Mission and Vision
Headquartered in Greenville, South Carolina, the Institute for Child Success (ICS) is an independent, nonpartisan, nonprofit research and policy organization dedicated to the success of all young children.
ICS pursues its mission in four primary ways:
- Proposing smart public polices, grounded in research.
- Advising governments, nonprofits, foundations, and other stakeholders on strategies to improve outcomes.
- Sharing knowledge, convening stakeholders, embracing solutions, and accelerating impact.
- Fostering the next generation of leaders.
Pay for Success
Pay for Success financing has the potential to bring new resources to early childhood systems and to make those systems more effective by helping government, service providers, and funders focus on outcomes for children. ICS is committed to building an environment in which early childhood PFS projects can develop.
With Pay for Success financing (also called Social Impact Bonds, or SIBs), philanthropic funders and/or private “impact investors” provide the initial capital to scale up successful interventions. Most often these interventions are “evidence-based,” a designation based on rigorous evaluations and several years of solid outcomes data. Services selected for PFS financing are generally delivered by nonprofits, under a management structure headed by an intermediary organization.
An outcomes payor — typically the government – contracts for specific outcomes, and an independent evaluator determines whether the outcomes are achieved, usually by comparing them to those of a control or comparison group. The intermediary organization uses the government’s promise of payment to raise private capital to fund those programs expected to achieve the contracted outcomes with the least risk to the investors.
If the outcomes are achieved, government funds are used to repay the investors’ principal plus an agreed-upon return. These interventions often save government money by reducing the likelihood of crime, child abuse, or other expensive problems; thus, they both prevent problems and promote health and well-being. Government can draw on those savings to pay for the outcomes achieved.
ICS believes that PFS financing holds enormous promise for improving children’s lives. As grantees of the Social Innovation Fund’s (SIF) PFS program, ICS furthers this vision by working with jurisdictions interested in exploring the feasibility of a PFS project for early childhood interventions.