As state and local governments consider a new financing mechanism to scale proven preventive solutions to social problems, research shows the potential and challenges.

There is considerable buzz in the United States about whether a new “pay for success” model of financing social solutions currently being piloted across the Atlantic could work on American soil. It’s called a social impact bond (SIB), and the first—in fact, the only so far—was launched in September 2010 by an organiz...
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