As Korea’s social economy has grown rapidly, its role in broader society has also expanded. This article explores how social economy enterprises have been established under government-led policies and what recent developments are shaping the sector. 1. Government Support as a Foundation for Rapid Growth In Korea, government-led policies enabled the swift establishment of social economy organizations. Financial and institutional support for sustainable startups helped various organizations minimize risks and successfully pursue their social missions. This support became a solid foundation for the rapid expansion of social economy enterprises. One of the key systems is government certification for organizations that meet certain standards. Regardless of size, businesses such as social enterprises, cooperatives, community enterprises, self-sufficiency enterprises, and social ventures can be officially recognized as “social economy enterprises.” This certification provided a level of ...

Korea Social Enterprise Promotion Agency logo (Source: Korea Social Enterprise Promotion Agency website) What Is the Social Economy in Korea? In Korea, businesses engaged in social innovation activities are referred to as social economy enterprises. These are not simply non-profit organizations; they are enterprises that aim to solve social problems and create social value through business models. The key difference between social economy enterprises and conventional businesses lies in their core purpose. While conventional companies prioritize profit maximization, social economy enterprises pursue both profit and social value simultaneously. South Korea’s social economy grew rapidly with government support. This is a runway event in Gyeonggi Province introducing local enterprises.(Photo by Milly)  Types of Social Economy Enterprises in Korea Korea’s social economy enterprises are officially recognized and supported by the government. Major types include: Social Enterprises Hybrid ...

Korean countryside, photographed by me. (Photo by Milly)  Social innovation in Korea is not a recent phenomenon. In fact, it has long been embedded in the everyday lives of Korean people. Its roots lie in the culture of “community.” Traditionally, Korean society had a strong culture of mutual aid and cooperation among neighbors. What we now call “social innovation” was already being practiced in various forms within these traditional community structures. Some representative examples of traditional Korean community practices include Gye, Dure, Hyangyak, and Pumasi. Gye : A system in which a group of people regularly contribute a set amount of money to a collective fund, which is then distributed to members in turn. It served as a grassroots financial tool for those without access to formal banking. Dure : A cooperative labor system in which villagers helped each other with farming, especially during busy agricultural seasons. It was essential to the functioning of rural communities...

Hello, I’m Milly. I have been working as a journalist covering social innovation and the social economy in Korea. Recently, I paused my career to focus on preparing for pregnancy. Korea is home to many social innovators who strive to create positive change in society. Over the years, while reporting on people working to expand social value, I decided to share their stories with a wider audience. I’ve visited social economy sites across South Korea for years. These photos are from the places I’ve personally explored. Through this blog, I’m sharing insights and stories about Korea’s social innovation, social economy, and social impact.(Photo by Milly) This space, though small, will share the stories of those quietly working to improve society in their own ways. It will also cover the history, policies, and theories behind Korea’s social economy. Here, you will find interviews with social enterprises, reviews of products and services, and honest insights gained from the field—all shared w...