Pay for Success Explained (and Illustrated)

By Chris Ellis and Sara Blumenstein

At Fourth Economy, we are interested in—and experts in—a new generation of funding mechanisms that are enabling the expansion of interventions with proven results. (See these posts from last year introducing Social Impact Bonds and Three Questions to ask to demonstrate impact.)

The key stakeholders involved in a Pay for Success transaction

 


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Embedding Equity Into Economic Development

Guest Blog by Sarah Treuhaft, Director of Equitable Growth Initiatives, PolicyLink

Treuhaft-Inequit-BlogIt is another summer in which America’s deep racial fault lines are being painfully exposed. Following the horrific violence in Baton Rouge, Falcon Heights, and Dallas, in a July 8 poll seven in ten Americans said race relations are “generally bad.” A National League of cities analysis of one hundred “state of the city” speeches from 2016 found that mayors increasingly view racism and inequities as major threats to progress in their cities.
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GASB Shines a Light on Tax Abatements

Paytas-Blog2-Web-05-2016The Governmental Accounting Standards Board (GASB) has implemented new guidelines[1] for disclosing tax abatements with the requirements taking effect for financial statements for periods beginning after December 15, 2015. These new regulations will require a significant change in the operating procedures and record-keeping of many economic development organizations and local governments. Chances are many are not ready to meet the requirements of the new GASB standards. Continue reading “GASB Shines a Light on Tax Abatements”

NIST Announces NMII Competition

Paytas-Blog-20160405Recently, The National Institute of Standards and Technology (NIST) announced the competition to award its first National Manufacturing Innovation Institute (NMII).  Proposers may focus on any advanced manufacturing technology area not already addressed by another institute or open competition. Seven institutes have been funded to date with two currently moving through the review and negotiation process. After attending the Proposer Day session on March 8, 2016, it is clear that many proposal teams have already been formed. Continue reading “NIST Announces NMII Competition”

48 Hours in Pittsburgh with the Consulate General of Canada

Bernard-Blog-20160405To many Americans, Canada is our friendly neighbor to the north, known for an affable attitude, a passion for pucks and a penchant for strong beer.  What is perhaps less known is how critical trade with Canada is to the economy of the United States.  Consider:

  • Nearly 9 million U.S. jobs depend on trade and investment with Canada
  • Canada is the top export destination for 35 states
  • Canada is the number one supplier of crude oil, refined petroleum products, natural gas,
    and electricity to the U.S. as well as a
    leading supplier of uranium
  • 400,000 people cross the Canada–U.S. border daily

Source: http://can-am.gc.ca/can-am/index.aspx?lang=eng

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What Is Not Being Addressed that Will Kill Your Economic Development Strategy

BooksforBlogAt this point I think we are all familiar with the struggles facing Detroit Public Schools, at least on the surface: mushrooms growing in schools, teacher strikes, financial crisis. However, as detailed by this incredibly thorough and thoughtful report by LOVELAND Technologies, 200 years worth of poor decision-making led Detroit to where it is today. This speaks to the need for a new approach to public accountability in our education system. Recognizing the critical role of public education to economic development, in Nashville, it has been the Chamber that has been stepping up to provide that platform for accountability by conducting annual holistic assessments and concrete recommendations for improvement. Continue reading “What Is Not Being Addressed that Will Kill Your Economic Development Strategy”

Regional quality of place and the fight against blight

BlightBy now, the costs of blight and vacancy are well-documented in terms of unpaid local and school taxes, drained municipal resources, further disinvestment, and/or declining adjacent property values.  We have also seen in from our clients the key role that quality of place plays in retaining and attracting talent – a key driver for economic success.  No matter the size, competitive communities create places where people want to live and work, and blight can be a major blow in that endeavor.  Continue reading “Regional quality of place and the fight against blight”

Inspire Yes, But Act As Well

Coffee-Shop-1099Tis the season for annual conferences – that chance each year for trade groups to tout their accomplishments and relevancy. The Fourth Economy team attended our fair share. What we find scary is that while the workshops and keynotes are conveying the seismic changes occurring in our economy, change on the street, in our communities and programs, appear to keep on keeping on as if it were, oh say, 1999. Many of the metrics for growth we heard remain focused on absolute land development, job creation (regardless of type and cost) and more office space.   Continue reading “Inspire Yes, But Act As Well”

APA Pennsylvania Chapter Recognizes Fourth Economy Team

APA-Upper-LawrencevilleThe Pennsylvania Chapter of the American Planning Association recognized Fourth Economy Consulting with a “Planning Excellence” award for its contributions in developing a Targeted Development Strategy for the Pittsburgh neighborhood of Upper Lawrenceville. The consulting team helped the community craft a neighborhood identity and a series of principles guiding future development to achieve the community’s long-term livability goals. Continue reading “APA Pennsylvania Chapter Recognizes Fourth Economy Team”

Which Trend is Your Community Experiencing?

Number-Five

Fourth Economy Consulting has turned five and has topped over 200 client engagements in that short period.  And by engagements, I mean that we have had the great fortune to partner with community leaders all over the country as they work to strengthen their organizations and communities. This experience has provided me with yes you guessed it, five notable trends that I wanted to share with you.  Continue reading “Which Trend is Your Community Experiencing?”