In 2011, Antony Bugg-Levine and Jed Emerson published a book called Impact Investing to explain a new way to think about capital. Traditionally, profit-making and charity have been held in opposing camps backed by the belief that for-profit organizations should seek financial return, while non-profit organizations should fund societal impact.
However, impact investing has broken that barrier to deliberately combine impact with financial returns, particularly in the area of social service provision. Enter Pay for Success programs, also known as Social Impact Bonds
