SIBs tend to be multi-year arrangements with little or no break provision. While this – and the need to provide an investor return – adds pressure, it also gives providers the time to really fine-tune their programme and their impact.
In delivering a SIB, some providers relished the opportunities to:
- Collaborate in ways they have never done before, and learn from their partners and intermediaries
- Hugely expand their reach and impact
- Prove their credentials as a high performance organisation
Some struggled with the need to:
- Support staff through increased administrative burdens
- Answer to third parties, reporting more regularly and intensively to intermediaries and funders
- Keep a close eye on tough success criteria and narrow financial margins
Is it worth it?
Delivering a SIB can be stretching for a small organisation or a new programme. We asked two providers whether they felt the hard work had been worth it:
Our SIB: the highs and lows
Early SIB Provider
Highs:
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Seeing unprecedented commitment from local partners for referral pathways
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Working with our pick of social investors (we had pitched to several and they all wanted to invest!)
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Seeing unprecedented commitment from local partners for referral pathways
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Working with a committed group of people to deliver the service as originally designed and enabling our young people to achieve those outcomes
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Having an independent chair throughout and a consultant for the first year; both these roles were pivotal in helping the partnership maintain focus, work through differences and hold each other accountable for performance.
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Being the delivery partner to achieve the highest outcomes overall
Lows:
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Being put on a performance improvement plan at the start of the project
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Experiencing an intense level of scrutiny and management reporting
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Overcoming partnership challenges
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Being unsure on number of occasions whether we were going to be able to deliver on target. Each time, we regrouped and committed to removing the barriers – for example, investing in an administrator for our partners, agreeing incentives for participants, etc.
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