A chalkboard at a local social enterprise, reflecting their deep and ongoing struggle to craft survival strategies as part of the social economy.(Photo by Milly)  There are many different perspectives on social economy. Generally, it is sometimes seen as an actor competing in the market economy, while in other cases, it is considered an economic model rooted in local communities. Many of those who are actively involved in the social economy would probably say that it is fundamentally an economy based on local communities.   😍Why Does the Social Economy Value the Local?   One main reason the social economy places importance on the local is that it often begins as a response to local issues.   For instance, in the case of social economy enterprises that aim to solve environmental problems through business, instead of taking on the grand challenge of “saving the planet,” they start with a smaller, more realistic goal like “let’s circulate our community’s wa...

A scene from the 2024 Social Enterprise Day ceremony held last year. 'Dream With Ensemble,' an arts group composed of musicians with developmental disabilities, performed a celebratory piece. Dream With Ensemble is a social cooperative.(Photo by Milly)   Starting in July each year, Korea’s social economy becomes increasingly active with a range of events, forums, and expos. From the bustling summer months to the colorful autumn season, the sector is filled with opportunities for connection and collaboration. These gatherings serve as vibrant festivals where social economy stakeholders from Korea and abroad network, share insights, explore trends, and promote meaningful business partnerships. First Week of July: Social Economy Week   The Korean has designated July 1st as “Social Enterprise Day” to promote the work of social enterprises. Moreover, the period from July 1st to 6th is recognized as Social Economy Week, during which various programs and activities take place nat...

In 2023, international speakers were invited to a forum highlighting the importance of social value measurement.(Photo by Milly)  In the previous post, I talked about why social economy organizations in Korea — such as social enterprises, cooperatives, village enterprises, self-support enterprises, and social ventures — need to measure their impact. In this post, I’ll look at how these organizations are actually measuring the impact they create.   Korea’s representative approaches to impact measurement include the Social Value Index (SVI) and the Social Progress Credit (SPC) .   👀Social Value Index (SVI)   One of the government-led methods for measuring impact is the Social Value Index (SVI). The Korea Social Enterprise Promotion Agency, a public institution, has developed this index to assess the impact created by various social economy organizations.   In 2023, the Korean government officially announced the introduction of the SVI system. The...