Cuyahoga County Receives DOJ Support for Pay for Success
Holder: New Anti-Crime Spending is “Investment” in Innovation
by Ted Guest – The Crime Report – October 2, 2012
With government funds for new initiatives scarce as a few federal fiscal year begins, the Obama administration has announced some potentially innovative spending aimed at preventing repeat criminality.
Describing what he called “investments […] designed to aid in the development, implementation, and expansion of proven strategies for intervention,” Attorney General Eric Holder told the International Association of Chiefs of Police convention in San Diego yesterday that the Justice Department is working “to improve public safety policies
Press Release: MA Selects Third Sector for First-in-the-Nation Pay for Success Contracts
Massachusetts Selects Third Sector Capital Partners
for First-in-the-Nation “Pay for Success” Contracts
Boston, MA (August 1, 2012) – The Commonwealth of Massachusetts announced today that it has selected Third Sector Capital Partners to develop its two groundbreaking Social Innovation Financing pilots, more commonly known as “Pay for Success” contracts. Massachusetts is the first state in the nation to issue a competitive process to obtain services using social innovation financing.
Third Sector will serve as lead intermediary, in partnership with New Profit Inc., for a youth recidivism initiative and as partner to the Massachusetts
Boston Globe Announces Third Sector Overseeing MA Pay for Success
“Mass. program ties nonprofits’ pay to success”
by Dan Adams – The Boston Globe – August 1, 2012
Two groups of nonprofit social service providers have been selected by the state to tackle chronic problems with homeless people and juvenile criminals under an innovative new program that will reward the agencies if they can prove their techniques work, or pay them little or even no money if they fail.
The program, called Social Innovation Financing, operates on a simple “pay for success” model, in which nonprofits must demonstrate that by keeping youth from being reincarcerated or
Press Release: Third Sector Advances Pay for Success in Cuyahoga County, OH
New York Times Features Third Sector CEO & Co-Founder
“For Ambitious Nonprofits, Capital to Grow”
by DAVID BORNSTEIN – New York Times – June 27, 2012
Imagine that you’re an entrepreneur running a chain of coffee bars and you want to raise capital to open up in new locations. You meet a potential investor, and he says, “I’d love to finance your business, but only the chai latte operation, not the coffee, and only to support drinks you sell in Cleveland next year.”
It might sound absurd, but this is the kind of thing that people running nonprofit organizations hear all the time. Whether