Peterborough – The first SIB ever
Launched officially in September 2010 with the Ministry of Justice in the UK. The aim was to prevent recidivism by working with 3 000 male short-sentence prisoners leaving Peterborough prison.
UK firm Social Finance raised £5-million from 17 social investors, to be drawn over six years by various organisations supporting prisoner reintegration and support. Ministry of Justice and Big Lottery Fund will pay investors from savings due to reduced number of reoffences – but only if there is a measured reduction in reconviction events of 7.5%.
Time to market
As we’ve begun to gather data we’ve found that if someone expresses a need to be met at the gate, they’re significantly less likely to reoffend. That’s not a statement of causality, it’s a correlation, but it has affected the way we spend our money. – David Hutchison, Social Finance UK
For SIBs to work, interventions need to be…
1 Proven to be effective, and supported by data
2 More beneficial that existing services
3 Scalable and reproducible
4 Meeting the needs of a meaningful number of people