INDIGO Milestone—300 Impact Bonds and Counting

5 November 2024 – The Government Outcomes Lab (GO Lab) at the University of Oxford is celebrating a major milestone, as the International Network for Data on Impact and Government Outcomes (INDIGO) Impact Bond Dataset now includes 300 impact bonds. As the world's largest open-access resource for tracking impact bonds, the dataset provides an unmatched view of this powerful financing tool's reach and impact in addressing social challenges worldwide.

"We are over the moon to have reached 300 projects on the INDIGO Impact Bond Dataset," says Juliana Outes Velarde, Senior Data Steward at the Government Outcomes Lab. "The Impact Bond Dataset is a co-produced dataset, where different organisations share their data on impact bond projects. This is truly a product from the community of practice, to the community of practice. We are very grateful to all those organisations who have kindly shared their data with us."

Fostering Transparency and Collaborative Learning

At the heart of INDIGO's success lies its pioneering approach to transparency and knowledge sharing in the outcomes-based financing sector. By establishing a standardised framework for data collection and sharing, INDIGO has created a unique space where practitioners can openly discuss not only successes but also challenges in implementing outcomes-based partnerships.

This commitment to radical transparency has transformed how the sector learns and evolves. Through INDIGO's collaborative platform, governments, delivery organisations, investors, and researchers can move beyond isolated project evaluations towards a holistic knowledge-sharing approach. The platform has become instrumental in translating raw data into actionable insights, enabling practitioners to make evidence-informed decisions about project design and implementation.

Global Impact and Regional Innovation

INDIGO has become a crucial resource for government agencies and practitioners worldwide. "We rely on INDIGO to inform our understanding of the global outcomes-based contracting landscape – whether it's in designing new programmes or sharing insight with colleagues," says Radana Toner, Team Leader Impact Investment at the Foreign, Commonwealth & Development Office. "The Government Outcomes Lab's engagement with the community on providing data, as well as your work in quality assuring and synthesising this into useful products for practitioners has been invaluable."

The platform's value spans continents. "As someone who works across different parts of the world, INDIGO is a resource I consistently signpost to others," notes Dr Chih Hoong Sin. "Outcomes-focused work demands a fine balance of standardisation with tailored approaches, and INDIGO empowers teams to make evidence-based, customised decisions."

In South Asia, the database is driving market development. "The British Asian Trust's work driving the outcomes finance market in South Asia has shown us how the right data and partnerships can unlock transformative change," says Abha Thorat Shah, British Asian Trust. "The INDIGO database has been invaluable, helping us draw on global insights and adapt impactful models to the unique contexts of South Asia."

The impact extends to Southeast Asia, where new ecosystems are emerging. "INDIGO has been an inspiration for us as we work towards establishing a knowledge commons for social outcomes here in Singapore and the south-east Asia region," shares Leon Lim and Chris Gee from the Institute of Policy Studies. "Having an accessible, comprehensive data set built on the contributions from a global community of stakeholders has allowed us to move up the learning curve more readily."

In Africa, the database is catalysing new developments. "INDIGO has been invaluable in advancing Social Impact Bond practices here in South Africa," reports Nevilene Slingers from the South African Medical Research Council. "It's not only helped us explore what's been achieved across the region but also opened doors to new partnerships and innovative projects."

Advancing Research and Practice

Academic researchers have found INDIGO to be a transformative resource. "As an academic engaging in research on contracting and public management for more than three decades, INDIGO is a unique and invaluable resource for both research and practice communities," says Professor Carolyn Heinrich of Vanderbilt University. "It makes great leaps toward the long-sought promise of making governance more transparent by sharing detailed contracting information in an open and accessible format."

For practitioners, INDIGO has become an essential tool for learning and collaboration. "INDIGO has been incredibly helpful for Social Finance Netherlands' work," notes Ruben Koekoek, Co-founder and Managing Director of Social Finance Netherlands, "being able to see how the field is developing across Europe and learning from one other thanks to the transparency and collaborative sharing on the database."

Supporting Global Development

The platform's role in advancing outcomes-based financing is widely recognised. "The Government Outcomes Lab has been a critical partner in sharing lessons learned and raising awareness for the outcomes-based financing ecosystem," says Zach Levy, CEO of Levoca. "Our collaboration with INDIGO on the pipeline database has documented the growth of the Outcomes-Based Financing pipeline, which has more than tripled over the past three years."

As Raffaella De Felice, Head of Knowledge Management at the GSG Impact, notes, "The INDIGO database is a vital tool for inspiring action. By providing trustworthy, intuitive data, it empowers the sector to replicate Impact Bonds globally, overcome challenges, and welcome newcomers."

The Education Outcomes Fund emphasises INDIGO's practical value: "As the Education Outcomes Fund works to improve learning and employment outcomes by tying funding to measurable outcomes, INDIGO has served as an invaluable platform for information-sharing, visibility and collaboration."

Looking Ahead

The milestone of 300 impact bonds represents not just the growth of the database but the strength of the global community that contributes to and benefits from this shared resource. As the field continues to evolve, INDIGO remains committed to fostering transparency, learning, and collaboration in outcomes-based financing worldwide.