With the August 2012 announcement of an agreement to reduce recidivism among adolescent boys at Rikers Island in New York City, Social Impact Bonds officially arrived on American shores. One of the most talked about social innovations in recent years, Social Impact Bonds are a financing tool for social programs that simultaneously leverage the resources of the private and philanthropic sectors, provide steady funding streams for high-performing social-service organizations, and enable government agencies to pay only for real, measurable improvements in social outcomes. The Social Impact Bond concept originated in the United Kingdom, where an ecosystem of organizations has sprung up since the first deal was signed in 2010. The U.K. Cabinet Office runs a Centre for Social Impact Bonds as well as a Social Outcomes Fund designed to help finance multiagency Social Impact Bonds transactions.
Join the Hudson Institute’s Bradley Center for Philanthropy and Civic Renewal and the Center for American Progress in welcoming the U.K. Minister for Civil Society Nick Hurd. The minister will offer remarks on the British experience with Social Impact Bonds and engage in conversation with William Schambra and the audience.