Deadline: 4-Aug-23
What innovative tech-based solution is your nonprofit creating or leveraging to support small business owners in the United States? The Truist Foundation and MIT Solve are excited to announce the second year of the Truist Foundation Inspire Awards.
This year’s Inspire Awards challenge will look to innovative, technology-based solutions as a proven pathway to resiliency and sustainability for small businesses. While small businesses continue to grow and recover, concerns of a looming recession signaled by high inflation, rising interest rates, and shrinking savings will require small business owners to continue finding pathways to resilience.
Truist Foundation recognizes and celebrates the resiliency and entrepreneurial mindset of both small business owners and the nonprofit organizations that support them. Through innovative and forward-thinking solutions that fill gaps in the current small business ecosystem, they believe that nonprofits have the power to transform how small businesses operate and succeed in the United States. To that end, Truist Foundation is focused on solutions that are taking it one step further, beyond training and network events. This challenge is seeking nonprofit 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 financial preparation 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 & procurement- Connecting small business owners to vendors, suppliers, and networks that will transform their ability to do business.
- Support scaling- Supporting long term business plan and succession through mergers and acquisitions, generational/equitable wealth, hiring pipeline, legal advising, and back-office support.
- Internal financial health- Introducing innovative solutions that decrease the burden on small businesses owners to keep healthy and accurate financial records.
- Employee advancement- Supporting employee career pathways through upskilling and reskilling employees, managing employee human resources, and mid-management or mid-career advancement.
- Data and impact- Capturing, synthesizing, optimizing, and/or displaying data for business intelligence, impact evaluation, and/or improved decision making for resource allocation.
What will I receive if my solution is selected?
- Truist Foundation and the Inspire Awards Advisory Council Members will select 15 semi-finalists. After semi-finalists participate in an interview session with the Advisory Council Members and Truist Foundation, those semi-finalists who don’t advance to the finalist stage will each receive a $10,000 grant. In addition to grant funding, Truist Foundation is excited to offer all semi-finalists access to a variety of capacity-building resources, including consultants, subject matter experts, resources, and workshops where the non-profit partners will have the chance to receive insights on industry best practices and the opportunity for no-cost program support that will help reinforce and maintain the success and sustainability of their inspiring community programs.
- A cohort of seven finalists will be chosen by Truist Foundation to move to the finalist stage and participate in a capacity-building, wraparound support program. At the conclusion of the support program, the seven finalists will be invited to a pitch event to present their solutions in front of distinguished Advisory Council Members and Truist Foundation for the opportunity to receive the following awards:
- $250,000 for the First Place Grant
- $150,000 for the Second Place Grant
- $25,000 for each runner-up team
Finalist Support Program
- All finalists will participate in a six-month tailored support program run by MIT Solve and Truist Foundation that will include:
- A comprehensive needs assessment followed by monthly check ins to connect finalists to in-kind resources and provide space for ongoing support.
- Learning and development modules aimed at refining business model, theory of change, and plans for scaling.
- A peer-to-peer network to build a community of practice with dedicated spaces to convene throughout the duration of the support program.
- Workshops focused on refining the finalist solutions and pitch consultation to help prepare for the Inspire Awards event.
- Wraparound services including an invitation to a two-day Truist Leadership Institute Retreat.
Eligibility Criteria
- The Inspire Awards are open to nonprofit organizations that meet the following requirements:
- Hold a registered 501(c)(3) status with the IRS.
- Headquartered and currently deployed in at least one U.S. state.
- The organization is operating at least at a Growth Stage of Development: A registered 501(c)(3) organization with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth in multiple communities. Organizations at the Growth Stage should have a proven track record with an annual operating budget
- The organization’s technology-based solution is at least at the Prototype Stage of Development: A solution that is building and testing its product, service, or business model
- Team Lead must be 18 years or older to apply: The Team Lead should be the CEO, Executive Director, Primary Investigator, or other key leader for your solution. If your solution is selected as a semi–finalist, this person will be expected to present the solution to Advisory Council Members during an interview session, and if selected as a finalist for the Inspire Awards, they will be the lead participant in the support program.
- Please note:
- If your organization is a 509(a)(3) supporting organization, there will be a space provided in the application to upload a letter from your chairman, executive director or legal counsel that outlines:
- Whether your organization is a Type I, II or III supporting organization and the name of the supported organization(s).
- Confirmation that your organization is functionally integrated with the supporting organization(s) if you are a Type III supporting organization.
- If your organization is a 509(a)(3) supporting organization, there will be a space provided in the application to upload a letter from your chairman, executive director or legal counsel that outlines:
Technology Eligibility
- Truist Foundation wants to fund innovative and transformative solutions creating and/or leveraging technology that changes the game for small businesses in the United States. To that end, solutions to this challenge must include a technology component to be eligible. Technologies can include but are not limited to platforms, apps, software, management tools, financial programs, etc. Truist Foundation recognizes that traditional philanthropy is often risk-averse and can be a barrier to innovation, especially for early stage solutions. For this reason, the challenge will consider funding tech-enabled solutions in both early and growth stages. Early-stage solutions must demonstrate a clear, realistic, practical, and feasible plan for implementation and scale in the given context.
- Early-stage solutions include:
- Prototype: A solution that is building and testing its product, service, or business model.
- Pilot: A solution that is deploying a tested product, service, or business model in at least one community.
- Growth-stage solutions include:
- Growth: A solution with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth in multiple communities.
- Scale: A solution that is working in several communities. It is looking to scale significantly, focusing on increased efficiency.
For more information, visit Massachusetts Institute of Technology.