Today, the Social Innovation Fund (SIF) of the Corporation for National and Community Service released State of the Pay for Success Field: Opportunities, Trends, and Recommendations, an important new resource for organizations and policymakers who are involved, or wish to be involved, in this powerful new approach to funding and scaling high-impact solutions to our nation's biggest social challenges.
SIF is for social innovation what federal agencies and initiatives like the National Institutes of Health or the Defense Advanced Research Projects Agency are to innovation in medicine, biotechnology, information technology and other areas. SIF positions the federal government to be a catalyst for impact—uniting public and private resources to evaluate and grow innovative community-based solutions that have evidence of results in low-income communities in three priority areas: economic opportunity, healthy futures, and youth development.
Pay for Success is an innovative approach that uses cross-sector collaboration and risk-sharing to drive public resources towards more innovative, high-impact organizations that are delivering better outcomes for people in need.
New Profit was a strong early supporter of the creation of SIF and our Pathways Fund was in the first cohort of SIF grantees. More recently, New Profit and our policy arm, America Forward, have also been deeply engaged in the burgeoning pay for success movement:
- New Profit is a founding investor in the nation's largest such program - the Massachusetts Juvenile Justice Pay for Success Initiative (which is profiled in the new SIF report).
- America Forward has been a leading advocate in Washington for the growth of the the approach, through its work helping shape and support pay for success provisions in the landmark Workforce Innovation and Opportunity Act (WIOA), and as a collaborator with Third Sector Capital Partners in a new SIF pay for success initiative, among other things.
Please spread the word about SIF's important new report to people in your network who may be interested.