ABOUT THE SPEAKER
Toby Eccles - Social investment visionary
Toby Eccles has created a radical financial instrument that helps private investors contribute to solving thorny public problems.

Why you should listen

All too often, an ex-inmate walks out of prison with the exact same problems he or she walked in with: lack of skills, lack of support, no job. And they end up re-offending and back in jail. It's an expensive problem to fix, but it's a much more expensive one to ignore. A director at Social Finance in London, Toby Eccles explores the arbitrage between those two options.

In 2010, his pioneering Social Impact Bond allowed private investors to support a UK program targeting ex-prisoners who served short sentences (the limited government funding only goes to ex-inmates who served long terms). The £5m scheme, funded by 17 investors, supports training and support for 1,000 ex-inmates; if they re-offend less than a control group, the government will pay investors back, plus interest, through the savings accrued by achieving the program's targets.

More such bonds are now being tried across the world, including in New York City and Massachusetts (both addressing recidivism), and extended to new fields such as development. Eccles founded Social Finance in 2007, and he oversees all of the firm's social impact bond work, where, he says: "We are incentivised to work with the complicated and with those willing to change." "We are incentivised to work with the complicated and with those willing to change."

More profile about the speaker
Toby Eccles | Speaker | TED.com
TEDGlobal 2013

Toby Eccles: Invest in social change

托比.黑克斯: 投資社會變革

Filmed:
980,881 views

值得知道的數據: 在英國,63% 完成短期服刑的,在一年內就會因為犯下另一件案子,再度回到監獄。幫助他們待在外面的世界包括上課、治療,和職業訓練。若成功的話,回報就會很可觀。但政府沒有資金。托比.黑克斯 (Toby Eccles) 為如何改變此一窘境分享了富有想像力的主意: 社會效益債券。這是支不尋常的債卷——藉由私營企業提供的資金作為取得社會目標的後盾,若目標順利達成後,政府就必須附帶利息,支付給這些投資人。
- Social investment visionary
Toby Eccles has created a radical financial instrument that helps private investors contribute to solving thorny public problems. Full bio

Double-click the English transcript below to play the video.

00:12
I'm here today今天 to talk about social社會 change更改,
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今天我要談談社會變革
00:15
not a new therapy治療 or a new intervention介入
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但並不是用什麼像新的醫療、干預、
00:19
or a new way of working加工 with kids孩子
or something like that,
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或是與孩子接觸的新方式之類的
00:21
but a new business商業 model模型 for social社會 change更改,
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而是一個促進社會變革的嶄新企業模式
00:24
a new way of tackling搶斷 the problem問題.
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一個對付社會問題的新方法
00:27
In Britain英國, 63 percent百分 of all men男人
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在英國,百分之六十三
00:31
who come out of short sentences句子 from prison監獄
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短期服刑的囚犯在釋放後
00:35
re-offend再得罪 again within a year.
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一年內就會回鍋
00:37
Now how many許多 previous以前 offenses罪行
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你想想看
00:40
do you think they have on average平均
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他們在這之前
00:42
managed管理 to commit承諾?
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平均犯下多少案件?
00:45
Forty-three四十三.
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43件
00:47
And how many許多 previous以前 times
do you think they've他們已經 been in prison監獄?
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那你認為當中有幾位是累犯?
00:50
Seven.
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七位
00:52
So we went to talk to the Ministry of Justice正義,
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所以我們就跟司法行政部談
00:54
and we said to the Ministry of Justice正義,
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跟司法行政部說
00:56
what's it worth價值 to you
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若減少累犯
00:59
if fewer of these guys re-offend再得罪?
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對你有多少價值?
01:01
It's got to be worth價值 something, right?
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總該要有價值的嘛! 對不對?
01:03
I mean, there's prison監獄 costs成本,
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我是說,會有監獄運行的費用
01:05
there's police警察 costs成本, there's court法庭 costs成本,
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出警的費用,法庭訴訟的費用等等。
01:08
all these things that you're spending開支 money on
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這一大堆你花的費用
01:11
to deal合同 with these guys. What's it worth價值?
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應付這方面的人事,花得有價值嗎?
01:14
Now, of course課程, we care關心 about the social社會 value.
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理所當然的,我們重視社會價值
01:17
Social社會 Finance金融, the organization組織 I helped幫助 set up,
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所以我幫忙設立了一個機構叫作社會理財
01:20
cares管它 about social社會 stuff東東.
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來應對社會問題
01:22
But we wanted to make the economic經濟 case案件,
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但我們也希望可以從經濟方面著手
01:25
because if we could make the economic經濟 case案件,
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若能行的話
01:27
then the value of doing this
would be completely全然 compelling引人注目.
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就可讓推動社會價值十分鼓舞人心
01:30
And if we can agree同意 on both a value
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若我們可以同意在價值觀
01:33
and a way of measuring測量 whether是否 we've我們已經 been
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和衡量是否真的有
01:35
successful成功 at reducing減少 that re-offending再犯罪,
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成功減少累犯方式等方面取得共識
01:38
then we can do something
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我們就可以去做
01:40
we think rather interesting有趣.
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更大膽有趣的事情
01:42
The idea理念 is called the social社會 impact碰撞 bond.
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稱為社會效益債券
01:46
Now, the social社會 impact碰撞 bond is simply只是 saying,
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簡單的說
01:48
if we can get the government政府 to agree同意,
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就是在取得政府的同意下
01:50
that we can create創建 a contract合同 where
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我們可以簽署一張合約
01:53
they only pay工資 if it worked工作.
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上面寫著只有在成功條件下,政府才付錢
01:56
So that means手段 that they can try out new stuff東東
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這樣政府就可以大膽去嘗試新鮮事物
01:59
without the embarrassment困窘
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而無後顧之憂
02:01
of having to pay工資 if it didn't work,
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不用擔心在失敗的情況下
02:03
which哪一個 for still quite相當 a lot of bits of government政府,
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還要做可能超過政府能承擔費用的窘境
02:05
that's a serious嚴重 issue問題.
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這是很嚴肅的議題
02:06
Now, many許多 of you may可能 have noticed注意到
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在座的各位可能也開始
02:08
there's a problem問題 at this point,
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注意到一些問題了
02:09
and that is that it takes a long time to measure測量
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那就是這需要很長時間
02:11
whether是否 those outcomes結果 have happened發生.
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去衡量效果
02:14
So we have to raise提高 some money.
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所以我們得去籌錢
02:17
We use the contract合同 to raise提高 money
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我們就使用這些契約
02:20
from socially社交上 motivated動機 investors投資者.
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去跟希望投資於社會的人籌錢
02:22
Socially社交上 motivated動機 investors投資者:
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積極想要投資於社會的人
02:24
there's an interesting有趣 idea理念, right?
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很有意思,對吧!
02:27
But actually其實, there's a lot of people who,
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但其實,有許多人
02:29
if they're given特定 the chance機會,
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一旦有機會
02:30
would love to invest投資 in something
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他們十分願意投資
02:32
that does social社會 good.
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對社會有益的事
02:35
And here's這裡的 the opportunity機會.
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他們的機會來了
02:37
Do you want to also help government政府 find
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您想要幫助政府
02:39
whether是否 there's a better economic經濟 model模型,
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找出是否有更好的經濟模式
02:41
not just leaving離開 these guys to come out of prison監獄
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而不是等到這些從監獄出來的人
02:44
and waiting等候 till直到 they re-offend再得罪
and putting them back in again,
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重新再犯,然後再關回去
02:47
but actually其實 working加工 with them
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而是實際上幫他們
02:48
to move移動 to a different不同 path路徑
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找出新的路途
02:50
to end結束 up with fewer crimes犯罪
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真的達到減少犯罪
02:52
and fewer victims受害者?
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和受害人的目的
02:54
So we find some investors投資者,
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所以我們找到了一些投資者
02:57
and they pay工資 for a set of services服務,
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他們承擔了服務的費用
02:59
and if those services服務 are successful成功,
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若這些服務成功的話
03:02
then they improve提高 outcomes結果,
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他們可以繼而改善結果
03:04
and with those measured測量 reductions減少 in re-offending再犯罪,
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藉由這些可衡量的方式減少累犯
03:07
government政府 saves節省 money,
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政府也可以在這方面省下一筆錢
03:08
and with those savings,
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省下的這筆錢
03:09
they can pay工資 outcomes結果.
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就可繼而花在結果上
03:12
And the investors投資者 do not just get their money back,
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這樣一來,投資者不只得到原本投資的錢
03:14
but they make a return返回.
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也得到了回報
03:16
So in March遊行 2010, we signed
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所以在2010年的3月
03:18
the first social社會 impact碰撞 bond
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我們在彼得伯勒監獄
03:20
with the Ministry of Justice正義
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首次跟司法行政部
03:22
around Peterborough彼得伯勒 Prison監獄.
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簽署了社會效益債券
03:24
It was to work with 3,000 offenders罪犯
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共有3000位罪犯
03:27
split分裂 into three cohorts同夥 of 1,000 each.
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分成3批,各批1000人
03:30
Now, each of those cohorts同夥
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每批都會
03:32
would get measured測量 over the two years年份
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用超過2年的時間衡量
03:34
that they were coming未來 out of prison監獄.
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在他們出獄後
03:35
They've他們已經 got to have a year to commit承諾 their crimes犯罪,
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他們有一年是否犯罪的衡量時間
03:37
six months個月 to get through通過 the court法庭 system系統,
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半年走司法程序的時間
03:40
and then they would be compared相比 to a group
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然後跟一組
03:42
taken採取 from the police警察 national國民 computer電腦,
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從警察局的數據挑來的做比較
03:44
as similar類似 as possible可能,
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挑越相近的組別越好
03:46
and we would get paid支付
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我們的報酬
03:48
providing提供 we achieved實現 a hurdle rate
of 10-percent-百分 reduction減少,
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只有在成功達到
03:50
for every一切 conviction定罪 event事件 that didn't happen發生.
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降低犯罪率百分之十,才能獲得支付
03:54
So we get paid支付 for crimes犯罪 saved保存.
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所以我們是在減少犯罪
的情況下才能得到支付
03:58
Now if we achieved實現 that 10-percent-百分 reduction減少
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假設這三批罪犯
04:02
across橫過 all three cohorts同夥,
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都全面性減少百分之十
04:03
then the investors投資者 get a seven and a half percent百分
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我們的投資人就可以得到
04:06
annualized return返回 on their investment投資,
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年利率7.5%的回報
04:09
and if we do better than that,
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若我們做得比這個還要好
04:10
they can get up to 13 percent百分
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投資人就可以獲得
04:12
annualized return返回 on their investment投資,
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年利率13%的回報
04:14
which哪一個 is okay.
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這樣也不錯
04:16
So everyone大家 wins here, right?
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這樣一來,大家都是贏家了,對吧!
04:20
The Ministry of Justice正義 can try out a new program程序
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司法行政部可以大膽嘗試新的方案
04:22
and they only pay工資 if it works作品.
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只有在成功的條件下才支付費用
04:25
Investors投資者 get two opportunities機會:
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投資人得到兩種機會
04:27
for the first time, they can invest投資 in social社會 change更改.
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首先,他們可以投資於社會變革
04:30
Also, they make a reasonable合理 return返回,
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並得到合理的回報
04:32
and they also know that
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他們也知道
04:34
first investors投資者 in these kinds of things,
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在這方面做為首批的投資人
04:37
they're going to have to believers信徒.
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他們也必須相信這方法可行
04:38
They're going to have to care關心 in the social社會 program程序,
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他們也必須去在乎社會方案
04:40
but if this builds建立 a track跟踪 record記錄
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若建立這記錄
04:42
over five or 10 years年份,
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可長達五年或十年
04:44
then you can widen擴大 that investor投資者 community社區
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就可以因為越來越多人
04:46
as more people have confidence置信度 in the product產品.
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對此產品充滿信心
進而擴展投資者的人數
04:48
The service服務 providers供應商, well, for the first time,
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提供這些服務的人也頭一次
04:51
they've他們已經 got an opportunity機會 to provide提供 services服務
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有機會可以在提供服務之餘
04:53
and grow增長 the evidence證據 for what they're doing
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證明他們所做的工作
04:56
in a really constructive建設性 way and learn學習
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是有貢獻意義的
04:58
and demonstrate演示 the value of what they're doing
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而且證明了他們的社會價值
05:00
over five or six years年份, not just one or two
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在未來五或六年
05:02
as often經常 happens發生 at the moment時刻.
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而非一兩年的曇花一現
05:04
Society社會 wins: fewer crimes犯罪, fewer victims受害者.
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社會也是個贏家:
罪犯降低,受害者也減少了
05:07
Now, the offenders罪犯, they also benefit效益.
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再來就是對罪犯也是有益的
05:10
Instead代替 of just coming未來 out of the prison監獄
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他們得到釋放時
05:12
with 46 pounds英鎊 in their pocket口袋,
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除了口袋裡的46英鎊
05:14
half of them not knowing會心 where they're spending開支
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一半以上的罪犯根本都不知道
05:15
their first night out of jail監獄,
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他們出獄的第一晚住哪?
05:17
actually其實, someone有人 meets符合 them in prison監獄,
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其實,某人與他們在監獄裡見面
05:20
learns獲悉 about their issues問題,
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了解他們深陷的情況
05:22
meets符合 them at the gate,
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在大門口與他們見面
05:24
takes them through通過 to somewhere某處 to stay,
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帶領他們到某處待一晚
05:27
connects所連接 them to benefits好處,
connects所連接 them to employment僱用,
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幫他們聯絡上救濟金,勞工局
05:29
drug藥物 rehabilitation復原, mental心理 health健康,
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戒毒所,精神院等
05:31
whatever's任何的 needed需要.
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任何他們需要的東西
05:33
So let's think of another另一個 example:
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那我們在想想另一個範例:
05:36
working加工 with children孩子 in care關心.
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跟托育中心合作
05:37
Social社會 impact碰撞 bonds債券 work great
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社會效益債券
05:39
for any area where there is at the moment時刻
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不管在哪一方面
05:42
very expensive昂貴 provision規定 that produces產生
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都很適合設備昂貴
05:44
poor較差的 outcomes結果 for people.
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但對人類貢獻貧乏的地方
05:46
So children孩子 in the state care關心
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小孩受到國家托育中心
05:48
tend趨向 to do very badly.
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的照顧都不太好
05:50
Only 13 percent百分 achieve實現 a reasonable合理 level水平
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比起 58% 的人口
05:54
of five GCSEsGCSE課程 at 16,
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只有 13% 在16歲時
05:57
against反對 58 percent百分 of the wider更寬的 population人口.
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得到英國普通中等教育證書的第五級
05:59
More troublinglytroublingly, 27 percent百分 of offenders罪犯 in prison監獄
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更糟的是,罪犯當中有27%
06:03
have spent花費 some time in care關心.
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待過托育中心
06:05
And even more worryingly令人擔憂,
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令人更擔憂的是
06:06
and this is a Home Office辦公室 statistic統計,
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根據內政部的統計
06:08
70 percent百分 of prostitutes妓女
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70%的娼妓
06:10
have spent花費 some time in care關心.
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都待過托育中心
06:12
The state is not a great parent.
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顯然國家托育中心並不是個很棒的父母
06:15
But there are great programs程式
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但是我們有很棒的方案
06:18
for adolescents青少年 who are on the edge邊緣 of care關心,
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針對極需照顧青少年
06:21
and 30 percent百分 of kids孩子 going into care關心
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有30%進入托育中心的孩子
06:23
are adolescents青少年.
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都是青少年
06:25
So we set up a program程序 with Essex埃塞克斯 County Council評議會
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所以我們和艾塞克斯郡議會簽署了一個方案
06:28
to test測試 out intensive集約 family家庭 therapeutic治療 support支持
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提供加強家庭療法
06:31
for those families家庭 with adolescents青少年
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為那些
06:34
on the edge邊緣 of the care關心 system系統.
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將送去托育中心的青少年
06:36
Essex埃塞克斯 only pays支付 in the event事件
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艾塞克斯郡議會
06:39
that it's saving保存 them care關心 costs成本.
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只有在成功救了這些青少年的情況下才需做支付
06:41
Investors投資者 have put in 3.1 million百萬 pounds英鎊.
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目前投資人已經投資了310萬英鎊
06:44
That program程序 started開始 last month.
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這方案已在上個月開始執行了
06:46
Others其他, around homelessness無家可歸 in London倫敦,
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其他問題,像在倫敦無家可歸的人
06:49
around youth青年 and employment僱用 and education教育
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或是小孩或就業和教育問題
06:53
elsewhere別處 in the country國家.
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在倫敦以外其它地區
06:54
There are now 13 social社會 impact碰撞 bonds債券 in Britain英國,
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在英國目前已有13個社會效益債券
06:57
and amazing驚人 levels水平 of interest利益 in this idea理念
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而且全世界
07:00
all over the world世界.
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對這樣的想法也有濃厚的興趣。
07:01
So David大衛 Cameron's卡梅倫 put 20 million百萬 pounds英鎊
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大衛卡梅倫
07:04
into a social社會 outcomes結果 fund基金 to support支持 this idea理念.
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已經在社會方面投資了2000萬英鎊。
07:07
Obama奧巴馬 has suggested建議 300 million百萬 dollars美元
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歐巴馬建議
07:11
in the U.S. budget預算 for these kinds of ideas思路
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投資3憶美元的預算
07:14
and structures結構 to move移動 it forward前鋒,
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幫這類的想法和結構推一把,往前邁進
07:16
and a lot of other countries國家
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還有其他許多的國家對這些表示深度興趣
07:17
are demonstrating示範 considerable大量 interest利益.
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對這些表示深度興趣
07:19
So what's caused造成 this excitement激動?
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究竟是什麼挑起這股興奮?
07:22
Why is this so different不同 for people?
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為何異於別人的呢?
07:24
Well, the first piece, which哪一個 we've我們已經 talked about,
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首先,我們剛剛在談的
07:27
is innovation革新.
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就是創新
07:28
It enables使 testing測試 of new ideas思路
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它能夠較毫不費力的方式
07:31
in a way that's less difficult for everybody每個人.
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讓大家嘗試新的主意
07:35
The second第二 piece it brings帶來 is rigor嚴格.
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其二,它為人們帶來精確的數據
07:37
By working加工 to outcomes結果, people really have to test測試
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為了得到理想中的結果,人們就真的得去嘗試
07:40
and bring帶來 data數據 into the situation情況
that one's那些 dealing交易 with.
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然後把數據帶到處理中的事件
07:44
So taking服用 Peterborough彼得伯勒 as an example,
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就拿彼得伯勒監獄做為一例
07:47
we add case案件 management管理
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我們與不同合作機構
07:49
across橫過 all of the different不同 organizations組織
that we're working加工 with
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加入專案管理
07:52
so they know
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這樣它們才知道
07:53
what actually其實 has been doneDONE with different不同 prisoners囚犯,
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實際上有與哪些犯人做過什麼樣的處理
07:55
and at the same相同 time they learn學習
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他們第一時間跟司法行政部學到一些東西時
07:57
from the Ministry of Justice正義, and we learn學習,
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我們也會同時學到
08:00
because we pushed for the data數據,
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因為我們要管理數據
08:01
what actually其實 happens發生, whether是否
they get re-arrested再次被捕 or not.
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像真正發生了什麼事,他們是否有再犯等
08:04
And we learn學習 and adapt適應 the program程序 accordingly於是.
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然後根據此數據做出因應之道
08:07
And this leads引線 to the third第三 element元件, which哪一個 is new,
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而這就帶領我們到第三點,新的領域
08:10
and that's flexibility靈活性.
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而且充滿彈性
08:12
Because normal正常 contracting承包 for things,
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就普遍的契約就是
08:15
when you're spending開支 government政府 money,
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當你花政府的錢時
08:17
you're spending開支 our money, tax money,
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你就是在花我們的錢 - 我們繳的稅
08:20
and the people who are in charge收費
of that are very aware知道的 of it
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負責這批錢的人十分了解這點
08:22
so the temptation誘惑 is to control控制
exactly究竟 how you spend it.
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所以要抗拒的誘點是控制你花費的方式
08:26
Now any entrepreneur企業家 in the room房間 knows知道
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在座的企業家都知道
08:29
that version 1.0, the business商業 plan計劃,
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企業計劃書的第一個版本
08:31
is not the one that generally通常 works作品.
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普通都沒有派上場
08:34
So when you're trying to do something like this,
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所以當你想嘗試像這樣的計畫時
08:36
you need the flexibility靈活性 to adapt適應 the program程序.
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你需要有彈性去修改計畫
08:39
And again, in Peterborough彼得伯勒, we started開始 off
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所以在彼得伯勒監獄開始此方案時
08:42
with a program程序, but we also collected data數據,
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我們也開始收集數據
08:46
and over the period of time,
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所以每過了一段時間
08:48
we nuanced細緻入微 and changed that program程序
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我們就會為方案做一點修補-
08:50
to add a range範圍 of other elements分子,
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加入一些其它的元素
08:53
so that the service服務 adapts適應
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讓我們的方案變得更好
08:54
and we meet遇到 the needs需求 of the long term術語
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以便取得長期
08:57
as well as the short term術語:
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和短期的目標-
08:59
greater更大 engagement訂婚 from the prisoners囚犯,
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與牢犯有更深的互動
09:02
longer-term長期 engagement訂婚 as well.
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且還是長期的互動
09:05
The last element元件 is partnership合夥.
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最後一點就是合夥關係
09:07
There is, at the moment時刻, a stale陳舊
debate辯論 going on very often經常:
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目前有個常吵得熱烘烘,停滯不前的辯論題
09:11
state's狀態 better, public上市 sector's部門 better,
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不是辯論著這些方案由國家提供的較好
09:13
private私人的 sector's部門 better, social社會 sector's部門 better,
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就是辯論著由國營部門,私營企業
09:16
for a lot of these programs程式.
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或社會福利組織等較好
09:18
Actually其實, for creating創建 social社會 change更改,
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坦白說,為了創造社會變革
09:20
we need to bring帶來 in the expertise專門知識
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我們都需要
09:22
from all of those parties派對
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所有部門的幫助
09:23
in order訂購 to make this work.
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才能達到目標
09:25
And this creates創建 a structure結構體
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在他們互相合作下
09:27
through通過 which哪一個 they can combine結合.
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創造出新的社會結構
09:29
So where does this leave離開 us?
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這可為我們帶來什麼呢?
09:31
This leaves樹葉 us with a way
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這為我們帶來一種
09:33
that people can invest投資 in social社會 change更改.
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讓人們可以投資社會變革的方式
09:36
We've我們已經 met會見 thousands數千, possibly或者 millions百萬 of people,
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我們遇到好幾千,可能好幾百萬的人
09:39
who want the opportunity機會 to invest投資 in social社會 change更改.
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都想要有機會去投資於社會變革
09:41
We've我們已經 met會見 champions冠軍 all over the public上市 sector扇形
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我們在國營部門遇到出類拔萃的人
09:44
keen敏銳 to make these kinds of differences分歧.
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他們熱誠地想為社會帶來不同
09:47
With this kind of model模型,
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有了這個模式
09:48
we can help bring帶來 them together一起.
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我們就可以協助他們攜手
09:50
Thank you.
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謝謝
09:52
(Applause掌聲)
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(掌聲)
Translated by Jen-Huei Wu
Reviewed by Shi Tan

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ABOUT THE SPEAKER
Toby Eccles - Social investment visionary
Toby Eccles has created a radical financial instrument that helps private investors contribute to solving thorny public problems.

Why you should listen

All too often, an ex-inmate walks out of prison with the exact same problems he or she walked in with: lack of skills, lack of support, no job. And they end up re-offending and back in jail. It's an expensive problem to fix, but it's a much more expensive one to ignore. A director at Social Finance in London, Toby Eccles explores the arbitrage between those two options.

In 2010, his pioneering Social Impact Bond allowed private investors to support a UK program targeting ex-prisoners who served short sentences (the limited government funding only goes to ex-inmates who served long terms). The £5m scheme, funded by 17 investors, supports training and support for 1,000 ex-inmates; if they re-offend less than a control group, the government will pay investors back, plus interest, through the savings accrued by achieving the program's targets.

More such bonds are now being tried across the world, including in New York City and Massachusetts (both addressing recidivism), and extended to new fields such as development. Eccles founded Social Finance in 2007, and he oversees all of the firm's social impact bond work, where, he says: "We are incentivised to work with the complicated and with those willing to change." "We are incentivised to work with the complicated and with those willing to change."

More profile about the speaker
Toby Eccles | Speaker | TED.com