Toby Eccles: Invest in social change

79,086 views ใƒป 2013-12-02

TED


ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืžืชืจื’ื: Shlomo Adam ืžื‘ืงืจ: Ido Dekkers
00:12
I'm here today to talk about social change,
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ื‘ืืชื™ ืœื“ื‘ืจ ื”ื™ื•ื ืขืœ ืฉื™ื ื•ื™ ื—ื‘ืจืชื™,
00:15
not a new therapy or a new intervention
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ืœื ืขืœ ื˜ื™ืคื•ืœ ื—ื“ืฉ ืื• ืฉื™ื˜ืช ื”ืชืขืจื‘ื•ืช ื—ื“ืฉื”,
00:19
or a new way of working with kids or something like that,
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ืื• ื“ืจืš ื—ื“ืฉื” ืœืขื‘ื•ื“ ืขื ื™ืœื“ื™ื, ืื• ืžืฉื”ื• ื›ื–ื”,
00:21
but a new business model for social change,
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ืืœื ืžื•ื“ืœ ืขื™ืกืงื™ ื—ื“ืฉ ืœืฉื™ื ื•ื™ ื—ื‘ืจืชื™,
00:24
a new way of tackling the problem.
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ื“ืจืš ื—ื“ืฉื” ืœื”ืชืžื•ื“ื“ื•ืช ืขื ื”ื‘ืขื™ื”.
00:27
In Britain, 63 percent of all men
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ื‘ื‘ืจื™ื˜ื ื™ื”, 63% ืžื›ืœ ื”ื’ื‘ืจื™ื
00:31
who come out of short sentences from prison
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ืฉืžืฉืชื—ืจืจื™ื ืžื”ื›ืœื ืื—ืจื™ ืชืงื•ืคื•ืช ืžืืกืจ ืงืฆืจื•ืช,
00:35
re-offend again within a year.
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ื—ื•ื–ืจื™ื ืœืคืฉื•ืข ื‘ืชื•ืš ืฉื ื”.
00:37
Now how many previous offenses
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ื›ืžื” ืคืฉืขื™ื ืงื•ื“ืžื™ื, ืœื“ืขืชื›ื,
00:40
do you think they have on average
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ื”ื™ื• ืœื”ื, ื‘ืžืžื•ืฆืข?
00:42
managed to commit?
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ื”ื™ื• ืœื”ื, ื‘ืžืžื•ืฆืข?
00:45
Forty-three.
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ืืจื‘ืขื™ื ื•ืฉืœื•ืฉื”.
00:47
And how many previous times do you think they've been in prison?
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ื•ื›ืžื” ืคืขืžื™ื, ืœื“ืขืชื›ื, ื”ื ืฉื”ื• ืงื•ื“ื ื‘ื›ืœื?
00:50
Seven.
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ืฉื‘ืข.
00:52
So we went to talk to the Ministry of Justice,
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ืื– ื”ืœื›ื ื• ืœื“ื‘ืจ ืขื ืžืฉืจื“ ื”ืžืฉืคื˜ื™ื,
00:54
and we said to the Ministry of Justice,
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ื•ืฉืืœื ื• ืืช ืžืฉืจื“ ื”ืžืฉืคื˜ื™ื:
00:56
what's it worth to you
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"ื›ืžื” ืฉื•ื•ื” ืœื›ื
00:59
if fewer of these guys re-offend?
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"ืื ืžืขื˜ ื™ื•ืชืจ ืžื”ื—ื‘ืจ'ื” ื”ืืœื” ื™ื—ื–ืจื• ืœืคืฉื•ืข?
01:01
It's got to be worth something, right?
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"ื–ื” ืฆืจื™ืš ืœื”ื™ื•ืช ืฉื•ื•ื” ืžืฉื”ื•, ื ื›ื•ืŸ?
01:03
I mean, there's prison costs,
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"ื™ืฉ ื”ืจื™ ืขืœื•ื™ื•ืช ื›ืœื,
01:05
there's police costs, there's court costs,
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"ืขืœื•ื™ื•ืช ืžืฉื˜ืจื”, ืขืœื•ื™ื•ืช ื‘ืชื™-ืžืฉืคื˜,
01:08
all these things that you're spending money on
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"ื›ืœ ื”ื“ื‘ืจื™ื ื”ืืœื” ืฉืืชื ืžื•ืฆื™ืื™ื ืขืœื™ื”ื ื›ืกืฃ
01:11
to deal with these guys. What's it worth?
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"ื›ื“ื™ ืœื”ืชืขืกืง ืขื ื”ื—ื‘ืจ'ื” ื”ืืœื”, ื›ืžื” ื–ื” ืฉื•ื•ื”?"
01:14
Now, of course, we care about the social value.
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ื›ืžื•ื‘ืŸ ืฉื—ืฉื•ื‘ ืœื ื• ื”ืขืจืš ื”ื—ื‘ืจืชื™.
01:17
Social Finance, the organization I helped set up,
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ืœ"ืžื™ืžื•ืŸ ื—ื‘ืจืชื™", ื”ืืจื’ื•ืŸ ืฉืขื–ืจืชื™ ืœื”ืงื™ื,
01:20
cares about social stuff.
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ื—ืฉื•ื‘ื™ื ื”ืขื ื™ื™ื ื™ื ื”ื—ื‘ืจืชื™ื™ื.
01:22
But we wanted to make the economic case,
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ืื‘ืœ ืื ื• ืจืฆื™ื ื• ืœื‘ื ื•ืช ื˜ื™ืขื•ืŸ ื›ืœื›ืœื™,
01:25
because if we could make the economic case,
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ื›ื™ ืื ื ื•ื›ืœ ืœื‘ื ื•ืช ื˜ื™ืขื•ืŸ ื›ืœื›ืœื™,
01:27
then the value of doing this would be completely compelling.
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ื”ืขืจืš ืฉืœ ื”ืฆืขื“ ื”ื–ื” ื™ื”ื™ื” ืžืฉื›ื ืข ืœื—ืœื•ื˜ื™ืŸ.
01:30
And if we can agree on both a value
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ื•ืื ื ื•ื›ืœ ืœื”ืกื›ื™ื ื’ื ืขืœ ืขืจืš
01:33
and a way of measuring whether we've been
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ื•ื’ื ืขืœ ืฉื™ื˜ื” ืœืžื“ื•ื“
01:35
successful at reducing that re-offending,
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ืื ื”ืฆืœื—ื ื• ืœื”ืคื—ื™ืช ืืช ื”ืคืฉื™ืขื” ื”ื—ื•ื–ืจืช,
01:38
then we can do something
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ื ื•ื›ืœ ืœืขืฉื•ืช ืžืฉื”ื•
01:40
we think rather interesting.
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ื“ื™ ืžืขื ื™ื™ืŸ, ืœื“ืขืชื ื•.
01:42
The idea is called the social impact bond.
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ื”ืจืขื™ื•ืŸ ืงืจื•ื™ "ื”ืชื—ื™ื™ื‘ื•ืช ืœื”ืฉืคืขื” ื—ื‘ืจืชื™ืช".
01:46
Now, the social impact bond is simply saying,
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ื”ื”ืชื—ื™ื™ื‘ื•ืช ืœื”ืฉืคืขื” ื—ื‘ืจืชื™ืช ื”ื™ื ื‘ืคืฉื˜ื•ืช,
01:48
if we can get the government to agree,
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ืื ื ื•ื›ืœ ืœื’ืจื•ื ืœืžืžืฉืœื” ืœื”ืกื›ื™ื
01:50
that we can create a contract where
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ืœื—ืชื•ื ืื™ืชื ื• ืขืœ ื—ื•ื–ื”,
01:53
they only pay if it worked.
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ืฉื‘ื• ื”ื™ื ืชืฉืœื ืจืง ืื ื”ื•ื ื™ืฆืœื™ื—.
01:56
So that means that they can try out new stuff
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ื›ืœื•ืžืจ, ื”ื ื™ื ืกื• ืืช ื”ื“ื‘ืจื™ื ื”ื—ื“ืฉื™ื ืฉืœื ื•
01:59
without the embarrassment
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ื‘ืœื™ ื”ืžื‘ื•ื›ื”
02:01
of having to pay if it didn't work,
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ืฉื‘ืœื”ื™ืืœืฅ ืœืฉืœื ืื ื”ื ืœื ื™ืฆืœื™ื—ื•,
02:03
which for still quite a lot of bits of government,
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ืฉืžื‘ื—ื™ื ืช ื“ื™ ื”ืจื‘ื” ืžืžืฉืœื•ืช
02:05
that's a serious issue.
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ื–ื• ื‘ืขื™ื” ืจืฆื™ื ื™ืช.
02:06
Now, many of you may have noticed
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ืจื‘ื™ื ืžื›ื ื•ื“ืื™ ืฉืžื• ืœื‘ ืœื›ืš
02:08
there's a problem at this point,
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ืฉื™ืฉ ื›ืืŸ ื‘ืขื™ื” ืžืกื•ื™ืžืช,
02:09
and that is that it takes a long time to measure
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ื•ื”ื™ื, ืฉื“ืจื•ืฉ ื–ืžืŸ ืžืžื•ืฉืš ื›ื“ื™ ืœื”ืขืจื™ืš
02:11
whether those outcomes have happened.
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ืื ื”ืชื•ืฆืื•ืช ื”ืืœื” ืื›ืŸ ืžืชืžืžืฉื•ืช.
02:14
So we have to raise some money.
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ืœื›ืŸ ืขืœื™ื ื• ืœื’ื™ื™ืก ืงืฆืช ื›ืกืฃ.
02:17
We use the contract to raise money
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ืื ื• ืžืฉืชืžืฉื™ื ื‘ื—ื•ื–ื” ื›ื“ื™ ืœื’ื™ื™ืก ื›ืกืคื™ื
02:20
from socially motivated investors.
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ืžืžืฉืงื™ืขื™ื ื‘ืขืœื™ ืžื•ื˜ื™ื‘ืฆื™ื” ื—ื‘ืจืชื™ืช.
02:22
Socially motivated investors:
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"ืžืฉืงื™ืขื™ื ื‘ืขืœื™ ืžื•ื˜ื™ื‘ืฆื™ื” ื—ื‘ืจืชื™ืช":
02:24
there's an interesting idea, right?
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ืจืขื™ื•ืŸ ืžืขื ื™ื™ืŸ, ื ื›ื•ืŸ?
02:27
But actually, there's a lot of people who,
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ืืš ืœืžืขืฉื” ื™ืฉ ื”ืจื‘ื” ืื ืฉื™ื,
02:29
if they're given the chance,
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ืฉืื ืชื™ื ืชืŸ ืœื”ื ื”ื–ื“ืžื ื•ืช,
02:30
would love to invest in something
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ื™ืฉืžื—ื• ืœื”ืฉืงื™ืข ื‘ืžืฉื”ื•
02:32
that does social good.
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ืฉืžื‘ื™ื ืชื•ืขืœืช ื—ื‘ืจืชื™ืช.
02:35
And here's the opportunity.
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ื•ื”ื ื” ื”ื”ื–ื“ืžื ื•ืช:
02:37
Do you want to also help government find
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ื”ืื ืืคืฉืจ ืœืขื–ื•ืจ ืœืžืžืฉืœื” ืœืžืฆื•ื
02:39
whether there's a better economic model,
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ืื ืงื™ื™ื ืžื•ื“ืœ ื›ืœื›ืœื™ ืžื•ืฆืœื— ื™ื•ืชืจ;
02:41
not just leaving these guys to come out of prison
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ืœื ืœื”ื ื™ื— ืœืื ืฉื™ื ื”ืืœื” ืกืชื ืœื”ืฉืชื—ืจืจ ืžื”ื›ืœื,
02:44
and waiting till they re-offend and putting them back in again,
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ืœื—ื›ื•ืช ืขื“ ืฉื™ืคืฉืขื• ืฉื•ื‘ ื•ืœื”ื›ื ื™ืก ืื•ืชื ื‘ื—ื–ืจื”,
02:47
but actually working with them
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ืืœื ืžืžืฉ ืœืขื‘ื•ื“ ืื™ืชื
02:48
to move to a different path
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ื•ืœื”ืขื‘ื™ืจ ืื•ืชื ืœื›ื™ื•ื•ืŸ ืฉื•ื ื”
02:50
to end up with fewer crimes
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ื•ืœืงื‘ืœ ืคื—ื•ืช ืคืฉื™ืขื”
02:52
and fewer victims?
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ื•ืคื—ื•ืช ืงื•ืจื‘ื ื•ืช?
02:54
So we find some investors,
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ืื– ืžืฆืื ื• ื›ืžื” ืžืฉืงื™ืขื™ื,
02:57
and they pay for a set of services,
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ื•ื”ื ืฉื™ืœืžื• ืชืžื•ืจืช ืฉื™ืจื•ืชื™ื ืžืกื•ื™ืžื™ื,
02:59
and if those services are successful,
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ื•ืื ื”ืฉื™ืจื•ืชื™ื ื”ืืœื” ื™ืฆืœื™ื—ื•,
03:02
then they improve outcomes,
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ื”ื ื™ืฉืคืจื• ืืช ื”ืชื•ืฆืื•ืช,
03:04
and with those measured reductions in re-offending,
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ื•ื”ื™ืจื™ื“ื” ื”ื ืžื“ื“ืช ื‘ืคืฉื™ืขื” ื”ื—ื•ื–ืจืช
03:07
government saves money,
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ืชืืคืฉืจ ืœืžืžืฉืœื” ืœื—ืกื•ืš ื›ืกืฃ,
03:08
and with those savings,
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ื•ื‘ื›ืกืฃ ืฉื™ื™ื—ืกืš,
03:09
they can pay outcomes.
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ื”ื™ื ืชื•ื›ืœ ืœืฉืœื ืชืžื•ืจืช ื”ืชื•ืฆืื•ืช.
03:12
And the investors do not just get their money back,
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ื•ืื™ืœื• ื”ืžืฉืงื™ืขื™ื ืœื ืจืง ื™ืงื‘ืœื• ืืช ื›ืกืคื ื‘ื—ื–ืจื”,
03:14
but they make a return.
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ืืœื ื’ื ื™ืคื™ืงื• ืจื•ื•ื—.
03:16
So in March 2010, we signed
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ืื– ื‘ืžืจืฅ 2010 ื—ืชืžื ื•
03:18
the first social impact bond
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ืขืœ ื”ื—ื•ื–ื” ื”ืจืืฉื•ืŸ ืœื”ืชื—ื™ื™ื‘ื•ืช ืœื”ืฉืคืขื” ื—ื‘ืจืชื™ืช
03:20
with the Ministry of Justice
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ืขื ืžืฉืจื“ ื”ืžืฉืคื˜ื™ื
03:22
around Peterborough Prison.
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ื•ื”ื—ื•ื–ื” ืžืชื™ื™ื—ืก ืœื›ืœื ืคื˜ืจื‘ื•ืจื•.
03:24
It was to work with 3,000 offenders
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ื”ืจืขื™ื•ืŸ ื”ื•ื ืœืขื‘ื•ื“ ืขื 3,000 ืคื•ืฉืขื™ื
03:27
split into three cohorts of 1,000 each.
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ืฉื—ื•ืœืงื• ืœ-3 ืงื‘ื•ืฆื•ืช ื‘ื ื•ืช 1,000 ืื™ืฉ ื›ืœ ืื—ืช.
03:30
Now, each of those cohorts
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ื›ืœ ืงื‘ื•ืฆื” ื›ื–ื•
03:32
would get measured over the two years
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ืชื”ื™ื” ื ืชื•ื ื” ืœื”ืขืจื›ื” ื‘ืžืฉืš ืฉื ืชื™ื™ื
03:34
that they were coming out of prison.
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ืžืžื•ืขื“ ื”ืฉื—ืจื•ืจ ืžื”ื›ืœื.
03:35
They've got to have a year to commit their crimes,
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ืžืงืฆื™ื ืœื” ืฉื ื” ื›ื“ื™ ืœื‘ืฆืข ืคืฉืข,
03:37
six months to get through the court system,
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ืฉื™ืฉื” ื—ื•ื“ืฉื™ื ื›ื“ื™ ืœืขื‘ื•ืจ ื“ืจืš ื”ืžืขืจื›ืช ื”ืžืฉืคื˜ื™ืช,
03:40
and then they would be compared to a group
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ื•ืื– ื™ืฉื•ื• ืื•ืชื” ืœืงื‘ื•ืฆื”
03:42
taken from the police national computer,
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ืฉืชื™ืœืงื— ืžื”ืžื—ืฉื‘ ื”ืžืฉื˜ืจืชื™ ื”ืœืื•ืžื™,
03:44
as similar as possible,
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ื•ืฉืชื”ื™ื” ื“ื•ืžื” ื›ื›ืœ ื”ืืคืฉืจ,
03:46
and we would get paid
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ื•ืื ื• ื ืงื‘ืœ ืชืฉืœื•ื
03:48
providing we achieved a hurdle rate of 10-percent reduction,
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ื‘ืชื ืื™ ืฉื ืขื‘ื•ืจ ืžื—ืกื•ื ืฉืœ ื™ืจื™ื“ื” ื‘-10%
03:50
for every conviction event that didn't happen.
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ืžื‘ื—ื™ื ืช ื”ื”ืจืฉืขื•ืช ืฉืœื ืชืชืจื—ืฉื ื”.
03:54
So we get paid for crimes saved.
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ื›ืœื•ืžืจ, ื ืงื‘ืœ ืชืฉืœื•ื ืขืœ ืคืฉืขื™ื ืฉื ื—ืกื›ื•.
03:58
Now if we achieved that 10-percent reduction
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ื•ืื ื ื’ื™ืข ืœื™ืจื™ื“ื” ืฉืœ ื”-10% ื”ืืœื”
04:02
across all three cohorts,
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ื‘ื›ืœ 3 ื”ืงื‘ื•ืฆื•ืช,
04:03
then the investors get a seven and a half percent
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ื”ืžืฉืงื™ืขื™ื ื™ืงื‘ืœื• 7.5%
04:06
annualized return on their investment,
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ื”ื—ื–ืจ ืฉื ืชื™ ืขืœ ื”ื”ืฉืงืขื” ืฉืœื”ื,
04:09
and if we do better than that,
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ื•ืื ื ื’ื™ืข ืœืชื•ืฆืื” ื˜ื•ื‘ื” ื™ื•ืชืจ,
04:10
they can get up to 13 percent
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ื”ื ื™ื•ื›ืœื• ืœื”ื’ื™ืข ืขื“ 13%
04:12
annualized return on their investment,
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ื”ื—ื–ืจ ืฉื ืชื™ ืขืœ ื”ื”ืฉืงืขื” ืฉืœื”ื,
04:14
which is okay.
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ื•ื–ื” ื™ืคื” ืžืื“.
04:16
So everyone wins here, right?
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ื›ื•ืœื ื–ื•ื›ื™ื ื›ืืŸ, ื ื›ื•ืŸ?
04:20
The Ministry of Justice can try out a new program
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ืžืฉืจื“ ื”ืžืฉืคื˜ื™ื ื™ื›ื•ืœ ืœื ืกื•ืช ืชื›ื ื™ืช ื—ื“ืฉื”
04:22
and they only pay if it works.
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ื•ื”ื•ื ื™ืฉืœื ืขืœื™ื” ืจืง ืื ื”ื™ื ืชืฆืœื™ื—.
04:25
Investors get two opportunities:
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ื”ืžืฉืงื™ืขื™ื ื–ื•ื›ื™ื ื‘ืฉืชื™ ื”ื–ื“ืžื ื•ื™ื•ืช:
04:27
for the first time, they can invest in social change.
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ื”ื ืžืฉืงื™ืขื™ื ืœืจืืฉื•ื ื” ื‘ืฉื™ื ื•ื™ ื—ื‘ืจืชื™.
04:30
Also, they make a reasonable return,
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ื•ื”ื ื’ื ื–ื•ื›ื™ื ื‘ืจื•ื•ื— ืกื‘ื™ืจ,
04:32
and they also know that
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ื‘ื ื•ืกืฃ, ื”ื ื™ื•ื“ืขื™ื
04:34
first investors in these kinds of things,
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ืฉื‘ืชื•ืจ ื”ืžืฉืงื™ืขื™ื ื”ืจืืฉื•ื ื™ื ื‘ื“ื‘ืจื™ื ื›ืืœื”,
04:37
they're going to have to believers.
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ื”ื ื™ืขืฉื• ื–ืืช ืžืชื•ืš ืืžื•ืŸ ืขื™ื•ื•ืจ,
04:38
They're going to have to care in the social program,
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ื•ืžืชื•ืš ืื™ื›ืคืชื™ื•ืช ืžื”ืชื›ื ื™ืช ื”ื—ื‘ืจืชื™ืช,
04:40
but if this builds a track record
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ืื‘ืœ ืื ื–ื” ื™ื‘ื ื” ืจื™ืฉื•ื ื‘ื™ืฆื•ืขื™ื
04:42
over five or 10 years,
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ื‘ืžืฉืš 5 ืื• 10 ืฉื ื™ื,
04:44
then you can widen that investor community
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ืื– ืืคืฉืจ ืœื”ืจื—ื™ื‘ ืืช ืงื”ื™ืœืช ื”ืžืฉืงื™ืขื™ื
04:46
as more people have confidence in the product.
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ื›ื›ืœ ืฉื™ื•ืชืจ ืื ืฉื™ื ื™ืคืชื—ื• ืืžื•ืŸ ื‘ืžื•ืฆืจ.
04:48
The service providers, well, for the first time,
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ืกืคืงื™ ื”ืฉื™ืจื•ืชื™ื, ื‘ืคืขื ื”ืจืืฉื•ื ื”,
04:51
they've got an opportunity to provide services
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ื™ืฉ ืœื”ื ื”ื–ื“ืžื ื•ืช ืœืกืคืง ืฉื™ืจื•ืชื™ื
04:53
and grow the evidence for what they're doing
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ื•ืœืคืชื— ืืช ื”ื”ื•ื›ื—ื” ืฉืœ ืžื” ืฉื”ื ืขื•ืฉื™ื
04:56
in a really constructive way and learn
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ื‘ื“ืจืš ื—ื™ื•ื‘ื™ืช ืžืื“, ื•ืœืœืžื•ื“
04:58
and demonstrate the value of what they're doing
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ื•ืœื”ืจืื•ืช ืืช ื”ืขืจืš ืฉืœ ืžื” ืฉื”ื ืขื•ืฉื™ื
05:00
over five or six years, not just one or two
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ื‘ืžืฉืš 5 ืื• 6 ืฉื ื™ื, ื•ืœื ืจืง ืชื•ืš ืฉื ื” ืื• ืฉื ืชื™ื™ื
05:02
as often happens at the moment.
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ื›ืคื™ ืฉืงื•ืจื” ื”ืจื‘ื” ื›ื™ื•ื.
05:04
Society wins: fewer crimes, fewer victims.
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ื”ื—ื‘ืจื” ื–ื•ื›ื”: ืคื—ื•ืช ืคืฉื™ืขื”, ืคื—ื•ืช ืงื•ืจื‘ื ื•ืช.
05:07
Now, the offenders, they also benefit.
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ื•ื”ืคื•ืฉืขื™ื ื’ื ื”ื ืžืจื•ื•ื™ื—ื™ื.
05:10
Instead of just coming out of the prison
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ื‘ืžืงื•ื ืกืชื ืœื”ืฉืชื—ืจืจ ืžื”ื›ืœื
05:12
with 46 pounds in their pocket,
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ืขื 46 ืœื™ืฉ"ื˜ ื‘ื›ื™ืก,
05:14
half of them not knowing where they're spending
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ื›ืฉื—ืฆื™ ืžื”ื ืœื ื™ื•ื“ืขื™ื ื”ื™ื›ืŸ ื™ื‘ืœื•
05:15
their first night out of jail,
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ืืช ื”ืœื™ืœื” ื”ืจืืฉื•ืŸ ืžื—ื•ืฅ ืœื›ืœื,
05:17
actually, someone meets them in prison,
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ืžื™ืฉื”ื• ืžืžืฉ ื ืคื’ืฉ ืื•ืชื ื‘ื›ืœื,
05:20
learns about their issues,
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ืœื•ืžื“ ืขืœ ื”ื‘ืขื™ื•ืช ืฉืœื”ื,
05:22
meets them at the gate,
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ืคื•ื’ืฉ ืื•ืชื ื‘ืฉืขืจ,
05:24
takes them through to somewhere to stay,
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ืœื•ืงื— ืื•ืชื ืœืžืงื•ื ืžื’ื•ืจื™ื ื›ืœืฉื”ื•,
05:27
connects them to benefits, connects them to employment,
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ืžืงืฉืจ ืื•ืชื ืœืกื™ื•ืข, ืžืงืฉืจ ืื•ืชื ืขื ืชืขืกื•ืงื”,
05:29
drug rehabilitation, mental health,
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ืฉื™ืงื•ื ืžืกืžื™ื, ื˜ื™ืคื•ืœ ื ืคืฉื™,
05:31
whatever's needed.
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ื›ืœ ืžื” ืฉื ื—ื•ืฅ.
05:33
So let's think of another example:
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ื‘ื•ืื• ื ื—ืฉื‘ื• ืขืœ ื“ื•ื’ืžื” ื ื•ืกืคืช:
05:36
working with children in care.
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ืขื‘ื•ื“ื” ืขื ื™ืœื“ื™ื ื‘ืžืขื•ื ื•ืช ืžืžืฉืœืชื™ื™ื.
05:37
Social impact bonds work great
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ื”"ื”ืชื—ื™ื™ื‘ื•ืช ืœื”ืฉืคืขื” ื—ื‘ืจืชื™ืช" ืขื•ื‘ื“ืช ื ื”ื“ืจ
05:39
for any area where there is at the moment
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ื‘ื›ืœ ืชื—ื•ื ืฉื‘ื• ื™ืฉ ื›ื™ื•ื
05:42
very expensive provision that produces
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ืชื ืื™ื ืžืื“ ื™ืงืจื™ื
05:44
poor outcomes for people.
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ืฉื ื•ืชื ื™ื ืœืื ืฉื™ื ืชื•ืฆืื•ืช ืขืœื•ื‘ื•ืช.
05:46
So children in the state care
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ืืฆืœ ื™ืœื“ื™ื ืฉื ืžืฆืื™ื ื‘ื˜ื™ืคื•ืœ ืฉืœ ื”ืžื“ื™ื ื”
05:48
tend to do very badly.
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ื™ืฉ ื‘ื“"ื› ืชื•ืฆืื•ืช ื’ืจื•ืขื•ืช ืžืื“.
05:50
Only 13 percent achieve a reasonable level
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ืจืง 13% ืžืฉื™ื’ื™ื ืจืžื” ืกื‘ื™ืจื”
05:54
of five GCSEs at 16,
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ื‘-5 ืžืงืฆื•ืขื•ืช ื‘ื‘ื—ื™ื ื•ืช ื”ื‘ื’ืจื•ืช ื‘ื’ื™ืœ 16,
05:57
against 58 percent of the wider population.
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ืœืขื•ืžืช 58% ืžื›ืœืœ ื”ืื•ื›ืœื•ืกื™ื”.
05:59
More troublingly, 27 percent of offenders in prison
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ืžื” ืฉื™ื•ืชืจ ืžื˜ืจื™ื“, 27% ืžื”ืคื•ืฉืขื™ื ืฉื‘ื›ืœื
06:03
have spent some time in care.
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ืฉื”ื• ืชืงื•ืคื” ืžืกื•ื™ืžืช ื‘ืžืขื•ืŸ ืžืžืฉืœืชื™.
06:05
And even more worryingly,
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ื•ืขื•ื“ ื™ื•ืชืจ ืžื“ืื™ื’,
06:06
and this is a Home Office statistic,
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ื•ืืœื• ื”ื ื ืชื•ื ื™ื ืžืžืฉืจื“ ื”ืคื ื™ื,
06:08
70 percent of prostitutes
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70% ืžื”ื™ืฆืื ื™ื•ืช
06:10
have spent some time in care.
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ืฉื”ื• ืชืงื•ืคื” ืžืกื•ื™ืžืช ื‘ืžืขื•ื ื•ืช ืžืžืฉืœืชื™ื™ื
06:12
The state is not a great parent.
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ื”ืžื“ื™ื ื” ืื™ื ื ื” ื”ื•ืจื” ืžื•ืฆืœื—.
06:15
But there are great programs
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ืื‘ืœ ื™ืฉ ืชื›ื ื™ื•ืช ื ื”ื“ืจื•ืช
06:18
for adolescents who are on the edge of care,
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ืขื‘ื•ืจ ืžืชื‘ื’ืจื™ื ืฉื ืžืฆืื™ื ืขืœ ืกืฃ ื›ื ื™ืกื” ืœืžืขื•ืŸ ืžืžืฉืœืชื™,
06:21
and 30 percent of kids going into care
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ื•-30% ืžื”ื™ืœื“ื™ื ืฉืžื’ื™ืขื™ื ืœืžืขื•ืŸ ืžืžืฉืœืชื™
06:23
are adolescents.
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ื”ื ืžืชื‘ื’ืจื™ื.
06:25
So we set up a program with Essex County Council
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ืื– ืคื™ืชื—ื ื• ืชื›ื ื™ืช ื™ื—ื“ ืขื ืžื•ืขืฆืช ืžื—ื•ื– ืืกืงืก
06:28
to test out intensive family therapeutic support
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ืœื‘ื—ื•ืŸ ืชืžื™ื›ื” ื˜ื™ืคื•ืœื™ืช ืžืฉืคื—ืชื™ืช ืžื•ื’ื‘ืจืช
06:31
for those families with adolescents
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ืœืื•ืชืŸ ืžืฉืคื—ื•ืช ืขื ืžืชื‘ื’ืจื™ื
06:34
on the edge of the care system.
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ืฉืขื•ืžื“ื™ื ืœื”ื™ื›ื ืก ืœืžืขืจื›ืช ื”ื˜ื™ืคื•ืœ ื”ืžืžืฉืœืชื™.
06:36
Essex only pays in the event
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ืืกืงืก ืžืฉืœืžืช ืจืง ื‘ืžืงืจื”
06:39
that it's saving them care costs.
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ืฉื”ืชื›ื ื™ืช ื—ื•ืกื›ืช ืœื” ืขืœื•ื™ื•ืช ื˜ื™ืคื•ืœ.
06:41
Investors have put in 3.1 million pounds.
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ื”ืžืฉืงื™ืขื™ื ื”ืฉืงื™ืขื• 3.1 ืžื™ืœื™ื•ืŸ ืœื™ืฉ"ื˜.
06:44
That program started last month.
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ื”ืชื›ื ื™ืช ื”ื—ืœื” ื‘ื—ื•ื“ืฉ ืฉืขื‘ืจ.
06:46
Others, around homelessness in London,
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ืชื›ื ื™ื•ืช ื ื•ืกืคื•ืช ืžื˜ืคืœื•ืช ื‘ื—ืกืจื™-ื‘ื™ืช ื‘ืœื•ื ื“ื•ืŸ,
06:49
around youth and employment and education
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ื•ื‘ื ื•ืขืจ, ืชืขืกื•ืงื” ื•ื—ื™ื ื•ืš
06:53
elsewhere in the country.
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ื‘ื›ืœ ื™ืชืจ ื—ืœืงื™ ื”ืืจืฅ.
06:54
There are now 13 social impact bonds in Britain,
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ื”ื™ื•ื ื™ืฉ ื‘ื‘ืจื™ื˜ื ื™ื” 13 ื—ื•ื–ื™ ื”ืชื—ื™ื™ื‘ื•ืช ื—ื‘ืจืชื™ืช,
06:57
and amazing levels of interest in this idea
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ื•ื”ืชืขื ื™ื™ื ื•ืช ื‘ืจืžื•ืช ืžื“ื”ื™ืžื•ืช ื‘ืจืขื™ื•ืŸ ื”ื–ื”
07:00
all over the world.
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ื‘ื›ืœ ื”ืขื•ืœื.
07:01
So David Cameron's put 20 million pounds
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ืื– ื“ื™ื™ื•ื•ื™ื“ ืงืžืจื•ืŸ ื”ืฉืงื™ืข 20 ืžื™ืœื™ื•ืŸ ืœื™ืฉ"ื˜
07:04
into a social outcomes fund to support this idea.
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ื‘"ืงืจืŸ ืชื•ืฆืื•ืช ื—ื‘ืจืชื™ื•ืช" ื›ื“ื™ ืœืชืžื•ืš ื‘ืจืขื™ื•ืŸ ื”ื–ื”.
07:07
Obama has suggested 300 million dollars
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ืื•ืžื‘ื” ื”ืฆื™ืข ืœื”ืงืฆื•ืช 300 ืžื™ืœื™ื•ืŸ ื“ื•ืœืจ
07:11
in the U.S. budget for these kinds of ideas
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ื‘ืชืงืฆื™ื‘ ืืจื”"ื‘, ืขื‘ื•ืจ ืจืขื™ื•ื ื•ืช
07:14
and structures to move it forward,
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ื•ืžืขืจื›ื•ืช ื›ืืœื”, ื›ื“ื™ ืœืงื“ื ืืช ื–ื”,
07:16
and a lot of other countries
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ื•ื”ืจื‘ื” ืžื“ื™ื ื•ืช ื ื•ืกืคื•ืช
07:17
are demonstrating considerable interest.
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ืžืจืื•ืช ื”ืชืขื ื™ื™ื ื•ืช ืจื‘ื”.
07:19
So what's caused this excitement?
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ืื– ืžื” ื’ืจื ืœื”ืชืจื’ืฉื•ืช ื”ื–ืืช?
07:22
Why is this so different for people?
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ืžื“ื•ืข ื–ื” ื›ื” ื—ื“ืฉ ืœืื ืฉื™ื?
07:24
Well, the first piece, which we've talked about,
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ื•ื‘ื›ืŸ, ื”ื—ืœืง ื”ืจืืฉื•ืŸ ืขืœื™ื• ื“ื™ื‘ืจื ื•,
07:27
is innovation.
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ื”ื•ื ื—ื“ืฉื ื•ืช.
07:28
It enables testing of new ideas
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ื–ื” ืžืืคืฉืจ ืœื‘ื—ื•ืŸ ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื
07:31
in a way that's less difficult for everybody.
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ื‘ื“ืจืš ืฉืžืงืฉื” ืคื—ื•ืช ืขืœ ื›ืœ ื”ืฆื“ื“ื™ื.
07:35
The second piece it brings is rigor.
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ื”ื—ืœืง ื”ืฉื ื™ ื”ื•ื ืฉื–ื” ื”ื•ืคืš ื”ื›ืœ ืœืžื•ื—ืฉื™.
07:37
By working to outcomes, people really have to test
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ื›ืฉืขื•ื‘ื“ื™ื ื›ื“ื™ ืœื”ืฉื™ื’ ืชื•ืฆืื•ืช, ืื ืฉื™ื ืฆืจื™ื›ื™ื ืžืžืฉ ืœื‘ื—ื•ืŸ
07:40
and bring data into the situation that one's dealing with.
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ื•ืœื”ื‘ื™ื ื ืชื•ื ื™ื ืœืžืฆื‘ ืฉืื™ืชื• ืžืชืžื•ื“ื“ื™ื.
07:44
So taking Peterborough as an example,
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ืื ื ื™ืงื— ืืช ืคื˜ืจื‘ื•ืจื• ื›ื“ื•ื’ืžื”,
07:47
we add case management
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ืื ื• ืžื•ืกื™ืคื™ื ื ื™ื”ื•ืœ ืชื™ืงื™ื
07:49
across all of the different organizations that we're working with
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ื‘ื›ืœ ื”ืืจื’ื•ื ื™ื ื”ืฉื•ื ื™ื ืฉืื™ืชื ืื ื• ืขื•ื‘ื“ื™ื
07:52
so they know
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ื•ื›ืš ื”ื ื™ื•ื“ืขื™ื
07:53
what actually has been done with different prisoners,
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ืžื” ื‘ืืžืช ื ืขืฉื” ืขื ื›ืœ ืžื™ื ื™ ืืกื™ืจื™ื,
07:55
and at the same time they learn
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ื•ื‘ืžืงื‘ื™ืœ ื”ื ืœื•ืžื“ื™ื
07:57
from the Ministry of Justice, and we learn,
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ืžืžืฉืจื“ ื”ืžืฉืคื˜ื™ื, ื•ื’ื ืื ื• ืœื•ืžื“ื™ื,
08:00
because we pushed for the data,
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ื›ื™ ืื ื• ืœื•ื—ืฆื™ื ืœืงื‘ืœ ื ืชื•ื ื™ื,
08:01
what actually happens, whether they get re-arrested or not.
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ืžื” ืงื•ืจื” ื‘ืคื•ืขืœ, ื”ืื ื”ื ื ืขืฆืจื™ื ืฉื•ื‘ ืื• ืœื.
08:04
And we learn and adapt the program accordingly.
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ื•ืื ื• ืœื•ืžื“ื™ื ื•ืžืฉื ื™ื ื‘ื”ืชืื ืืช ื”ืชื›ื ื™ืช.
08:07
And this leads to the third element, which is new,
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ื•ื–ื” ืžื‘ื™ื ืื•ืชื™ ืœืžืจื›ื™ื‘ ื”ืฉืœื™ืฉื™, ืฉื”ื•ื ื—ื“ืฉ,
08:10
and that's flexibility.
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ื•ืžื“ื•ื‘ืจ ื‘ื’ืžื™ืฉื•ืช.
08:12
Because normal contracting for things,
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ื›ื™ ื‘ื—ื•ื–ื™ื ืจื’ื™ืœื™ื,
08:15
when you're spending government money,
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ื›ืฉืžื•ืฆื™ืื™ื ื›ืกืคื™ื ืฉืœ ื”ืžืžืฉืœื”,
08:17
you're spending our money, tax money,
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ืžื“ื•ื‘ืจ ื”ืจื™ ื‘ื›ืกืฃ ืฉืœื ื•, ื‘ื›ืกืคื™ ืžืกื™ื,
08:20
and the people who are in charge of that are very aware of it
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ื•ื”ืื ืฉื™ื ืฉืื—ืจืื™ื ืขืœ ื–ื” ืžืื“ ืžื•ื“ืขื™ื ืœื›ืš,
08:22
so the temptation is to control exactly how you spend it.
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ืœื›ืŸ ื”ืคื™ืชื•ื™ ื”ื•ื ืœืฉืœื•ื˜ ื‘ื“ื™ื•ืง ื‘ื›ืœ ื”ื•ืฆืื”.
08:26
Now any entrepreneur in the room knows
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ื•ื›ืœ ื™ื–ื ื‘ืื•ืœื ื”ื–ื” ื™ื•ื“ืข
08:29
that version 1.0, the business plan,
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ืฉื’ื™ืจืกื” 1.0, ื”ืชื›ื ื™ืช ื”ืขืกืงื™ืช,
08:31
is not the one that generally works.
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ืื™ื ื” ื‘ื“"ื› ื–ืืช ืฉืžืฆืœื™ื—ื”.
08:34
So when you're trying to do something like this,
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ืื– ื›ืฉืžื ืกื™ื ืœืขืฉื•ืช ืžืฉื”ื• ื›ื–ื”,
08:36
you need the flexibility to adapt the program.
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ื ื—ื•ืฆื” ื’ืžื™ืฉื•ืช ื›ื“ื™ ืœื”ืชืื™ื ืืช ื”ืชื›ื ื™ืช.
08:39
And again, in Peterborough, we started off
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ื•ืฉื•ื‘, ื‘ืคืจื˜ื‘ื•ืจื•,
08:42
with a program, but we also collected data,
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ื”ืชื—ืœื ื• ืžืชื›ื ื™ืช, ืื‘ืœ ื’ื ืืกืคื ื• ื ืชื•ื ื™ื,
08:46
and over the period of time,
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ื•ื‘ืžืฉืš ืื•ืชื• ืคืจืง ื–ืžืŸ,
08:48
we nuanced and changed that program
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ืขืฉื™ื ื• ื‘ืชื›ื ื™ืช ื›ื™ื•ื•ื ื•ื ื™ื ืขื“ื™ื ื™ื ื•ืฉื™ื ื•ื™ื™ื
08:50
to add a range of other elements,
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ื›ื“ื™ ืœื”ื•ืกื™ืฃ ืจื›ื™ื‘ื™ื ื ื•ืกืคื™ื,
08:53
so that the service adapts
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ื›ืš ืฉื”ืฉื™ืจื•ืช ืžืฉืชื ื” ื‘ื”ืชืื,
08:54
and we meet the needs of the long term
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ื•ืื ื• ืขื•ื ื™ื ืขืœ ื”ืฆืจื›ื™ื ืœื˜ื•ื•ื— ื”ืืจื•ืš
08:57
as well as the short term:
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ื•ื’ื ื‘ื˜ื•ื•ื— ื”ืงืฆืจ:
08:59
greater engagement from the prisoners,
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ืžืขื•ืจื‘ื•ืช ื’ื“ื•ืœื” ื™ื•ืชืจ ืฉืœ ื”ืกื•ื”ืจื™ื,
09:02
longer-term engagement as well.
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ื•ื’ื ืžืขื•ืจื‘ื•ืช ืœืื•ืจืš ื˜ื•ื•ื—.
09:05
The last element is partnership.
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ื”ืžืจื›ื™ื‘ ื”ืื—ืจื•ืŸ ื”ื•ื ืฉื•ืชืคื•ืช.
09:07
There is, at the moment, a stale debate going on very often:
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ืžืจื‘ื” ืœื”ืชื ื”ืœ ื›ื™ื•ื ื“ื™ื•ืŸ ืฉืื‘ื“ ืขืœื™ื• ื”ื›ืœื—:
09:11
state's better, public sector's better,
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ื”ืžื“ื™ื ื” ื˜ื•ื‘ื” ื™ื•ืชืจ, ื”ืžื’ื–ืจ ื”ืฆื™ื‘ื•ืจื™ ื˜ื•ื‘ ื™ื•ืชืจ,
09:13
private sector's better, social sector's better,
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ื”ืžื’ื–ืจ ื”ืคืจื˜ื™ ื˜ื•ื‘ ื™ื•ืชืจ, ื”ืžื’ื–ืจ ื”ื—ื‘ืจืชื™ ื˜ื•ื‘ ื™ื•ืชืจ,
09:16
for a lot of these programs.
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ืขื‘ื•ืจ ื”ืจื‘ื” ืžื”ืชื›ื ื™ื•ืช ื”ืืœื”.
09:18
Actually, for creating social change,
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ืœืžืขืŸ ื”ืืžืช, ื›ื“ื™ ืœื—ื•ืœืœ ืฉื™ื ื•ื™ ื—ื‘ืจืชื™,
09:20
we need to bring in the expertise
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ืื ื• ืฆืจื™ื›ื™ื ืœืฉืœื‘ ืืช ื”ืžื•ืžื—ื™ื•ืช
09:22
from all of those parties
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ืžื›ืœ ื”ืฆื“ื“ื™ื ื”ืืœื”
09:23
in order to make this work.
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ื›ื“ื™ ืฉื–ื” ื™ืฆืœื™ื—.
09:25
And this creates a structure
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ื•ื”ื“ื‘ืจ ื”ื–ื” ื™ื•ืฆืจ ืžื‘ื ื”
09:27
through which they can combine.
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ืฉื‘ืืžืฆืขื•ืชื• ื”ื ื™ื›ื•ืœื™ื ืœื”ืฉืชืœื‘.
09:29
So where does this leave us?
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ืื– ืžื” ื–ื” ื ื•ืชืŸ ืœื ื•?
09:31
This leaves us with a way
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ื–ื” ื ื•ืชืŸ ืœื ื• ื“ืจืš
09:33
that people can invest in social change.
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ืฉื‘ื” ืื ืฉื™ื ื™ื›ื•ืœื™ื ืœื”ืฉืงื™ืข ื‘ืฉื™ื ื•ื™ ื—ื‘ืจืชื™.
09:36
We've met thousands, possibly millions of people,
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ืคื’ืฉื ื• ืืœืคื™, ืื ืœื ืžื™ืœื™ื•ื ื™ ืื ืฉื™ื
09:39
who want the opportunity to invest in social change.
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ืฉืจื•ืฆื™ื ื”ื–ื“ืžื ื•ืช ืœื”ืฉืงื™ืข ื‘ืฉื™ื ื•ื™ ื—ื‘ืจืชื™.
09:41
We've met champions all over the public sector
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ืคื’ืฉื ื• ื“ืžื•ื™ื•ืช ืžื•ื‘ื™ืœื•ืช ืžื›ืœ ื”ืžื’ื–ืจ ื”ืฆื™ื‘ื•ืจื™
09:44
keen to make these kinds of differences.
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ืฉืžืฉืชื•ืงืงื•ืช ืœื—ื•ืœืœ ืฉื™ื ื•ื™ื™ื ื›ืืœื”.
09:47
With this kind of model,
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ื‘ืขื–ืจืช ืžื•ื“ืœ ื›ื–ื”,
09:48
we can help bring them together.
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ืื ื• ื™ื›ื•ืœื™ื ืœื—ื‘ืจ ื‘ื™ืŸ ื›ื•ืœื.
09:50
Thank you.
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ืชื•ื“ื” ืœื›ื.
09:52
(Applause)
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[ืžื—ื™ืื•ืช ื›ืคื™ื™ื]
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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