<h1>Two Key Areas Behind the Growth of Social Economy in Seoul: Seongsu and Bulgwang</h1>

 The largest number of social economy enterprises in South Korea are concentrated in Seoul and the surrounding Gyeonggi Province. This is naturally due to the large population and economic activity in these regions.

 

Today, we’ll explore the unique development of Seoul’s social economy and why Seongsu-dong and Bulgwang-dong have become key hubs.

 

❓Why Seongsu and Bulgwang?

 

Seoul’s social economy ecosystem has grown in a somewhat unique way it evolved based on specific regions. Among them, Seongsu and Bulgwang stand out as leading districts. The main difference lies in the people involved:

 

✔Seongsu is mostly led by young changemakers

 

✔Bulgwang is home to experienced entrepreneurs with diverse backgrounds.

 

A major reason these two districts became hubs is access to space. In South Korea, launching a startup typically requires an office, but affordable spaces in well-connected locations are rare especially for small or mission-driven businesses.

 

Fortunately, Seongsu and Bulgwang offer affordable working spaces specifically for social enterprises, nonprofits, and impact-driven organizations.

 

Entrance of Seoul Innovation Park.(Photo by Milly)

🏨 Bulgwang-dong: Strategy Based on Experience

 

The social economy in Bulgwang began to flourish through Seoul Innovation Park. This government-supported facility provided office spaces to social enterprises and nonprofits at below-market rent.

 

The site featured a large campus, various buildings, and ample meeting rooms that organizations could book as needed. It also included well-maintained parks and walking trails, becoming a relaxing space for locals. Some days you might see people doing yoga outdoors or playing basketball; other days, families enjoying a casual walk or jog. It felt as if these social economy enterprises were deeply woven into the community.

 

During the early stages of the social economy in Korea, many pioneering organizations set up offices here. These included social enterprises, cooperatives, community businesses, self-support enterprises, and social ventures along with supporting intermediary organizations and nonprofits.

 

However, things have changed. Seoul Innovation Park has ceased operations, and most resident organizations have since relocated. The buildings are now closed, although people still enjoy the outdoor areas.

 

Exterior view of the Heyground building.(Photo by Milly)

🔎 Seongsu-dong: Trendy and Impactful Innovation

 

If you’ve ever traveled to Korea, you’ve likely heard of Seongsu-dong. Known for its pop-up stores, experimental markets, and trendy cafes, it’s a favorite among Gen Z Koreans. Even large entertainment and fashion companies have moved in, reflecting the area’s popularity.

 

What’s often overlooked is how Seongsu’s rise as a cultural hotspot is linked to its social economy roots.

 

Previously an industrial zone with shoe factories and warehouses, Seongsu was not a destination for tourists. But young changemakers moved in and started transforming the district.

 

In the social impact space, Seongsu is often called "Social Venture Valley." It’s home to numerous startups solving social issues in creative ways.

 

The center of this ecosystem is HEYGROUND a co-working space that provides affordable offices to mission-driven organizations. Unlike Bulgwang’s public model, HEYGROUND is privately run but continues to offer accessible space to social enterprises and nonprofits.

 

Built with the needs of impact entrepreneurs in mind, HEYGROUND includes offices, meeting rooms, conference halls, and event spaces. Some former tenants of Seoul Innovation Park even relocated here.

 

As innovative and experimental businesses gathered, Seongsu began to adopt a unique identity blending urban culture with social values. (If you’re planning a visit to Korea, consider stopping by Seongsu to experience this vibrant atmosphere firsthand.)

 

💌 Common Ground and Key Differences

 

Both Seongsu and Bulgwang demonstrate that "space" is a key foundation in building a sustainable social economy ecosystem. Affordable, accessible offices allowed changemakers to focus on their missions.

 

Though the models differ Bulgwang was public-led and Seongsu is privately managed both spaces supported a wide range of social enterprises, nonprofits, and support organizations in meaningful ways.

 

⭐ What’s Next?

 

To support the next generation of changemakers, space remains essential. Providing environments where these individuals and organizations can focus on solving social challenges will be key to a healthier and more innovative society.

 

Hopefully, more cities and districts will adopt similar models, helping expand the ecosystem for those committed to positive change.