The Cabinet Office’s Centre for Social Impact Bonds has developed two new tools to assist the development of the bonds: the 'Knowledge Box' online portal and a template service agreement contract.
However, the nature of philanthropy is also changing, according to Judith Rodin, president of the Rockefeller Foundation, the $4bn (£2.6bn) -endowment charity founded by John D Rockefeller in 1913.
“There simply isn’t enough money in philanthropy and in governments and development aid to solve all the problems in the world effectively,” she says.
“So we’ve been looking at ways to unlock private capital and the innovation and the energy of the capital markets towards a social purpose.
“We started to see a number of very wealthy younger investors who were saying that they didn’t want to do their philanthropy with the right hand and their investing with their left hand.
Children of Australia's richest families will meet Microsoft founder Bill Gates in the U.S. Sep. 30-Oct. 3, 2013 as part of Philanthropy Australia's New Generation of Giving (New Gen) Program.
Minister for Employment and Social Development and Minister of Multiculturalism Jason Kenney delivers a keynote speech at the Social Enterprise World Forum.
Rikers Island prison houses 88,000 inmates a year, many of whom are repeat offenders. In an effort to decrease the teen recidivism rate, high finance and do-good innovation have made an unlikely partnership. Economics correspondent Paul Solman explores a new way to fund government social services through private investment.
Social Impact Bonds (SIBs) represent a new and particularly disruptive form of social service privatization that bears resemblance to the introduction of public private partnerships for the development of hard infrastructure. Social impact bonds pose a major risk to the preservation of valuable public services. Based on this detailed critique, unions and non-profit organizations involved in the delivery of services to people must oppose them.
Recently the Government announced that it was pulling the plug on the Peterborough Prison Social Impact Bond (SIB) pilot, despite an interim evaluation showing “promising results”.