PAY FOR SUCCESS
Implementing a Pay For Success model in Delaware was among the top two ideas presented at Reinventing Delaware 2016. We are currently trying to implement this model for Delaware's Workforce Development System. To learn more about the Pay For Success model please continue reading below and visit Social Finance for more information.
"Pay for Success aims to measurably improve the lives of people most in need by driving resources toward better, more effective programs.
At its core, Pay for Success is a public-private partnership which funds effective social services through a performance-based contract. Pay for Success projects enable federal, state, and local governments to partner with high-performing service providers by tapping private investments to expand effective programs.
If, following a rigorous evaluation by an independent third party, the program achieves predetermined outcomes, then government repays the original investment. However, if it does not achieve its target results, government pays nothing."