Truist Foundation Inspire Awards Challenge

We’ve collaborated with MIT Solve on a groundbreaking awards program. Nonprofits from across the country submitted their most innovative solutions to the complex challenges facing women and BIPOC-led small businesses in their communities.

Watch live on October 20

Join us as we celebrate the seven Inspire Awards finalists and learn more about the unparalleled work they do. During an exciting, one-night-only event hosted by acclaimed journalist and TV personality Lisa Ling on October 20, 2022 from 7-8:30pm, each finalist will present their unique solutions to a panel of judges—and a livestreamed audience. Audience members will even get the chance to choose their favorite finalist solution to be awarded $75,000 in grant funding. Register to watch and vote!

Transcript

1:30 CUT

Change isn’t always easy. We’ve all learned that in the last few years. And the fact is, small businesses in the U.S. – especially those led by women and people of color - have taken many of those changes the hardest.

So what will it take to change for the better?

At the Truist Foundation, we work to inspire and build better lives and communities – and that includes supporting the small businesses that make communities vibrant. We know that real change – change for good, that benefits all – begins on the ground.

Real change is about asking why – and why not. It’s about wrapping our arms around our communities, and giving each other a helping hand when we need it. It’s about being up for the challenge, no matter how big.

That’s why, at our inaugural Inspire Awards, we’ll be lifting up innovative nonprofit organizations that help grow, develop, and sustain racially diverse and women-led small businesses. You’ll hear from seven nonprofit finalists who have crafted their game-changing ideas through a wrap-around support program.

The winners will walk away with the financial and institutional resources to bring their solutions to life – and you can help the judging panel decide who’s up to the challenge.

Your voices and presence will be vital at the inaugural Inspire Awards hosted by Lisa Ling streaming live on October 20. Don’t forget to register now, and make your vote count! That vote will go toward choosing the nonprofit winners that will change the lives of small businesses and entrepreneurs across the country. We’ll see you there. [INSPIRE AWARDS LINK]

The finalists have been chosen

We’ve announced the nonprofit finalists exploring creative ways to fill the gaps in the current small business ecosystem.

We reviewed submissions from over 127 nonprofits nationwide. With the help of the Inspire Awards judges, we conducted a thorough vetting and interview process and have selected our finalists. These finalists are doing amazing work in 13 states across the country, with 100% being women or BIPOC-led.

Focus on cutting-edge concepts

Our finalists will participate in a wrap-around support program to develop their ideas. And during a live event on October 20, they’ll have the opportunity to share enhancements to these innovative solutions:

Atlanta Wealth Building Initiative, employing a community wealth building framework to bolster 1,000 Black businesses in 1,000 days
Beautiful Ventures, accelerating the entrepreneurial success of Black, story-driven, creatives businesses for lasting wealth creation, business sustainability, and narrative influence
Black Wall Street AVL, preparing women of color to start, grow, and scale businesses in marginalized communities
Change Labs, creating a first-of-its-kind culturally responsive lending model based on Navajo kinship providing Native entrepreneurs access to capital and resources to support growth and sustainability
Democracy At Work Institute, financing the sale of great businesses to their employees, primarily workforces of color, through their Legacy Fund
Quality Care for Children, helping childcare businesses maintain at-capacity enrollment, collect fees on time, and ensure that their revenues cover expenses
Synergies Work, creating a framework of end-to-end support for entrepreneurs with disabilities focusing on financial capital, social capital, education, & mentorship to bridge gaps between the business & disability community

Building a program of opportunity

The seven finalists will participate in a five-month support program run by MIT Solve and the Truist Foundation that will include:

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
An invitation to participate in the annual flagship Solve at MIT event, held in May each year
A monitoring and evaluation track to support finalists in building their impact measurement practice
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 in 2023
A workshop focused on helping finalists prepare for the presentation and awards event

Important dates:

Feb. 16: Challenge opens
May 13: Deadline for applicants to submit a solution
June 21: Semifinalists invited for interview with judges
July 1: Finalists announced
July – November: Finalist Support Program
Oct. 20: Pitch event for finalists and winner announcement

Grant funding:

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

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