Inside Korea’s Social Impact

  [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,...

[Editor’s Note🖊] How does a young person who simply wanted to “do good” grow into an innovator working to reshape corporate governance?   This interview features Seonguk Jeon, who began with the aspiration to build a company that does good, and went on to work across various fields of the social and solidarity economy — including social enterprises, cooperatives, intermediary support organizations, and member-based networks. Today, he is active as a social economy expert and the founder of the social venture Soact Inc.   Organizations in the social and solidarity economy are expected to pursue both social value and financial sustainability, which can sometimes make them difficult for consumers or investors to fully understand. However, this very characteristic can also be a strength. Building a virtuous cycle of K-Impact — where value creation and financial systems reinforce each other — has become increasingly important.   In this interview, Jeon shares how he f...

  Korea’s intermediary organizations in the social economy work closely with field enterprises to drive their growth and development. (Photo by Milly) Korea’s social economy has long grown under the leadership of the central government. With the enactment of the Social Enterprise Promotion Act (2007) and the Framework Act on Cooperatives (2012), the social economy was formally institutionalized. More recently, the Act on the Fostering and Support of Village Enterprises was passed, further expanding its scope.   Today, the social economy is gaining attention not merely as a job creation policy, but as a key driver of sustainable regional development and a viable alternative for solving social problems.   The Shift Toward Local-Led Change and the Emergence of Intermediary Organizations   The center of gravity in Korea’s social economy is shifting — from the central government to local communities and the private sector. Each region has begun to build its...

The coffee beans I bought at the Incheon Social Economy Expo were also products of a village enterprise. (Photo by Milly)    In recent years, one phrase has often been heard across Korea : “ The regions are disappearing .”   Population decline, concentration in the Seoul metropolitan area , lack of jobs, and the collapse of local communities have made this an urgent and unavoidable challenge. To keep regions alive, new and practical solutions are needed.   Amid these challenges, village enterprises are drawing renewed attention. A village enterprise is not just a small business — it is a grassroots movement for social innovation , where residents come together to solve local problems and create economic opportunities using their own resources.   Until recently, village enterprises in Korea had relatively weak institutional foundations, often relying on government grants or public competitions . However, the atmosphere has started to change. In...