Buzz from SIBs, SIBs working, SIB success, highlights from the headlines of the three cheering stories in today’s newsletter.
Fostering Social Enterprise: Minister Brad Duguid On The Buzz North Of The Border
Sustainable Brands
Canada’s most populous province has become a leader in the social enterprise sector in North America, with over 10,000 social enterprises in operation employing an estimated 160,000 people. Ontario’s government has leant considerable support to the sector, directly and indirectly, to make this happen.To learn more about how and why, I spoke with Minister Brad Duguid of the Ontario Ministry of Economic Development, Employment and Infrastructure.
Pay-For-Success Is Working In Utah
Jeff Edmondson, Bill Crim, & Allen Grossman – Stanford Social Innovation Review
In August 2013, key stakeholders in a collective impact partnership in Utah entered into one of America’s first pay-for-success (PFS) contracts, otherwise known as a social impact bond (SIB). The plan called for United Way of Salt Lake to work with area partners, including StriveTogether (a national network of cross-sector community partnerships focused on improving public education), to expand high quality preschool opportunities in high-need communities, and for Goldman Sachs and J.B. Pritzker to provide $7 million in up-front funding to pay for the program. If the children who had been identified as potentially eligible for government-funded special education (beginning in kindergarten and often lasting through high school) were able to avoid tapping those services, then, ultimately, the state of Utah would pay investors their principal plus a financial return. (Because state legislation had not been passed in 2013, for the first cohort of children the investors are paid by United Way of Salt Lake and Salt Lake County).
Social Impact Bond Becomes One Of The World’s First To Successfully Complete
Impetus – PEF
Truthfully, how often could we say we have been pioneers in something life changing? Today, I am delighted to announce that a Social Impact Bond (SIB) co-funded by Impetus-PEF and Big Society Capital, has become one of the first in the world to successfully complete in tackling youth unemployment. This has enabled over 1,000 disengaged young people in London to significantly improve their educational attainment and employability skills