Inside Korea’s Social Impact

  As mentioned several times on this blog, Korea’s social and solidarity economy organizations — such as social enterprises, cooperatives, village enterprises, self-sufficiency enterprises, and social ventures — have traditionally been managed by different government ministries depending on their policy area and support system.   In many countries overseas, the social and solidarity economy is often explained as a single ecosystem. Korea, however, has developed somewhat differently. While these organizations all pursue social purposes in a broad sense, they are governed by different ministries and legal systems depending on what type of organization they are classified as.   To put it simply, even if two organizations are both “social and solidarity economy organizations responding to the climate crisis,” they may still be subject to completely different laws and support systems depending on whether they are classified as a social enterprise or a cooperative. ...

  In South Korea, the issue of isolated youth has been receiving increasing attention. According to the “2024 Survey on the Lives of Youth” conducted by the government last year, the proportion of isolated or withdrawn youth is 5.2%. These young people rarely go out or have very limited social interactions, which can be seen not just as an individual problem but as a social and structural issue.   Why We Should Care About Isolated Youth   Isolated youth live cut off from society, which can lead to feelings of depression and helplessness and intensify social isolation. Their lack of social participation also has broader implications, potentially resulting in losses for communities and the nation as a whole.   The government is also implementing various programs to address the issue of socially isolated and withdrawn youth. (Source: Screenshot from the Ministry of Health and Welfare website) How the Social Economy and Social Innovation Connect to Isolated Y...

A speaker delivering a presentation at the Insight Lecture .(Photo by Milly)  The grand festival of social economy enterprises in Incheon, the Incheon Social Economy Expo , was held from September 26 to 28 at the Incheon Imagination Platform .   Related post: Highlights from the 2nd Incheon Social Economy Fair On the first day of the event, right after the opening ceremony on the 26th, a special insight lecture was held. Seongjun Lim , Director of mysc (Merry Year Social Company), a consulting and impact investment firm specializing in social innovation , presented practical strategies for how social enterprises can survive and grow. Many social enterprises and intermediary support organizations listened attentively with great interest.   In this article, I’d like to summarize the key points from Director Lim’s presentation on how social enterprises can build a sustainable business model.   The Meaning of Social Value and Impact   Social enterpris...