“Pay for success has brought state and local governments into the impact-investing world. It brought in people who run homeless shelters and do job training: ‘If I’m good at what I do, I can access the capital markets.’”
Stanford Social Innovation Review September 5, 2018
Google’s work initiative—part of the company’s $1 billion-plus charitable arm, Google.org—aims to use technology to retrain more people for the future workforce. One of its grantees, Social Finance, plans to use a pay-for-success (PFS) model to help locally embedded nonprofits across the country scale up job-training programs.
It is said that if you don’t fail occasionally you’re not trying often enough. Investors might not be so sure, but Palandjian has tapped into millions of dollars to provide others with access to opportunity.
An initiative to house and provide services to up to 250 homeless people in Travis County is set to be among the first in Texas to use an innovative funding model where investors pay upfront costs and are reimbursed by local governments only if goals are met.
The Central Health Board of Managers voted this week to commit $400,000 to participate in a new program expected to reduce the hospital utilization of up to 250 persons experiencing homelessness who are frequent users of the most expensive types of care.
Private foundations have been taking bolder steps toward impact investing in recent years.But with more individuals turning to donor-advised funds (DAFs) to facilitate their giving, how can those funds also be invested today to improve the world? That’s an important and intriguing question I’ve heard from donors and leaders in the philanthropy and impact investing sectors.
On Monday, the city launched a new Pay for Success Project. The English for Advancement program will provide language training and job placement for limited English speakers in Lowell seeking to advance their careers.