OSII releases 2016 Statement of Progress
Much has been achieved in just over two years since the NSW Government launched the Social Impact Investment Policy and established the NSW Office of Social Impact Investment (OSII). In the spirit of partnership, learning, and continual improvement, this Statement of Progress reflects on our efforts over the last year. We also want to share our next steps to achieve more impact (both social and financial) and further expand the social impact investment market in NSW.
Key achievements in 2016
- Developed three new social impact investments. The On TRACC investment commenced in September 2016 and is focused on reducing reoffending among parolees leaving prison. The other two, Silver Chain and Resolve, will commence operations in 2017, in the respective areas of chronic health and mental health.
- Released a third request for social impact investment proposals (RFP), with a focus on permanency for children in out-of-home care, early childhood education, and youth unemployment. Joint development of investments from this third RFP is expected to commence in May 2017.
- Published the Technical guide for outcomes measurement and Lessons from the 2015 requests for social impact investment proposals to provide the market with more guidance and support in developing social impact investments.
- Co-hosted the ‘Investing for Good: Conference and Marketplace’ event to help build the readiness of market participants and promote understanding of the social impact investment market.
- Held three market sounding sessions attended by a wide range of service providers, intermediaries and potential investors, to seek feedback on priority areas for social impact investment and explain what we look for in proposals.
- The Expert Advice Exchange (EAX) facilitated a further 810 hours of advice through 46 pairings of for-purpose organisations with 26 advisory firms.
- Engaged with and supported other jurisdictions across Australia and internationally, on social impact investing – a testament to our leadership in this area and our world-class reputation.
We are committed to collaboration with stakeholders, as well as continuous improvement. Below are some further lessons learned from our experience developing the market for social impact investment.
Key lessons from this year:
- Greater capacity building is required for all sectors
- Better information is needed for market participants
- Partnership and collaboration are key
Focus in 2017
While we continue to be committed to deliver the actions in our Social Impact Investment Policy, we are pursuing a renewed approach to achieve four central goals:
- pursuing scale in impact investment
- mainstreaming successful impact investment models
- streamlining the development of investments
- building a robust pipeline of social impact investments.
We will focus on these four goals as we identify future priority areas for investments. This includes taking a data-driven investment approach, and identifying robust data at all stages of investment development. We will also take a renewed approach to capacity development and engagement with our partners in the market.