Village Capital, With Support from MetLife Foundation, Will Support Startups in the US Through the Program ‘ADAPT: Social Innovation for a More Resilient Future’

Washington, D.C.,  (August 1, 2022) — Village Capital, with support from MetLife Foundation, today launched a call for applications for a new entrepreneurship program, “ADAPT: Social Innovation for a More Resilient Future in the United States.” Through this program, startups from across the United States will have an opportunity to further innovate and develop solutions for key issues related to climate change, healthcare and wellness, and economic mobility. This program is part of a broader program across multiple markets, including Argentina, Brazil and Mexico.

Lack of access to financial services, healthcare, employment benefits and adequate financial protection has disproportionately impacted historically excluded and underserved communities. The pandemic and the continual rise of natural disasters due to climate change have elevated these challenges. Since the pandemic, income volatility has increased¹ and about half of all adults live in a household that has lost some employment income.² Approximately 10% of people in the US remain uninsured,³ and 12% are underinsured.⁴ Minimal savings, minimal access to credit, and minimal insurance coverage make it difficult for people to respond to crises. According to Pew Research Center, roughly 51% of US non-retired adults say that the pandemic's economic consequences will make it harder for them to achieve their financial goals.⁵

The dual-track program will support 20-24 startups through two cohorts, each of which will focus on a specific track:

• Track One - Community Resilience: For emerging startups focused on helping communities build their capacity to withstand, adapt to and recover from adversity. This track will leverage important innovations in areas such as:
• Disaster Preparedness: Insurtech and other solutions that help community leaders build plans to prepare for, respond to and recover from climate-related and other natural disasters.
• Financial Preparedness: Amplifying community-based financial solutions to help communities prepare for macroeconomic shocks and economic uncertainty.
• Economic Opportunity: Creating pathways to local, tech-driven jobs in sectors like green jobs and healthcare.
• Track Two - Individual Resilience: For emerging startups focused on helping people build personal resilience by addressing the social determinants of health and wealth in order to change the trajectory of economic mobility. This track will leverage important innovations in areas such as:
• Health and Wellness: Improving access to healthcare, fitness and mental health services for low-income individuals that are traditionally priced out, and for individuals who belong to historically underserved groups.
• Work and Learning: From college graduates to those re-entering the workforce, technology can help people find jobs, advance in them, and prepare for the future of their careers.
• Financial Health: Solutions that help individuals and families manage day-to-day financial needs, face unexpected financial challenges, and seize opportunities for improved financial security and economic mobility.

Applications close on September 1, 2022. Full details and eligibility criteria can be found here.

From October to December 2022, the selected startups will participate in two online and one in-person summit, as well as receive mentorship from potential strategic partners, investors, customers, and other founders and Entrepreneur Support Organizations (ESOs) in the US. Startups will also have an opportunity to have a one-on-one session with an investment analyst for feedback and support.

Two companies from each cohort will be selected by their peers and will receive USD $50,000 each from MetLife Foundation to further scale their solutions. All startups that apply to the program will also be invited to join Abaca, Village Capital’s free online global platform that helps entrepreneurs map out critical milestones on their path to scale. The network provides a diagnostic tool, and then matches entrepreneurs with relevant investors and resources.

For more information, reach out to Sofía Cándano at Village Capital (sofia.candano@vilcap.com).

About Village Capital

Village Capital  helps entrepreneurs bring big ideas from vision to scale. Our mission is to reinvent the system to back the entrepreneurs of the future. Our vision is a future where business creates equity and long-term prosperity. Since 2009, we have supported more than 1,000 early-stage entrepreneurs through our investment readiness programs. Our affiliated fund, VilCap Investments, has invested in more than 110 program graduates.

About MetLife Foundation

At MetLife Foundation, we are committed to driving inclusive economic mobility for underserved and underrepresented communities around the world. We collaborate with nonprofit organizations and provide grants aligned to three strategic focus areas – economic inclusion, financial health and resilient communities – while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since 1976, MetLife Foundation has contributed over $900 million to strengthen communities where MetLife has a presence. To learn more about MetLife Foundation, visit www.MetLife.org.

^{1 sgp.fas.org
2 sgp.fas.org
3 National Health Statistics Reports, Number 169, February 11, 2022
4 US Health Insurance Coverage in 2020
5 A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans}