Social Impact Bonds (SIBs) are a new form of social-sector financing that have only recently emerged. These arrangements stipulate that private agents offer the principal investment in a social initiative and receive returns related to stated performance benchmarks. This presents an opportunity for the government to avoid footing the bill for expensive programs and for the private sector to support the social sector with the potential to profit.
In modern Corporate Social Responsibility (CSR) and professional philanthropy, there is specific language—as with all sectors—used to describe its line of work. While some industry-specific vernacular is used to describe complex concepts, some of the jargon may unintentionally obscure meanings to the detriment of transparency. In the case of the words ‘outcome’ and ‘output,’ there is a clear distinction between the two terms that is not widely understood.
In the past decade, the importance of corporate social responsibility has increased exponentially. Today, most companies, especially the most profitable, have invested in CSR efforts and other brand-building initiatives. But why are CSR efforts so important?
Theory of Change (TOC) is a method for planning, participation, and evaluation used to promote social change in organizations.
Created at the Aspen Institute Roundtable on Community Change in the 1990s and popularized by Carol Weiss, the term TOC outlines a series of desired and actual outcomes and linked rationales—all of which flow in chronological order.
The idea of modern businesses supporting social causes and giving back to their communities goes as far back as the era of Andrew Carnegie and John D. Rockefeller, wealthy philanthropists who donated more than $500 million to charities in their time. However, it wasn’t until 1953 that Howard Bowen coined the phrase “corporate social responsibility,” encouraging businesses to serve the needs of society.
Companies, investment managers, and nonprofits are under increasing pressure to improve their social & environmental impact. Doing so also means getting better at measuring and reporting their performance in a defensible, rigorous way.
These impact-related ‘pain points’ are strikingly similar across the public and private sectors and civil society but are sometimes expressed in different ways:
Corecentra recently attended this year’s Data for Impact Conference, which highlighted just how integral data has become to all facets of impact management & assessment.
The annual conference, which included impact-conscious partners from across the country, is part of the Forward Fest, the Wisconsin-based showcase of technological innovation and entrepreneurship. As expected, this year’s virtual conference brought together some of the brightest minds in data and social impact.