Truist Foundation Announces New Inspire Awards Challenge to Drive Economic Mobility
Truist Foundation announced the launch of its third Inspire Awards, a capacity-building grant program for nonprofit organizations, to help create career pathways to economic mobility for workers across the U.S. This year's challenge aims to improve resources for adults seeking reskilling, upskilling and career transitions to uplift themselves and their families.
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 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 $250,000 grant to help actualize their project, while a $150,000 grant goes to second place, a $25,000 grant is given to each of the runner-up teams, and the audience favorite award earns one finalist an additional $75,000—regardless of their status as a runner-up, first-place, or second-place award winner. Plus, finalists are invited to a two-day Truist Leadership Institute Retreat and the annual flagship Solve at MIT event, held in May each year.
"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 $250,000 grant is helping provide an AI-generated journey through a virtual hub of resources for low- to moderate-income entrepreneurs.
"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."
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