Video: Antony Bugg-Levine on Social Impact Bonds
The Social Impact Bond (SIB) model has caught the interest of multiple jurisdictions over the last few years, especially after the UK launched its first pilot through Social Finance UK and the ONE Service. The US administration has also highlighted the importance of pay for success financing and has earmarked a significant sum for evidence-based financing of social service programs. The Rockefeller Foundation has championed the adoption and growth of the Social Impact Bond (SIB) model in the UK and US over the past year, and one of the leaders in their efforts has been Antony Bugg-Levine, Managing Director of the Rockefeller Institute. Antony will be joining the Nonprofit Finance Fund (NFF) later this month as their new CEO, and he was interviewed by Kristin Giantris earlier this summer to speak more about the SIB model and why it is exciting.
NFF has made this interview available to everyone to see online, posted in eight clips in a Youtube playlist. I've picked three short clips to illustrate why SIBs represent such an exciting model, how it's connected to impact investing, and describe the ecosystem surrounding pay for success financing.
In the first video, Antony places SIBs in the context of two initiatives being pushed by the Rockefeller Foundation - process innovations and harnessing the power of impact investing.
A New Structure
In the second video, Antony explains how SIBs take existing elements and arrange them in a new and innovative structure that produces new opportunities.
So what is needed to create this new structure? What does that ecosystem look like? Some of the actors needed to fertilize the 'soil' that will enable the 'seeds' of innovation to grow include intermediaries, coordinating hubs, local governments and service providers.
We invite you to share your thoughts about this video below. How does this fit with your work? What do you think about the Social Impact Bond model? Feel free to share your thoughts below!