3SC Capitalise is a Social Impact Bond working with young people in Wales. It is part of the Department for Work and Pensions' Innovation Fund.
There are more than three-quarters of a million unemployed young people in the UK. Young people who have been excluded from school or have not achieved adequate GCSEs are more likely to fail to make the transition into work, training or further education.
3SC Capitalise works with its partners “include” (a subsidiary of Catch 22) and Dyslexia Action to run a programme which supports vulnerable 14-15 year olds. Through one-to-one mentoring, group work and residential courses, the young people are given tailored support to help them make the transition from education to employment.
3SC Capitalise is funded via a Social Impact Bond (SIB). Repayment is under a “payment-by-results” contract with the Department for Work and Pensions, out of long-term savings to the public purse of reducing youth unemployment.
Of the 172 young people who have graduated from the programme in the first two years of delivery, 88 have gone on to further education, 22 into training, 43 on to full time education and 7 have entered full-time or part-time employment.
3SC Capitalise has enabled innovative interventions that have saved many young people in South Wales from becoming unemployed. It is a great example of how social investment can get projects off the ground and bring other ingredients that make consortia working a real success.
Martyn Oliver, Chief Executive, 3SC