Inside South Korea’s Social Impact

  In my conversations with practitioners from social impact enterprises in the field, one recurring need stood out above all else: a 'market' where they can actually sell their products and services. Generating revenue is essential not merely for profit, but because a sustainable business model is required to deliver the social value these enterprises aim to create.   The South Korean government has actively developed policies to address this challenge. Every year, the public sector purchases a massive volume of goods and services. South Korea's policy intentionally directs a portion of this public consumption toward social enterprises. This mechanism is known as the Preferred Public Procurement Policy for Social Enterprise Products. Put simply, it is a policy where the government and public institutions support market access for social enterprises by becoming their direct customers.   🐣The Preferred Public Procurement Policy for Social Enterprise Products ...

Social economy enterprises in Korea continue to thrive by fostering community participation, offering skill-building opportunities, and promoting ethical consumption.(Photo by Milly)   The biggest difference between social economy enterprises and regular businesses is that they aim to generate both profit and social value. Simply put, they operate businesses based on a mission or value they wish to achieve or expand. But growing impact while also making money? That’s no easy task.   “I don’t really know if this is a product from a social enterprise or a cooperative. I just buy it if I think it’s good and reasonably priced.”   A close friend of mine said this. Even after knowing me for years and understanding the kind of work I do, being a “social economy product” wasn’t a factor when making actual purchasing decisions. And honestly, not just friends — even my own family rarely go out of their way to buy from social economy enterprises. So why is it so hard to sell...