As such, mobilising bridging social capital and finance capital are what makes PBII a driver of innovation and change. The latter is essential for minimising transaction costs (de-cluttering) and de-risking projects – thereby, making projects and places more attractive investment opportunities.
If this works well for all sides, TGE will recommend creating a PBII Impact Framework for the project based on the 3E Goals Framework, and the drafting of a strategic business case and a robust stakeholder action plan. That is why our new PBII Strategic Consulting service will offer a project-level shaping-strategic assessment module based on learnings from the initial PBII Lab programme. PBII should be a win-win game for investors and local stakeholders through the joint discovery of the commercial and institutional pathways needed to make projects attractive and doable. The worlds of The City of London’s financial sector and Britain’s local government town halls are miles apart – PBII is about bringing them closer together by connecting capital to communities. The Labs are ‘bridging social capital’ for developing social networks, norms of reciprocity, mutual assistance, and trustworthiness with people who differ from us. It is absolutely essential to prepare the ground for constructive discussion, fully and diligently and openly. TGE itself has unique experience of working on both sides of the net – investors and banks and local authorities and partnerships. That is our rationale for starting with the PBII Labs. We need ‘walled gardens’ to build mutual respect and understanding to realise the potential of PBII. With public and private bureaucracies on both sides, and in today’s climate of austerity and heightened economic uncertainty, how do we get ‘the elephants to dance’. NHS and Universities/Colleges) and impact-oriented investors and other players. There is much to be done in creating successful local PBII partnerships between local authorities and their partners (e.g. Between ‘the idea and reality’, to quote TS Eliot ‘falls the shadow’. There are financial and non-financial, tangible and intangible barriers to PBII as social innovation. Insights from the PBII Labs show that getting PBII to work on the ground is a complex challenge. E for Economic Dynamism, ‘Long-Wave’ Innovative Growth Sectors (entrepreneurship and skills pathways): holistic health care and biotechnology, green technologies, nano technology, AI and the Internet of Things, space and materials technology.E for the Essentials of Everyday Living, Resilient and Excellent Foundational Economy: housing, town centres, education, health and care, utilities and food supply.E for Ecological Sustainability, The Net Zero Transition: governance and political support just transition to climate neutrality, lifestyle changes, enabling technologies, net zero transition finance.To create a dynamic and cohesive ecosystem out of this market and policy interest, we are designing a new 3E PBII Goal Framework that can be used to map players, places and projects by the three great, long-term societal challenges, namely: This has been triggered by burgeoning interest in PBII from local authorities, institutional investors and banks and a range of other economic development stakeholders (including master planners, engineering consultancies and developers). Parallel to this, TGE will be launching a new “PBII Strategy Consulting” service in the New Year. This initial R&D programme ends in March 2023 with final workshops for local stakeholders, investors and experts and strategic assessment reports on the proposed investment projects. We set up four demonstration ‘PBII Labs’ located in Dunoon, Argyll and Bute (adventure tourism regeneration), Manchester (social housing reprovisioning), Bath (affordable housing) and South Essex (net zero housing). In May 2022, The Good Economy began testing the practical applicability of its conceptual model of Place-Based Impact Investment (PBII).
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