Social Impact Bonds and Pay for Success Projects: A Conversation With Antony Bugg-Levine
Having provided grants to the Social Impact Bond (SIB) initiative in the UK, the Rockefeller Foundation understood both the need and the opportunity to test SIBs in the U.S. For the last year, the Foundation has worked with different players – potential SIBIOs, investors, government and social service providers – to determine how to design a SIB initiative in the U.S.
Concurrent to the Foundation’s work, the Federal government included the new Pay for Success program in the 2012 budget that provides up-front and continued funding to social service programs that are able to demonstrate key outcomes. In addition, numerous jurisdictions across the country are pursuing a variety of SIB, Pay for Success and hybrid models. As Rockefeller’s work moves forward, Nonprofit Finance Fund’s Kristin Giantris sat down with Antony Bugg-Levine, Managing Director of Foundation Initiatives, to explore the Foundation’s SIB goals and the role SIB and SIB-like models may play in the Foundation’s efforts to support sector-wide innovation and systems change.