The UK has a lot to learn from the US when it comes to failure. Here, that stubbornly stiff British upper lip still prevents most of us from admitting when things have gone wrong. But over in America, failure is worn as a badge of honour.
A Social Impact Bond (SIB) is a payment-by-results contract where social investors pay for your organisation to deliver a service – for example, helping homeless people to find a home. The Government repays the investors with interest if the service is successful.