Inside Korea’s Social Impact

  “Every time one of our products is sold, a job is created for someone from a vulnerable group.”   When you spend time reporting on the social solidarity economy, you often meet founders whose eyes light up as they speak. They passionately explain how their products create positive change in the world. Their faces are filled with anticipation, excitement, and a deep sense of purpose.   But those conversations often end with the same bitter and frustrated question.   “If we’re doing something so meaningful for society, why don’t people open their wallets?”   Many impact-driven companies believe that their social mission is their strongest competitive advantage. But at some point, an uncomfortable truth has to be faced: sometimes, that very “good story” becomes a distraction from the core of the business — and can even turn into a poison that blocks revenue.   In this post, I want to talk about the paradox of “doing good.” It may feel unc...

  [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...

[Editor’s Note] As a journalist who has covered social impact in South Korea for years, I’ve been asked the same questions again and again whenever I talk to people outside the impact sector. Based on my reporting experience, I’ve selected five of the questions I hear most often.   When I explain social solidarity economy or social innovation — what is often broadly referred to as the “social impact” sector — to people who are unfamiliar with it, the conversation almost always ends in similar questions. These come from close friends, casual acquaintances, and even people I meet through work.   These questions are not simply expressions of curiosity. They reveal how unfamiliar social impact still is to many people, and they point to the first obstacles people encounter when trying to understand this field. That’s why I want to organize these frequently asked questions from the perspective of those who are hearing about social impact for the first time.   👀Q1. ...

“Social and Solidarity Economy,” a term increasingly seen in promotional materials. In South Korea, a shift in terminology usage is becoming visible.(Photo by Milly)    I have previously written a post outlining the differences between the terms “social economy” and “social and solidarity economy.”   In that earlier piece, I focused mainly on comparing the two concepts — how they differ conceptually and in what contexts each term has been used.   👉Related post The Shift in Terminology: From “Social Economy” to “Social Solidarity Economy”   What I want to write about today is not another attempt to redefine these terms. Rather, this post is a declaration of which term I will choose to use in this blog going forward.   The term “social economy” has played an important role in Korean society. It has functioned as the language of policy and institutions, and as a bridge connecting the public sector and the market. It has allowed social enterpri...