[Interview] Between Values and Markets: A Young Practitioner’s Perspective on Korea’s Social Solidarity Economy

 [Editor’s Note🖍]

Korea’s social solidarity economy (often referred to as the social economy) is frequently described as “meaningful work.” Yet behind that phrase lie many practical challenges that are not easily visible.

Organizations and individuals who place social value at the center of their work often find themselves navigating constant choices between the market and institutional systems.

 

This article is the second interview with Seonguk Jeon, CEO of the social venture Soact Co., Ltd. He is also a member of SE-ACT, which was introduced in the previous interview.

 

In this conversation, Jeon shares challenges and concerns drawn from his own experiences as well as from observing the field up close. He speaks calmly about the gap between social value and consumers, concerns around stability and sustainability, and how younger generations view the social economy in Korea.

 

Rather than portraying the social solidarity economy as an idealized model, this interview focuses on documenting the recurring questions that emerge from the field.

 

👉 Read Part 1 of the interview

[Interview] From Value-Centered Products to the Capital Market: Designing a Virtuous Cycle for K-Impact

 

Seonguk Jeon, CEO of the social venture Soact Co., Ltd. (Source: Photo courtesy of Seonguk Jeon)

Q. Based on your long experience in the social solidarity economy, either personally or through others’ stories, what do you think is the biggest challenge social economy organizations face?

 

A. There is a clear gap between social value and the value that consumers actually seek. The greatest challenge lies in embedding social value while simultaneously solving the real pain points experienced by customers. People who start businesses in the social solidarity economy often have strong altruistic intentions, which can naturally lead them to focus more heavily on social value.

 

If a market and customer base were formed where consumers actively preferred and prioritized products and services produced by social economy organizations, many of these challenges would be alleviated. However, such a market is still underdeveloped at this point.

 

Q. As you mentioned, working in the social solidarity economy is still difficult. Despite this, why do you think many people—including yourself—continue to work in this field?

 

A. Because we believe that through the diverse activities of people working in the social solidarity economy, a market can emerge where both value and profit are pursued together. We also believe that these efforts will eventually take root at the policy level as well.

 

Q. From your long-term perspective, how do young people view the social solidarity economy and social innovation? What efforts are needed to increase their interest?

 

A. I teach social entrepreneurship courses to university students, and from what I see in the classroom, young people show a high level of interest in social value and social innovation. However, practical issues such as job stability and salary levels often prevent them from choosing the social economy or social innovation as a career path. The same applies to entrepreneurship.

 

Some people assume that the social solidarity economy receives abundant government support. In reality, compared to the general startup ecosystem, the scale of financial support is relatively small. In addition, due to the nature of the government ministries overseeing this field, organizations are often required to handle a high level of administrative procedures.

 

These conditions lead many young people to question, “Do I really need to work in the social economy or social innovation sector?” Without strong determination, it is difficult to enter the field—and even after entering, ongoing challenges are almost inevitable.

 

Q. What do you think is most necessary for the sustainable growth of Korea’s social solidarity economy ecosystem?

 

A. The most important thing is to establish a foundation that does not waver regardless of which government is in power. For this reason, enacting a Framework Act on the Social Solidarity Economy is essential. An ecosystem must fundamentally be circular: new participants need to continue entering, existing organizations must be able to grow, and when necessary, an environment that allows for exits must also be in place.

 

👀Read more about the Framework Act on the Social Solidarity Economy.

Why South Korea Still Doesn’t Have a Basic Law for the Social Economy

 

Q. Do you have a message of encouragement for young social economy practitioners and social innovators in Korea and abroad?

 

A. I hope everyone keeps going—fighting!

 

❔ Do you have more questions for Seonguk Jeon?😉

If you have additional questions after reading this interview, please send them to [email address].

We will gather your questions and address them in a follow-up interview.