The ‘artist formerly known as a Social Impact Bond’ is back. And with a new name.
The Victorian State Government has just announced its second formal round of outcomes-based funding opportunities. And, regardless of name – these are serious opportunities to co-design fully-funded investments into service interventions that really work to close gaps for cohorts of disadvantaged Victorians.
The Government’s Statement of Intent, issued Friday 29 June 2018, is critical reading. It indicates that the Department of Treasury & Finance wants proposals from those who work in the following policy areas:
Just as with the first round of opportunities that delivered two contracts – one through Sacred Heart Mission and the other through Anglicare/VincentCare, to be considered for this round you’ll need to be well prepared.
The key things you’ll need to cover in your application are listed here:
Will need to be well-defined. Zero-in on the specific target cohort including elements such as location, age, education status etc
One or more very tightly-defined indicators/measures will be agreed. These will be used to test whether the intervention has been successful against what would have happened under a ‘business-as-usual’ scenario.
Beyond achievement of the social outcomes, you will need to demonstrate that, if successful, the government will generate ‘avoided costs’ over the short-medium term.
Innovation. With evidence.
The PADs will test new ideas and approaches but there must be some evidence somewhere that the intervention has a likelihood of success.
As in all partnerships, the government will want to feel that all parties are (equally) sharing in the financial downside as well as the upside.
These Principles are also detailed here: https://www.dtf.vic.gov.au/funds-programs-and-policies/principles-partnerships-addressing-disadvantage
Have a look at our infographic outlining the key requirements of a PAD.
At the centre of a PAD will be the specific outcome/s identified and agreed by all parties. This will be ‘the thing that is changed’ as a result of the investment. The following suggestions have been made by Government as important outcomes for these cohorts. Do any of these apply to your programs?
Contact us for further information or for assistance in developing an application.