I think the evolving model of Social Impact Bonds (SIB) is intriguing and can lead to support for some great innovation and scaling that government can't do effectively today. At the core of the idea of an SIB is the partnership between government, service providers and 'impact investors'. This sort of partnership has never really existed before. This is a good article outlining the benefits for each part of that partnership - worth reading to further understand how SIBs might work.
As taxpayers, it's in all our interests for governments to spend our money as wisely and efficiently as possible. And if third-party providers are going to be commissioned to deliver vital services, it seems sensible that it should be those organisations best-placed to deliver those services, regardless of size. If impact investors can help them do this, there will be plenty more social outcomes contracts in the months and years to come.
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