PLY: Good morning, amongst the few benefits of being in charge of this fine venture, is I can get to some fascinating events and today am in Berlin looking at Startups and fintech (alas no SIB presence) at Tech Open Air. Today in SIB News, Australians discussing SIBs and the role of the government as well as the ongoing fallout (or relative lack of it in substantive terms from what I can see) of the Rikers Bond not paying off.
Failure Of New York City’s First Social Impact Bond
Citizen’s Press
The first Social Impact Bond to be tested in New York City has failed to deliver on its promises. The program the Bond was invested in, saw millions of dollars spent counseling youth in prison with the goal of reducing their chances of re-offending.
Despite the program, re-offending rates remain unchanged. In response, the heads of the Bloomberg and Goldman Sachs foundations (who were promoting and investing in the SIB) tried to explain the failure as merely a minor setback. Unfortunately for them, promoters of public services are calling it what it was: a complete debacle. This money could have been spent paying the bail, a strategy that has proven to reduce re-offending rates in other states.
Social Impact Bonds And The Role of Government
Pro Bono Australia
The conversation around Social Impact Bonds is gathering pace at the national level, writes Social Ventures Australia CEO, Rob Koczkar.