Social Impact Investment: Building the Evidence Base - OECD.org

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SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE

FOREWORD

New and innovative approaches are needed for addressing social and economic challenges. Social impact investment has become increasingly relevant in today’s economic setting as social challenges have mounted while public funds in many countries are under pressure. This report provides a framework for assessing the social impact investment market and focuses on the need to build the evidence base. The report highlights the importance of further international collaborations in developing global standards on definitions, data collection, impact measurement and evaluation of policies. In a fast evolving new area, experience sharing between players in the market is also vital. International organisations, such as the OECD can play an important role in facilitating these collaborations as well as conducting further analysis and data collection. The project has been managed by Karen Wilson, consultant in the Structural Policy Division of the Directorate for Science, Technology and Innovation at the OECD. The report was written by Karen Wilson, Filipe Silva, Junior Policy Analyst in the Structural Policy Division of the Directorate for Science, Technology and Innovation and Dominic Richardson, Policy Analyst, Directorate for Employment, Labour and Social Affairs. Social impact investment has become a growing area of interest within the OECD, linking to two strategic OECD initiatives, New Approaches to Economic Challenges (NAEC) and Inclusive Growth as well as ongoing work across a number of Directorates. The OECD Committee for Industry, Innovation and Entrepreneurship (CIIE) agreed to the declassification of this report in January 2015.

© OECD 2015

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SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE

ACKNOWLEDGEMENTS

The OECD is grateful to the Department of Employment and Social Development in Canada, the U.K. Cabinet Office, and the Bertelsmann Foundation for their support of this work. In addition, the OECD would like to thank the Social Impact Investment Taskforce, established by the G8 during the UK Presidency, for their input throughout the process. A particular acknowledgement is extended to the Chair of the Taskforce, Sir Ronald Cohen, for his leadership, vision and drive in catalysing a global movement to build the social impact investment market. The authors would like to thank the many experts who contributed to this work including all of the members of the Social Impact Investment Taskforce, their colleagues and others serving on the Working Groups and National Advisory Boards. During the course of the project, the OECD held two Social Impact Investment Expert Group meetings and would like to thank all of those experts for their time and input. The full list of attendees is available in Annex A. The authors would also like to thank Dirk Pilat, Deputy Director of the Directorate for Science, Technology and Innovation and Nick Johnstone, Head of the Structural Policy Division in the Directorate for Science, Technology and Innovation for their support of this work and input during the process and on drafts of the report. In addition, the authors thank the Directorate for Employment, Labour and Social Affairs for their contributions to this work, particularly in Chapter 5 which uses data from the OECD Social Expenditure database and builds upon their work on social policy. The authors also thank colleagues from other OECD Directorates for their input including the Centre for Entrepreneurship, specifically Antonella Noya and the Development Centre’s Network of Foundations Working for Development. Other Directorates engaged in the work have included Development Cooperation Directorate, Statistics Directorate, Directorate for Financial and Enterprise Affairs, and Directorate for Public Governance and Territorial Development.

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© OECD 2015

SOCIAL IMPACT INVESTMENT: BUILDING THE EVIDENCE BASE

TABLE OF CONTENTS