Created by Early Childhood Pay for Success Social Impact Finance Report 2012
Created Ewing Marion Kauffman Foundation
Start Date 2010-00-00
End Date 2012-00-00
Notes Acknowledgments This is a working group progress report. Final answers may be years away and will depend on regional initiatives. This report is also a group effort. It reflects the input of many people but any errors are the responsibility solely of the authors. The authors warmly thank the members of the Kauffman-ReadyNation Early Childhood Finance Innovation Working Group for their hard work and participation in conferences in Chicago and Boston in 2010 and 2011, several webinars, conference calls, and numerous one-on-one discussions. For important analytical input and guidance, the authors particularly thank working group members Sara Watson, executive director of ReadyNation; James Heckman, University of Chicago; Art Rolnick, co- director Human Capital Research Collaborative, University of Minnesota; Rob Grunewald, associate economist Federal Reserve Bank of Minneapolis; Janis Dubno, Senior Policy Analyst, Voices for Utah Children; George Overholser, managing director Third Sector; Phillip Wm. Fisher, Founder, Mission Throttle; Katherine Glazer, president, Virginia Early Childhood Foundation; September Jones, executive director, Smart Beginnings Alexandria Arlington, and David Ahn, Hanover Investment Group. For expert insights and comments the authors thank Steven Barnett, director, National Institute for Early Education Research; Clive Belfield, associate professor, Queens College, City University of New York; and Arthur Reynolds, Professor, Institute of Child Development, College of Education & Human Development, University of Minnesota. The authors also thank Glory Olson, Kauffman Foundation, and Tiffany Eckert, Hanover Investment Group, for organizing conferences and webinars; and Daniel Blitz and Peter Carota for financial modeling and research assistance. The authors also thank members of the ReadyNation Invest-in-Kids Working Group, and members of the Financial Markets Network of the Human Capital and Economic Opportunity Task Force at the University of Chicago sponsored by INET and the Becker Friedman Institute for helpful comments and guidance. Special appreciation is also extended to Lawrence Wilder, special assistant, Office of Virginia Governor Bob McDonald, executives and staff of the Virginia Department of Education, and Mort Sherman, superintendent Alexandria School System for their active encouragement of this work. Kauffman-ReadyNation Working Group Kauffman-ReadyNation Working Group Kauffman-ReadyNation Early Childhood Finance Innovation Working Group was organized in early 2010 is to explore development of early child care and education social impact finance methods and, where possible, assist in implementing demonstrations of their effectiveness. The working group’s goal is to facilitate creation of “invest-in-kid bonds” that can be underwritten individually or aggregated into asset backed securities, which can be invested in by individuals and institutions worldwide. This report incorporates the analysis and finding of its November 2010 report “Early Childhood Finance: Meeting Notes and Initial Findings of a Conference Convened by the Kauffman Foundation and the Partnership for America’s Economic Success”.1 Kauffman Foundation The Kauffman Foundation in Kansas City is dedicated to strengthening American entrepreneurship and believes “education should lead students on a path to self-sufficiency, preparing them to hold good- paying jobs, raise their families, and become productive citizens”, with particular emphasis on “advancing student achievement in science, technology, engineering and math (STEM).”2 ReadyNation ReadyNation3 is an affiliate of America’s Promise Alliance4 and is dedicated to “amplifying the voice of business leaders in support of policies that strengthen our economy and workforce”5 ReadyNation is formerly known as the Partnership for America’s Economic Success, a project of the Pew Charitable Trusts’ Center on the States.