Pay for success (PFS) offers an alternative approach to investing in the future, including early childhood education (ECE). The Pay for Success Early Childhood Education Toolkit is designed to guide jurisdictions and their partners through the core elements of a PFS project in ECE.
Key takeaways of the six reports in the toolkit are as follows:
1) High-quality ECE programs can have meaningful effects on children, setting the stage for better outcomes over their lives.
2) Data play an integral role in PFS projects, informing decisionmaking from project feasibility to implementation monitoring and evaluation of outcomes.
3) Stakeholders in a PFS project must agree on how to measure and price successful outcomes.
4) Governments must consider how they will fund repayments to mitigate risks for investors.
5) Implementing a PFS project successfully requires selecting a strong ECE service provider, developing a clear governance structure, and using data for effective performance management.
6) Evaluation is the backbone of the PFS model.