Pitch grant program offers funding, wraparound
services to nonprofits utilizing innovative technology-based
solutions to support small businesses
CHARLOTTE, N.C., Oct. 17,
2023 /PRNewswire/ -- Truist Foundation today
announced the finalists for the Inspire Awards, a pitch grant
program that elevates and celebrates nonprofits from across the
country with innovative solutions that support entrepreneurs. This
year's awards spotlight how nonprofits can leverage technology to
empower entrepreneurs to serve their customers, adapt during
economic disruptions, streamline operations, and build partnerships
that strengthen the small business community.
Following the success of the inaugural Inspire Awards in 2022,
Truist Foundation again partnered with Solve, an initiative of the
Massachusetts Institute of Technology
(MIT), to identify nonprofits with the
most innovative, tech-enabled solutions that address challenges
faced by small business owners. Truist Foundation and MIT Solve
received over 100 grant applications from across 32 states.
Following a vetting and interview process, seven finalists were
selected to move forward to participate in the wraparound support
program and pitch their solution at the Awards ceremony.
"Whether it's better data and insights, software solutions or
the use of artificial intelligence, technology has the power to
completely transform the way small businesses operate. Innovative
nonprofits are demonstrating how technology can be a dynamic tool,
which can streamline processes, customize solutions and make a
lasting impact," said Lynette Bell,
president of Truist Foundation. "We're thrilled to welcome these
seven nonprofit finalists to our Inspire Awards program; their care
for small businesses and dedication to innovation is what helps our
communities thrive."
Forward-thinking solutions and services provided by nonprofits
are essential to small business owners. The following organizations
submitted solutions with transformational potential and have been
selected as the new class of Inspire Awards finalists:
- ACT! Albany Community Together Inc, increasing and
enhancing its training and technical assistance programs to empower
small businesses in a 38-county region of southwest Georgia.
- Aire Ventures Inc, partnering with Zirtue to support
Opportunity Connect, a neighborhood initiative that aims to provide
access to capital to small businesses owners in opportunity
zones.
- Carina, offering an easy-to-use, mobile-first childcare
matching platform, available in English and Spanish, that matches
unionized Family Child Care Providers (FCCPs) with families needing
childcare.
- Centro Community Partners, providing an AI-generated
journey through a virtual hub of small business owner resources for
low- to moderate-income entrepreneurs in underserved
communities.
- Immigrants Rising & Community Initiatives, employing
a gamification learning hub to cater to individuals facing barriers
to traditional employment who want to earn a sustainable income
through small business ownership.
- NCRC Community Development Fund, supporting an AI-based
lending platform to make the loan application process more
efficient and accessible to undercapitalized small businesses.
- Start Small. Think Big. Inc, developing a dynamic web
portal to improve services for small businesses from marginalized
communities that will serve as a hub for onboarding, project
management and analytic tools as well as legal, financial, and
sales and marketing administration.
"I am uplifted by the remarkable Truist Foundation Inspire
Awards finalists. These change-makers center small businesses at
the core of their missions and answer their needs with essential
technological solutions," said Hala
Hanna, executive director of MIT Solve. "Their work
illustrates the indispensable role nonprofits play in supporting
small businesses. It also highlights the transformative power
technology can have in the nonprofit sector, scaling impact, and
ensuring the enduring success of these enterprises."
The seven finalists will take part in a six-month wraparound
support program to help transform their groundbreaking ideas and
focus on cutting-edge concepts. This includes in-person training at
the Truist Leadership Institute as well as one-on-one coaching and
skill-building workshops to help optimize and increase
effectiveness of these nonprofit organizations.
The Inspire Awards program will culminate with a dynamic event
hosted by a special guest at the Knight Theatre in Charlotte, N.C. During this exciting,
one-night-only event – scheduled for April
24, 2024, finalists will have the opportunity to share their
innovative ideas with the community and a live in-person and online
audience. At the conclusion of the event, Truist Foundation will
announce a winner, second place and audience favorite. All
finalists will receive funding to help bring their solutions to
life totaling $250,000 for the
winner, $150,000 for second place and
$25,000 for runners-up by the end of
the program; plus, the audience favorite will receive an additional
$75,000.
Registration to watch live is anticipated to open in
February 2024. Virtual attendees will
have the ability to vote for the audience favorite during the show.
For additional details and updates, visit
truist.com/InspireAwards.
About Truist Foundation
Truist Foundation is
committed to Truist Financial Corporation's
(NYSE: TFC) purpose to inspire and build better lives
and communities. The Foundation, an endowed private foundation
established in 2020 whose operating budget is independent of
Truist Financial Corporation, makes strategic investments in
a wide variety of nonprofit organizations centered around two focus
areas: building career pathways to economic mobility and
strengthening small businesses to ensure all communities have an
equal opportunity to thrive. Embodying these focus areas are the
Foundation's leading initiatives – the Inspire Awards and Where It
Starts. Learn more at
Truist.com/Foundation.
About MIT Solve
Solve is an initiative of the Massachusetts Institute of
Technology (MIT) with a mission to
drive innovation to solve world challenges. Solve is a marketplace
for social impact innovation. Through open innovation challenges,
Solve finds incredible tech-based social entrepreneurs all around
the world. Solve then brings together MIT's innovation
ecosystem and a community of members to fund and support these
entrepreneurs to help them drive lasting transformational impact.
Solve has catalyzed over $50 million in commitments for
Solver teams and entrepreneurs to date. Join Solve on this journey
at solve.mit.edu.
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