Homelessness is a major issue in Canada—it affects 200,000 people every year and costs $7 billion to the economy. Alternative funding mechanisms in the form of a social impact bond (SIB) could help mobilize capital to address homelessness. By combining success-based payments and initial private investment, social impact bonds have the potential to overcome barriers to social innovation and encourage investments in services.
MaRS is tackling homelessness head on by issuing a request for proposals to qualifying entities intent on solving this complex issue. The deadline for applications is April 27, 2015 at 5:00 p.m. EST.