Pay for Success: The First 25

Published Tuesday, May 7, 2019 | by Nonprofit Finance Fund

Pay for Success: The First 25 is a detailed, comparative analysis of the first 25 projects to launch in the United States. This report builds on NFF research and analysis previously published in Pay for Success: The First Generation and in the book “Payment by Results and Social Impact Bonds.” It highlights lessons and contributions from these pioneering projects along with case studies and tables that look at everything from project structure to results, payments, and more.

  • How can governments, foundations, nonprofits, and communities come together to set shared goals and identify what works?
  • How can we disrupt unfair funding systems and get better results? 
  • How can we house more families, improve health in our neighborhoods, and make sure every child has access to outstanding education? 
  • How can we ensure that people returning from incarceration to have the skills and opportunities they need to pursue a new path? 

PFS does not hold all of the answers to these questions. But PFS is helping us reimagine our approaches to entrenched problems, and is providing measurable benefits to the people whose lives projects touch. It is also speeding the growth of the larger movement toward outcomes-based approaches to positive social change.