A world we imagine post#3

Having a criminal record has a profound impact on the formerly incarcerated long after they exit the lockup. For example, finding meaningful employment post-prison can be extremely difficult. More than 70 million people have criminal records in this country. This represents a huge pool of untapped talent, that could be leveraged in awesome ways.

My organisation, Breaking the Bars, would provide an avenue for ex-prisoners to grow their own business through a series of seed investments. A seed investment would provide the initial capital to budding ideas, giving individuals the confidence and resources to pursue ventures that might otherwise go unexplored.

These investments would range in size from $2,000 to $50,000, catering to the spectrum of ideas and projects that come up. A challenge to implementing this project could be struggling to find a large enough pool of applicants for investment. An elegant solution to this could be partnering with existing business schools and entrepreneurship workshops within prisons. If need be this organisation will create classes to supplement the existing framework. Like other early stage investment companies, an integral part of this organisation will be to provide mentorship and access to founders. A later iteration of this idea would likely include an incubator of sorts to provide even greater support to founders.

Due to the potential risk that comes along with lending to ex-convicts, steps would be taken to reduce the chances of fraud and default. The investments would be structured in a way that would hold them accountable and reward them for continued growth and perseverance. Additionally, individuals will be carefully vetted to ensure that their criminal past will not interfere with their ability to run a profitable business.

Could it work? Absolutely. Another program called Defy Ventures worked towards a similar goal, empowering prisoners with intensive leadership development, Shark Tank-style business pitch competitions, executive mentoring, financial investment, and startup incubation.. Ultimately, their program produced a 95% employment rate after the program with only a 5% recidivism rate compared to the national rate of 75%.

This organisation has the potential to be doubly good in that it would benefit the world economically and provide a social service. The long term goals for this organisation would be to increase employment for ex-convicts and decrease recidivism through opportunity and guidance. Gradually as these startups grow, they could employ other ex-convicts and effect even greater change. I hope to create an avenue to legitimacy for a deeply marginalized group in society.