Challenge pitch for technology and small business

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Truist Foundation's Inspire Awards Challenge is a pitch and capacity-building program for nonprofits that help entrepreneurs from undercapitalized communities.

Nonprofits that empower entrepreneurs have a chance to pitch their initiatives for grants.

Truist Foundation has launched its second Inspire Awards Challenge, a pitch and capacity-building program for nonprofits that help entrepreneurs from undercapitalized communities. The challenge spotlights technology for small business success and how it can empower entrepreneurs to serve clients, adapt during economic disruptions, and build partnerships.

The Inspire Awards Challenge is collaborating with MIT Solve — an initiative of the Massachusetts Institute of Technology — to seek nonprofits with tech-enabled solutions that address challenges entrepreneurs face. Qualified entries can submit applications through Aug. 7 to describe technology-based solutions to small business sustainability.

“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," President Lynette Bell said in a statement. “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 support program for seven nonprofit finalists to transform their ideas into solutions. The program includes a needs assessment, learning and development modules to help refine business plans, measurement training and access to resource partners and coaches. Upon completion of the support program, the finalists will advance to a live pitch showcase of their solutions.

The winning project will receive a $250,000 grant, while $150,000 goes to the runner-up. The other finalists will get a $25,000 grant.

"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 and 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."

More than 125 nonprofits applied for last year’s inaugural challenge, with 75% of teams led by women and half by Black people. Atlanta Wealth Building Initiative won the 2022 showcase and $250,000 grant for its 1,000 Black Businesses Campaign, which advocates for growth and scale of Black-owned companies through technical assistance, workforce development, research and data sharing.

“The exposure from this recognition is allowing AWBI to leverage additional support and relationships,” said Natasha Battle, program manager of grants and projects at AWBI, “as well as accelerate our goal in supporting Black-owned businesses and building Black wealth.”   

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