Sustainable resources in support of social innovations face a number of barriers including insufficient funding for preventative initiatives by government; the challenges in substantiating the effectiveness of innovations; the financial risks association with innovation; and the lack of up-front financial investments needed to support the innovation (Liebman, 2011). Social Impact Bonds (SIBs) are a funding method being utilized to address these barriers with the potential to support social innovations designed to tackle complex and costly social challenges. SIB involvement ought to be carefully considered under certain conditions as a potential feature of a social innovation’s sustainability funding strategy, strategically supplementing current revenue sources, improving funding diversification and as a partner in contributing to broad collective actions to address pressing community social challenges. [Authors' abstract].
Marks, M. B. and Weaver, P. M. (2017) Are social impact bonds a viable resource for social innovations? : a brief discussion paper (TRANSIT working paper # 13, July 2017), TRANSIT: EU SSH.2013.3.2-1 Grant agreement no: 613169.
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