Evaluation of the Innovation Fund Pilot - Quantitative Assessment of Impact and Social Return on Investment

The evaluation of the Innovation Fund (IF) pilot program, designed to help disadvantaged young people re-engage with education, training, and employment, revealed mixed outcomes. The program, which used a Social Impact Bond model, was assessed through quantitative methods, including Propensity Score Matching and Social Return on Investment analysis. While the program increased training participation and the achievement of a first NQF level 1 qualification, it negatively affected school/college attendance, paid employment, and the attainment of higher-level qualifications. The Social Return on Investment analysis indicated that the program provided value for money, but with lower benefit-cost ratios than similar initiatives, suggesting that some outcomes might have occurred without the program's intervention. The evaluation highlighted methodological and data limitations, advising caution in interpreting the results and suggesting the need for program adjustments to better support the attainment of higher-level qualifications for vulnerable youth. **This summary was written by an AI model and therefore should not be considered a definitive summary of the report. If you are aware of inaccuracies, please email evaluation.registry@cabinetoffice.gov.uk.**

Description

• Lead department: Department for Work and Pensions
• Evaluation stage: A complete evaluation report
• Other departments: No other departments listed
• Evaluation types: Value for money evaluation; Impact evaluation
• Impact methods: Quasi-experimental method
• Quasi-experimental methods: Matching
• Value for money methods: Other
• Grant information: This intervention is not distributing funding via a grant
• Government Major Project information: This intervention is not a major project
• Policies: No policies provided

Event Dates

• Event Name: Publication of final results
• Event date: September 2018

Evaluation Costs

• Cost: Not provided

Evaluation sharing

• Link(s) to published report(s): Yes
• Links to evaluation plans: No link provided
• Findings: Not provided
• Permission to share confirmed: Yes