Alex Goldmark reports on a new for-profit investing tool to incentivize innovation to solve chronic social challenges, which is gaining popularity in the U.S. and has already been tested in the United Kingdom and Australia.
According to Goldmark, rather than providing social services directly, the social innovation financing would, "allow the government to task a firm in the private sector to solve a public challenge, paying the company only if it achieves certain success metrics."
"Using pay-for-success bonds could save taxpayer money, earn a profit for impact investors, and incentivize innovation to solve chronic social challenges. "
"President Obama asked for $100 million for social impact bonds in his budget, a hefty federal stamp of approval and financial carrot for states and nonprofits to get moving on how to spend that money. Massachusetts, Minnesota and New York City have all taken the bait and started issuing their own bonds. Connecticut, Michigan, New York State, Rhode Island, Virginia, and the cities of Atlanta, Los Angeles, and Louisville are considering pilots of their own."
FULL STORY: Pay for Success: How a New Kind of Bond Could Save Taxpayer Money and Improve Social Services
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Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research