to a panel of distinguished judges. The winner will receive a $250,000 award to bring their project to life. Runner-up teams will also receive cash awards.