Inside Korea’s Social Impact

  In this blog, I have previously mentioned the development and role of cooperatives in Korea. In today’s post, I would like to write about how cooperatives can play a role in solving social problems and introduce several examples.   📌Cooperatives Are Not Just Business Organizations   Most people think of cooperatives simply as business organizations. This is also the case in Korea. Rather than pursuing only individual profit, some people establish cooperatives as a way of doing business that pursues shared benefits and collective values.   On the other hand, there are also cases where cooperatives are established in order to run businesses that aim to solve social problems. For example, socially disadvantaged groups such as people with disabilities or older adults may form cooperatives and run businesses together, allowing them to continue sustainable social activities.   In addition, cooperatives are sometimes highlighted as a direct way to ad...

  In a previous blog post, I introduced a learning group that I participate in called Social Peer Learning (SPL). We had another SPL meeting on February 28, and in this post I would like to share some of the key ideas discussed during that session.   👉Read related articles A Monthly “Social Peer Learning” Gathering: A Learning Community I Am Part Of The topic of the session was “Corporate Social Responsibility and the Social and Solidarity Economy.” We discussed why corporate social responsibility (CSR) activities are important for the social impact sector.   🌞The Situation of Social Impact Organizations in Korea   What distinguishes social impact organizations from conventional businesses is that their primary goal is to address social problems. Because of this mission-driven nature, many social impact organizations tend to be relatively small and often face limitations in terms of resources.   As a result, questions about long-term sustainability...

  [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...