"Therefore, the key to project implementation is delegation of responsibilities, high mutual contractor discipline, coordination of the positions, and reliance on local staff. Equally difficult is to develop a unified vision of the works aimed at achieving the planned results. Trust between the customer and the contractor is a very important part of success. NRU HSE has made some effort to jointly chart a development path for the municipal education system. Horizontal methodological interactions between schools in the district have been created and are sustained solely by the teachers’ enthusiasm. In the future, when implementing social impact projects, it is necessary to create special conditions for the experimental areas. As our experience has shown, the workload of the municipal project coordinators increases considerably", says Olga Balabkina.

In addition, external factors were also in action during the project period. The epidemiological situation in 2020–2021 influenced the change in the format of many project activities, most of which had to be carried out remotely.

In October 2021, the "Toward Change" Foundation initiated a round table "Social Impact Bonds: the Potential for Social Innovation in the Regions" at the Civic Chamber of the Russian Federation. The participants noted that the SIB model is very relevant for Russia. However, its expansion would rely on the regional authorities being ready to take action that is different their traditional work formats, to move from the "spending budget" to purchasing social effects. Further, it is also necessary to develop a methodology for evaluating the effects of SIB projects, calculating the return on investment and the training a sufficient number of qualified evaluators. It is important to keep the business investors involved in social projects. Given scarce resources, the SIB model may become more popular as part of Corporate Social Responsibility programs, done with the hope of getting the investment back in a few years.

"The growth points include raising awareness of the businesses, finding the balance between the social effects and commercial returns in impact investment projects, a fair risk assessment and active involvement of the state in developing the instruments and making such investment attractive", says Tatyana Burmistrova.

According to her, the underdeveloped social investment mechanisms and the difficulty of assessing the effectiveness of social spending are the main constraints for the development of public-private partnerships in achieving the goal of positive social change. The preparation of the contractors, namely socially oriented non-profit organizations and social entrepreneurs, to successfully address such large-scale tasks also raises concerns. Given the potential for the development of social impact projects in Russia, the term of the pilot testing of this financial instrument should be extended, as for now it is defined until the end of 2024.

Given the pilot nature of SIB implementation, its mechanics need to be formalized and substantiated, says Vladimir Vainer, director of the Positive Changes Factory.

"This starts with the actual project passport submitted for consideration. Right now, it barely details the outcome evaluation methods. The main focus goes to the most formalized external data of immediate actions and immediate results. The reasons for this are clear, but the work to improve documentation is not enough. The reference to an independent examination and evaluation of projects based on the results, without detailing the mechanisms of this evaluation, allows only the official statistics to exist, without any research before and after, or specific development to match the project monitoring methods", Vladimir Vainer explains.