State government: social innovation and entrepreneurship.

Existing law establishes the Governor's Office of Business and Economic Development to serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. This bill would establish the Office of Social Innovation and Entrepreneurship Development within the Office of the Governor to establish partnerships with government agencies, private investors, nonprofit organizations, and for-profit service providers to facilitate the use of social impact bonds (SIBs) , as defined, to address social services needs. The bill would require the office to develop a strategic plan for promoting SIBs, develop model provisions for performance-based contracts, and report annually to the Legislature on the use of SIBs.