To support countries wishing to develop outcomes-based approaches, the Advisory Platform for Social Outcomes Contracting operates as a joint initiative of the European Commission and the European Investment Bank Group, hosted by InvestEU Advisory Hub.
Created in early 2020, the Platform has already developed tens of projects and aims at supporting the use of social outcomes contracts (including social impact bonds and payment-by-results contracting, etc.) as a strategic and operational tool for delivering social impact and innovation to address key social inclusion challenges in Europe and contribute to society’s increased well-being.
Social outcomes contracting is an innovative form of procuring social services based on outcomes rather than outputs. Social outcomes contracting offers new opportunities for combining and directing public and private resources towards positive social impact. Typically, in SOC operations the service provider’s compensation is linked to a measurable social impact rather than to a specific set of tasks.
The Advisory Platform for Social Outcomes Contracting offers the following support:
– Advice and individual project support, inter alia, early exploration, feasibility studies, co-creation processes, expert advice,
– Peer-to-peer knowledge exchange, awareness and capacity building leveraging local knowledge and sharing of know-how regarding project development,
– Developing guidance in areas of common interest for its stakeholders.
The support is available – free of charge – to public authorities in order to create a tailor-made advisory package to fit individual project’s needs, to elaborate feasibility studies and build capacity of public administrations through ad hoc training and workshops, facilitating connection to relevant European peers, etc.