Often, in our experience, the intervention gets conflated with the financial mechanism of the social impact bond, and they're quite different. If I may, I'll reframe some of the things that Donald mentioned.
Defining impact is the most complicated aspect of a social impact bond. Defining impact means being able to track and measure outcomes. In our view, the most successful examples of impact are ones where the beneficiaries define what impact means for them. Overall, within the sector, the measurements base, the ability to track and report on outcomes and impact, is extremely nascent. Not many organizations have the capability to do that, and social impact bonds typically rely on an existing evidence base, which means the ability to be able to track and report.
One of the reasons we focused on What Works Centres and an outcomes fund is that it builds the infrastructure required so that more organizations like Don's can participate, and there's an opportunity to identify and scale up new solutions. However, the ecosystem in Canada needs assistance in developing its understanding of impact and end-user focus, which means the beneficiary focus.