News Summary
The T. Rowe Price Foundation and Ignite Capital have launched the Moonshot initiative in Baltimore to empower social entrepreneurs. This program provides financial support, workshops, and mentorship to selected local entrepreneurs, fostering economic growth and social impact. The initiative aims to create a vibrant ecosystem for minority-led startups while addressing funding challenges and promoting community development.
Baltimore Launches Initiative to Support Social Entrepreneurs with Major Funding and Resources
Baltimore, Maryland — A new partnership between the T. Rowe Price Foundation and Ignite Capital has introduced the Moonshot initiative, aimed at empowering social entrepreneurs across Baltimore. The program seeks to promote economic growth and social impact by providing financial awards, capacity-building sessions, and direct engagement opportunities with T. Rowe Price associates for selected local entrepreneurs.
Key Components of the Moonshot Initiative
Participants in the Moonshot initiative are chosen through a competitive process and are offered a $2,000 monthly stipend without restrictions—an essential support for entrepreneurs addressing their immediate needs and fostering innovation. The initiative also includes capacity-building workshops designed to enhance business skills and strategic development. Furthermore, entrepreneurs will have the chance to connect with established professionals from T. Rowe Price and partner organizations, fostering mentorship and collaboration.
2025 Cohort and Objectives
The 2025 cohort of Moonshot participants has recently been announced, marking a significant step in the initiative’s ongoing efforts. The program aligns with Baltimore’s broader goal of cultivating a vibrant ecosystem of social enterprises that can address community challenges more effectively and sustainably. The initiative emphasizes cultivating local talent, promoting social innovations, and reducing barriers faced by minority entrepreneurs.
Backing from Major Foundations and Local Organizations
The Harry and Jeanette Weinberg Foundation is actively involved in funding efforts that focus on improving housing, healthcare, and education across Baltimore. The foundation allocates over $30 million annually to support community projects and has awarded more than $1 million across 88 grants to grassroots organizations, underlining its commitment to local development.
Additionally, CLLCTIVLY, led by Jamye Wooten, is working toward making opportunities equitable for Black-led organizations and has awarded over $1 million to such groups since 2019. One of its notable initiatives, the We Got Your Back award, provides recipients with a monthly stipend of $2,000, allowing flexibility in using the funds for capacity-building and operational needs without restrictions.
Efforts to Address Funding Challenges for Black Entrepreneurs
Despite these investments, Black entrepreneurs in Baltimore continue to face significant challenges in accessing funding. Local groups are focusing on bridging this gap by creating more inclusive economic opportunities and providing targeted support to minority-led startups and social ventures.
Community and Grassroots Initiatives
Organizations such as Tendea Family, created by Morgan State University students, aim to address basic needs within Baltimore neighborhoods through innovative projects. Additionally, Dominiece Clifton’s Move and Still offers free wellness classes focused on trauma and stress relief, targeting residents in high-poverty urban areas to promote mental health and community resilience.
Support for Business Development and Entrepreneurship
Innovation Works, a local nonprofit, plays a key role in nurturing Baltimore’s social enterprises. It is dedicated to reducing the racial wealth divide by providing resources and mentorship to entrepreneurs of color. The organization’s affiliate, Ignite Capital, has invested in over 40 entrepreneurs to stimulate local economic development.
Furthermore, through a partnership with Baker Donelson, Innovation Works has launched the Light of Baltimore Incubator, which offers dedicated workspace and resources for entrepreneurs. The incubator is preparing to launch its 2025 cohort, aiming to bolster startup growth in the city.
Ongoing Commitment to Community Investment
These efforts reflect Baltimore’s sustained commitment to fostering a robust ecosystem for social enterprise and entrepreneurship. The initiatives prioritize inclusive growth, community engagement, and sustainable development, addressing longstanding economic disparities while supporting local innovators’ potential for scalability and social impact.
Background Context
T. Rowe Price, a global asset management firm managing approximately $1.62 trillion in client assets as of May 31, 2025, has a longstanding history of investment excellence since its founding in 1937. The firm emphasizes community investment and business sustainability as part of its corporate responsibility practices. The partnerships and initiatives in Baltimore exemplify these commitments, aiming to foster social and economic resilience within the city’s diverse communities.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Access Newswire: T. Rowe Price Foundation and Ignite Capital Partner
- Wikipedia: Social Enterprise
- Baltimore Magazine: Social Entrepreneurs Redefining Business
- Google Search: Baltimore Social Entrepreneurship
- I95 Business: Taharka Brothers and Entrepreneurial Spirit
- Encyclopedia Britannica: Entrepreneurship
- Afro News: Innovation Works and Racial Wealth Divide
- Google News: Innovation in Baltimore
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BALTIMORE STAFF WRITER The BALTIMORE STAFF WRITER represents the experienced team at HEREBaltimore.com, your go-to source for actionable local news and information in Baltimore, Baltimore County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Baltimore Book Festival, Preakness Stakes, and Artscape. Our coverage extends to key organizations like the Baltimore Chamber of Commerce and Visit Baltimore, plus leading businesses in shipping and healthcare that power the local economy such as the Port of Baltimore and Johns Hopkins Medicine. As part of the broader HERE network, we provide comprehensive, credible insights into Maryland's dynamic landscape.
