SIBs for social projects

Four parties joining forces to solve a problem in society – this is the idea behind the Social Impact Bonds (SIBs). Two SIBs in Rotterdam are off to a flying start.

In SIBs, the municipality forges close ties with investors, entrepreneurs and knowledge institutes. The objective is to call on market parties to take their share of responsibility in social projects. The list of success stories includes the stories of the ‘Buzinezzclub’ and ‘Werkplaats Rotterdam-Zuid’ (Southern Rotterdam Workshop).

Buzinezzclub

The Buzinezzclub helps young benefit claimants to enroll in school, find a job or start their own business. The basis is a plan for their future career and life that these young people draw up themselves. Training courses, workshops, network events, internships and intensive coaching help to achieve success in the school, job or business of their dreams.

Master and apprentice

At Werkplaats Rotterdam-Zuid, jobseekers at a distance from the labour market are appointed to a temporary position with one of the participating companies. The candidates are given the opportunity to use their talents and develop their skills. At the same time, the employers have the opportunity to get a good impression of their prospective new employees. A crucial element in this approach is a type of collaboration that is reminiscent of that of a master and his apprentice: experienced professionals share their knowledge and experience with these young talents.

Investments

In an SIB, an investor invests capital in a promising social initiative. If this proves to save money and reduce public expenditure, the municipality will refund the investment. The university will review the project results.

Maximum impact

SIBs promote the development of innovative working methods with maximum impact. To the municipality, this offers the prospect of cost savings. This will open up a wider scope for preventive projects, for instance. Obviously, society will benefit from SIBs as well, as empowering vulnerable groups will make the city more resilient.

 

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