Truist Foundation announces new Inspire Awards Challenge to drive economic mobility
Rhea-AI Summary
Truist Foundation has launched its third Inspire Awards, a capacity-building grant program for nonprofits, focusing on creating career pathways for economic mobility. In collaboration with MIT Solve, the challenge aims to improve resources for adults seeking reskilling, upskilling, and career transitions. Qualifying nonprofits can submit applications until Jan. 8, 2025, addressing innovative solutions for career development needs of mid to late-career adults.
The program will select six nonprofit finalists for a six-month support and development program, culminating in a live pitch event. The first-place winner will receive a $250,000 grant, with additional grants for runners-up and an audience favorite award. The initiative builds on the success of the 2024 Inspire Awards, which focused on supporting undercapitalized entrepreneurs through innovative technology.
Positive
- Truist Foundation is providing over $1 million in grants and in-kind services to support economic mobility
- Collaboration with MIT Solve adds credibility and resources to the program
- Six-month support program for finalists includes comprehensive needs assessment and business plan refinement
- Multiple grant opportunities ranging from $25,000 to $250,000 for participating nonprofits
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- None.
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In collaboration with MIT Solve, Truist Foundation will provide more than
The Inspire Awards Challenge is hosted in collaboration with Solve—an initiative of the Massachusetts Institute of Technology (MIT), whose mission is to find and scale innovative solutions to global problems. From now until Jan. 8, 2025, qualifying nonprofits can submit applications through MIT Solve that answer the question: How are nonprofits providing innovative solutions for reskilling, upskilling, and career navigation needs of adults who are in the middle or late stages of their careers?
"Workers who are later in their careers face unique challenges and lack the support that recent college graduates often receive—particularly those who are unemployed or underemployed," said Lynette Bell, president of Truist Foundation. "Through our ongoing collaboration with MIT Solve, we look forward to amplifying the deep expertise of the nonprofit community to help empower workers, ultimately, fostering economic mobility and inspiring personal growth."
Truist Foundation and MIT Solve will conduct a six-month support and development program for a cohort of six nonprofit finalists to help transform their groundbreaking ideas into tangible solutions. The program includes a comprehensive needs assessment, learning and development modules to help refine business plans, access to a network of resource partners and coaches, and more leading up to a live finale event.
At the conclusion of the support program, the finalists will be invited to a live pitch event and ceremony where they will showcase their solutions. The first-place nonprofit will receive a
"We are pleased to support the Inspire Awards for a third year alongside longtime Solve champion, Truist Foundation," said Hala Hanna, executive director of MIT Solve. "Truist Foundation is a shining example of how organizations can take action and increase their commitment to solving pressing problems within their communities and the world."
During the 2024 Truist Foundation Inspire Awards, more than 100 nonprofits submitted solutions addressing how innovative technology could support undercapitalized entrepreneurs. Centro Community Partners was named the top recipient of the second Inspire Awards. Their
"We were honored to be named the 2024 Truist Foundation Inspire Award winner," said Arturo Noriega, founder and chief executive officer of Centro Community Partners. "This recognition strengthens our ability to scale our mission and impact by building emerging technologies to deliver transformational resources for low- to moderate-income entrepreneurs in underserved communities. With Truist Foundation's support, we are more committed than ever to turning the dreams of undercapitalized entrepreneurs into realities and uplifting entire communities."
To learn more or apply, click here.
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.
View original content:https://www.prnewswire.com/news-releases/truist-foundation-announces-new-inspire-awards-challenge-to-drive-economic-mobility-302255674.html
SOURCE Truist Foundation
FAQ
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