Need for a New Poverty Measure
The New York City Center for Economic Opportunity’s innovation fund, developed under Mayor Michael Bloomberg’s leadership, seeks out and funds innovative, performance-driven initiatives to help lift families and individuals out of poverty, placing an emphasis on personal responsibility.
The city deposits $125 million a year into an innovation fund and private foundations invest another $25 million. Providers vie for funds through competitive bidding, and must demonstrate in their applications how they would collaborate with other government and philanthropic efforts.
CEO conducts rigorous external evaluations of the selected organizations to determine their success and today the CEO fund supports more than 40 initiatives, often including controversial pilot plans that otherwise would not be funded and tested.