Eligibility & FAQs
Table of Contents
Information Session Video
Who can apply to the Inspire Awards?
How are we CrowdSolving the Inspire Awards?
Organization vs. Solution
How will my solution be evaluated?
What is the Challenge Timeline?
What will I receive if my solution is selected?
Information Session Video
Please review this Information Session recording if you'd like to learn more about the application, timeline, eligibility requirements, available benefits, awards and more!
Who can apply to the Inspire Awards?
The Inspire Awards are open to nonprofit organizations that meet the following requirements:
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Hold a registered 501(c)(3) status with the IRS. If your organization is a 509(a)(3) supporting organization, fiscal agent, or a fiscal sponsor please see below.
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Headquartered in the U.S. and directly or indirectly serving within the Truist footprint: Alabama, Arkansas, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.
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The organization is operating at least at a Growth Stage of Development: A registered 501(c)(3) organization or a 509(a)(3) supporting 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 - see Organization vs. Solution for more information.
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The organization’s solution is at least at the Concept Stage of Development: An idea being explored and researched for its feasibility to build a product, service, or business model, including prototypes under development. Until the solution has a functioning prototype, we would still consider it a Concept.- see Organization vs. Solution for more information.
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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 semifinalist, 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. Alongside the Team Lead, an additional team member is expected to participate in the capacity-building components of the support program.
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Applications for the Coalition Building Dimension should be submitted by a Growth Stage organization serving as an anchor partner for the coalition. As mentioned above, the solution’s Team Lead must be an Executive Director, CEO, Primary Investigator, or other key leader.
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:
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Whether your organization is a Type I, II or III supporting organization and the name of the supported organization(s).
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Confirmation that your organization is functionally integrated with the supporting organization(s) if you are a Type III supporting organization.
If serving as a fiscal agent or a fiscal sponsor, and if you are selected as a semifinalist or finalist, you will be required to submit a final report on behalf of the organization receiving the funding approximately one year after selection. As a fiscal agent or fiscal sponsor, you will need to be able to track metrics and submit the final report requirement.
The Truist Foundation Inspire Awards seeks solutions working to enhance reskilling, upskilling, and career navigation needs of adults who are in the middle or late stages of their careers; proposals aimed primarily at supporting young job-seekers or early-career individuals will not be considered. If you have a relevant innovative solution, we hope you’ll apply!
How are we CrowdSolving the Inspire Awards?
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Sourcing Solutions: Anyone who meets the criteria above can participate in this Challenge and submit a solution. If your organization is at least at the Growth Stage, and you are developing a solution or scaling a product, we’re looking for innovators and entrepreneurs with the most promising solutions.
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Selecting Solutions: Once the submission deadline passes, evaluation will begin. After an initial screening by MIT Solve staff and community reviewers, Advisory Council Members will select a group of 15 semifinalists with the most promising solutions. The semifinalists will receive $10,000 in funding and participate in an interview session with Advisory Council Members who will then select a cohort of six finalists. Finalists will be awarded additional funding and participate in a six-month support program. Toward the conclusion of the support program, finalists will be invited to pitch their solutions to Advisory Council Members at an in-person Awards Event in November 2025, where Truist Foundation will then announce the award winners.
Organization vs. Solution:
Organization: The implementing team behind the solution. The Truist Foundation Inspire Awards will only consider registered 501(c)(3) nonprofit organizations or a 509(a)(3) supporting organization at the Growth and Scale stages of development. The Challenge will not consider organizations in the Idea or Early Stages. See below for definitions of stages.
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Idea: An idea being explored for its feasibility to build a product, service, or business model based on that idea.
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Early: A team of individuals without a registered status or a registered organization without an operating budget, building and testing its product, service, or business model.
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Growth: A registered 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.
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Scale: A sustainable organization actively working in several communities that is capable of continuous scaling. Organizations at the Scale Stage have a proven track record, earn revenue, and are focused on increased efficiency within their operations.
Solution: Product, service, or business model being implemented by the organization. The Truist Foundation Inspire Awards seeks bold, forward-thinking and innovative solutions that will inspire and influence the future of innovation in the United States. The Challenge will consider solutions in the Concept, Prototype, Pilot, Growth or Scale stages of development. See below for definitions of stages.
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Concept: An idea being explored and researched for its feasibility to build a product, service, or business model, including prototypes under development. Until the solution has a functioning prototype, we would still consider it a Concept.
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Prototype: An initial working version of a solution that may be in the process of getting initial feedback or testing with users (i.e. running a pilot). Until the solution transitions from testing to consistent availability, we would still consider it a Prototype. (Often no users/direct beneficiaries)
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Pilot: The solution has been launched in at least one community but is still iterating on design or business model. (Often 10+ users/direct beneficiaries)
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Growth: An established solution available in one or more communities with a consistent design and approach, ready for further growth in multiple communities or countries. The solution has an established set of donors and/or revenue streams.
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Scale: A standard solution operating in many communities or multiple countries and is prepared to scale significantly by improving efficiency.
The most important point to note is that your solution addresses the focus of the Truist Foundation Inspire Awards Challenge. Through open innovation, this Challenge is looking for a diverse portfolio of solutions across regions and team members’ experiences. We strongly believe that there is no singular solution to the world’s most complex challenges—and encourage people of all backgrounds to submit applications.
How will my solution be evaluated?
The Advisory Council for this Challenge will be comprised of leaders and experts from across industries. After an initial screening by MIT Solve staff and community reviewers, the Advisory Council Members will score the screened solutions based on the following criteria. All criteria will be given equal weight:
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Alignment: The solution addresses the key dimensions of the Truist Foundation Inspire Awards. See bulleted dimension on the Challenge Description page here.
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Potential for impact: The planned solution implementation has the potential to be transformative in its impact.
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Feasibility: The team has a proof-of-concept and a realistic, practical plan for financial sustainability and implementing the solution, and the solution is feasible in the given context.
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Innovative approach: The solution approaches the problem in a new or significantly improved way. Includes a new business model, a new process for solving the challenge, an innovation/new technology, or a new application of an existing technology.
- Human-centered design: The solution is designed with and for communities that the organization is active in and embodies and addresses purpose.
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Proximate leadership: The solution is led by a visionary entrepreneur, innovator, or team who has deep understanding of the communities they serve and the problem they are trying to solve, expertise to develop and implement solutions, and the ability to adapt and respond to feedback, along with the necessary skills and track record to improve, expand, or replicate their solution.
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Scalability: The solution framework is designed to scale regionally and/or nationally to impact more communities.
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Partnership potential: The applicant clearly explains how the Team Lead and the organization would benefit from the resources that Truist Foundation and MIT Solve are positioned to provide.
What is the Challenge Timeline?
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September 23, 2024: Challenge opens
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January 10, 2025: Deadline for applicants to submit a solution
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March 3 - 7, 2025: Semifinalists announced
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March 26 - 27, 2025: Semifinalists invited for interview session with Truist Foundation and Advisory Council Members
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April 2025: Finalists announced
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May 2025 - November 2025: Finalist support program
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September 2025: Finalists film pitch videos with production team
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October 23, 2025: Finalists invited for interview session with Truist Foundation and Advisory Council Members
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November 2025: Pitch Event for finalists and winner announcement
What will I receive if my solution is selected?
Truist Foundation and the Inspire Awards Advisory Council Members will select 15 semifinalists. After semifinalists participate in an interview session with the Advisory Council Members and Truist Foundation, all semifinalists will each receive a $10,000 grant. In addition to grant funding, Truist Foundation is excited to offer all semifinalists access to a variety of capacity-building resources, including consultants, subject matter experts, resources, and workshops where our nonprofit 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 six finalists will be chosen by Truist Foundation to move to the finalist stage and participate in a capacity-building, wraparound support program (see details below). At the conclusion of the support program, the six 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:
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$250,000 for the First Place Award
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$150,000 for the Second Place Award
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$75,000 for the Audience Favorite Award, regardless of status as a runner-up, first-place, or second-place award winner
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$25,000 for each runner-up team
Finalist Support Program
All finalists will be required to participate in a six-month tailored support program run by MIT Solve and Truist Foundation that will include:
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A comprehensive needs assessment followed by monthly check-ins to connect finalists to in-kind resources and provide space for ongoing support.
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Learning and development modules aimed at refining business model, theory of change, and plans for scaling.
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A peer-to-peer network to build a community of practice with dedicated spaces to convene throughout the duration of the support program.
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Workshops focused on refining the finalist solutions and pitch consultation to help prepare for the Inspire Awards event.
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Wraparound services including a two-day Truist Leadership Institute Retreat.
