Recently, the Corporation for National & Community Service (CNCS) featured New Profit's Pathways Fund in a blog post highlighting the work the Fund has done since 2010 when it became a part of the CNCS Social Innovation Fund's (SIF) inaugural class. Through partnership with SIF, the Pathways Fund has been able to make great strides in pursuit of its goal to strengthen the bridge between education and workforce development, so that more low-income youth have opportunities to build sustainable livelihoods. The following quotes provide some color on the overwhelming results that the public-private partnership has yielded:
"The Pathways Fund has fueled New Profit to scale from 30,000 beneficiaries in 2010 to 188,000 at the end of 2014, with a projected 250,000 served by the end of 2015. Carrie Previtera, Pathways Fund Manager, notes, 'We have exceeded our projected goals and gone well beyond what was planned.'"
"New Profit has 15 years of experience investing in effective innovative nonprofit organizations focused on a diverse set of issue areas, but the public-private partnership funded by the SIF was a new approach for the venture philanthropy organization. Montgomery shared, “While we had experience investing in leading organizations, and we had an appreciation for work in policy through past collaborations, the SIF gave us an opportunity to partner in a formal way with the federal government."
The partnership between New Profit and SIF is even broader than Pathways' involvement in the inaugural class. Policy change is a critical part of our work and America Forward, New Profit's non-partisan policy arm, helped with the creation of SIF and our commitment to the fund has continued ever since. Late last year, America Forward also partnered with Third Sector Capital Partners, a national leader in the Pay for Success movement, to win a follow-on SIF grant to expand Pay for Success programs in states and locales across the country. Read more about New Profit and America Forward's work on Pay for Success here.
Click here to read more about the collaboration between New Profit and the Social Innovation Fund.