A Story That Began with Personal Experience   About ten years ago, I worked with a colleague whose personality and work style matched mine so well that we stayed close friends even after leaving the job. We would often meet up, share meals, and talk about everyday life. But over time, our contact became less frequent, and eventually, I heard that this friend had moved back to their hometown.   Not long ago, I happened to reconnect with them. They told me: “I’m now working as a Local Creator in my hometown.”   They were deeply engaged in projects such as revitalizing the local economy, promoting the region, and addressing population decline. What Is a Local Creator?   The term “Local Creator” was unfamiliar to most people until just a few years ago, but now it is steadily gaining recognition.   👉 A Local Creator is someone who discovers and reimagines the unique resources and culture of a community, creating new value and innovative brands ...

One of the main reasons the social economy has grown so rapidly in South Korea is because it was driven by government initiatives. Social economy enterprises pursue values while also competing in the general market economy. Without government support, rapid growth is difficult. Recognizing this, the Korean government has continued to provide various forms of support to ensure that the social economy can operate and grow sustainably.   Ironically, however, South Korea still does not have a Framework Act on the Social Economy.   In South Korea, discussions on enacting a Basic Law for the Social Economy have been ongoing for years.(Photo by Milly)  What Is Included in the Framework Act on the Social Economy?   The Framework Act on the Social Economy includes essential legal foundations aimed at promoting the social economy. The currently proposed bills include key provisions such as: 👉 Establishing a basic development plan for the social economy 👉Conductin...

Korea Social Enterprise Promotion Agency logo (Source: Korea Social Enterprise Promotion Agency website) What Is the Social Economy in Korea? In Korea, businesses engaged in social innovation activities are referred to as social economy enterprises. These are not simply non-profit organizations; they are enterprises that aim to solve social problems and create social value through business models. The key difference between social economy enterprises and conventional businesses lies in their core purpose. While conventional companies prioritize profit maximization, social economy enterprises pursue both profit and social value simultaneously. South Korea’s social economy grew rapidly with government support. This is a runway event in Gyeonggi Province introducing local enterprises.(Photo by Milly)  Types of Social Economy Enterprises in Korea Korea’s social economy enterprises are officially recognized and supported by the government. Major types include: Social Enterprises Hybrid ...