After the Pandemic
(Photo by iStock/Bulat Silvia)
Article originally posted here by Stanford Social
Addressing the Permanent Crisis With Pay for Success Programs
Governments have an opportunity to partner with impact investors and philanthropists to turn emergency spending into long-term impact.
Federal, state, and local governments are spending trillions of dollars to combat the new coronavirus pandemic. But as government agencies and officials work urgently to respond to this crisis of unprecedented scope, they also have an extraordinary opportunity to ensure that programs born of an emergency can achieve measurable outcomes that strengthen our social infrastructure for decades to come.
This is true for philanthropy and impact investors, too. Many donors and foundations are reacting generously to provide aid to those most affected by this crisis. Some impact investors, for example, are providing zero percent bridge loans to nonprofits, and some corporate philanthropies are supporting small businesses. These funders have an opportunity to think beyond immediate challenges and give policymakers the support needed to achieve long-term impact.
Following Machiavelli’s oft-repeated advice—never to waste the opportunity offered by a crisis—we urge leaders from across sectors to consider opportunities to transform short-term emergency efforts into sustainable systems change.