Speakers Dr. Bryan Tracy of White Dog Labs and New Castle County Executive Elect, Matthew Mayer discussed the, “Pay for Success” model and how it can shape Delaware’s economy for the future.
Pay-for-success contracts, also known as social impact bonds, have been widely touted as a clever way to fill the funding gap plaguing social programs by venture capital.
“As government funding for social welfare services diminishes, considerable attention has been focused on a new funding approach. Instead of governments paying organizations to deliver services like job training, private investors provide the funding and are repaid later by the government (along with a potential profit) if the service meets agreed-on performance benchmarks.” -Stanford Social Innovation Review.
So how does Delaware attract Innovators and Investors?
By synergizing technology with Delaware’s current core competencies: Finacial services, chemicals, health and life sciences, legal, agriculture and poultry.
A great example of the pay-for-success model currently happening is ZipCode Wilmington. A software development and apprenticeship program training school in downtown Wilmington, that launches new careers immediately upon graduation. Taking Wilmington’s core competency, financial services and synergizing technology to provide skilled workers in the growing Financial Technology or FinTech field.
The Future Is Getting Brighter In Wilmington.
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