Deadline: 13-May-22
MIT Solve is currently accepting nominations for Truist Foundation Inspire Awards.
Small businesses, particularly those in communities historically excluded and especially those owned by Black, Indigenous, People of Color (BIPOC) and women, have been disproportionately impacted by COVID-19.
Nonprofits assist entrepreneurs, especially in underinvested communities, to break through systemic barriers, such as predatory lending, restrictive banking, and redlining, to achieve sustainability and longevity.
The Truist Foundation and MIT Solve are thrilled to be partners in launching the inaugural Inspire Awards to identify innovative nonprofit-driven solutions that provide support to grow, develop, and sustain racially diverse and/or women-led small businesses in the United States.
The Challenge is seeking organizations driving a new frontier for entrepreneurship across the United States. They welcome bold solutions with transformational potential that span across a range of challenges faced by small business owners, including:
- Connecting small business owners and key stakeholders such as investors, local policymakers, and mentors with the relevant experience to improve coordination, collaboration, and knowledge bases within the small business ecosystem
- Advocating for and shaping policy that supports small business owners and/or place-based efforts in their geographic areas, including increased access to resources, removal of structural barriers, and access to infrastructure (i.e. broadband)
- Offering focused guidance/professional development for building specific functional skills for internal staff such as strategic planning, human resources, process improvement, and research and testing products/services
- Assisting with access to capital, capital campaigns, and/or financial education and information
- Supporting and fostering growth to scale through comprehensive and relevant technical support assistance such as legal aid, fiscal management for sustainability, marketing, and procurement.
Award Details
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 judges for the chance to win the following awards:
- $250,000 for the First Place Winner
- $150,000 for the Second Place Winner
- $75,000 for the Audience Favorite
- $25,000 for each runner up team
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 or countries. Organizations at the Growth Stage should have a proven track record with an annual operating budget – see Organization vs. Solution for more information.
- The organization’s solution is at least at the Pilot Stage of Development: a product, service, or business model that is in the process of being built and tested with a small number of beneficiaries or working to gain traction – see Organization vs. Solution for more information.
- 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 judges during an interview session, and if selected as a finalist for the Inspire Awards, they will be the lead participant in the support program.
For more information, visit MIT Solve.
For more information, visit https://solve.mit.edu/challenges/truist-foundation-inspire-awards