Project: Fastfeedbk Feasibility Study
The Good Economy Partnership Limited (TGE) is a small social advisory firm that provides impact advisory services to specialist impact investors, private equity firms, businesses and mainstream asset managers. It has a strong track record in impact investment strategy and fund design; impact measurement and management; and impact assessments.
The project aims to carry out a feasibility study on the “Fastfeedbk” service to integrate stakeholder voice and lived experience into UK impact management strategies. By working with intermediaries and their investees to help them collect low-cost outcomes data, TGE hopes to improve impact measurement so that it can help VCSEs better understand how their products and services are used and are useful; to determine the material effect these products, services and practices have on beneficiaries’ lives.
Fastfeedbk uses mobile phone and web-based technology to reduce the costs and increase the speed of being able to capture and demonstrate impact. It is a web-based impact measurement and management platform that allows social purpose organisations to collect feedback from stakeholders on the outcomes they experience. Fastfeedbk is centred on the end-user and based on the belief that the best way to determine impact is to listen to those affected. The aim is to place stakeholder voice at the centre of impact measurement.
The aim of the feasibility study is to determine the business proposition for the Fastfeedbk platform, and to generate ‘proof of concept’ by applying the underlying framework in two UK sectors: affordable housing and financial inclusion. As part of the feasibility study TGE will explore how aggregated outcomes data can be rolled up and shared to feed into planned data hubs such as those being developed by the Social Economy Data Lab (Social Investment Business) and Sumerian Partners.