Pay for Success: The First Generation

Pay for Success (PFS) is part of a movement toward getting better at doing good. It ties payment for service delivery to the achievement of measurable outcomes, and it is accompanied by a form of social innovation financing, often referred to as a Social Impact Bond, in which investors provide upfront financing for the delivery of services and are repaid only if the services achieve a pre-agreed upon set of positive outcomes. The 10 projects summarized in this report are diverse but their results can spur conversations about how PFS might evolve in the future.

Updated version, Pay for Success: The First 25, available for download.