SOVAC 2022, Held as a Large-Scale Offline Event After 3 Years, Successfully Concluded

On the 20th at Walkerhill Seoul, 11 sessions including nonprofit ecosystem growth held under the theme of 'Connections for Growth'

SK Chairman Chey Tae-won emphasized in a video message
"Solving social issues through stakeholder connection and cooperation"

On the 20th, participants of the 'SOVAC 2022' event held at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul, are touring the exhibition booths. Photo by SK

[Asia Economy Reporter Jeong Dong-hoon] 'Social Value Connect (SOVAC)', the largest private social value (SV) platform in Korea, was successfully held on the 20th at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul, under the theme 'Connect for Growth.'

Social Value Connect was launched in May 2019 as Korea's first private social value festival, proposed by SK Chairman Chey Tae-won. Due to the impact of COVID-19, it had been held as an online monthly event, but this year it was held as a large-scale offline event for the first time in three years, drawing significant attention from related industries.

Chairman Chey Tae-won, who is currently on a business trip to the United States, emphasized in a video message that "New crises and social issues such as digital transformation, climate change, and the population cliff can be resolved not by a groundbreaking approach pursued by an individual or a single company, but through the 'connection' and 'collaboration' of resources and capabilities among all stakeholders."

According to the Social Value Connect Secretariat, about 3,000 participants attended the event, including representatives from over 130 partner organizations such as social enterprises (SE), social ventures, impact investment institutions, public institutions, and non-profit organizations, as well as university students and the general public. Additionally, online participation through live streaming of each session on the SOVAC website was more active than ever, with the Secretariat estimating that online views reached hundreds of thousands.

A representative from the Social Value Connect Secretariat stated, "At this SOVAC, we focused on discussing the growth of individuals and organizations through solidarity and cooperation for creating social value, as well as sustainable growth strategies for the social enterprise ecosystem."

Do Hyun-myung, CEO of Impact Square, a partner company of Social Value Connect, said, "This event was a great opportunity for workers in various fields of the social enterprise ecosystem to come together, share their concerns and experiences, and explore sustainable development directions, which resulted in high satisfaction among participants."

Cho Dae-sik, Chairman of the SK Supex Council, is delivering the opening address at 'SOVAC 2022' held on the 20th at the Grand Walkerhill Hotel in Gwangjin-gu, Seoul. Photo by SK

In the opening speech of Social Value Connect, writer and Handong University professor Lee Ji-sun, who has overcome full-body paralysis and is actively engaged in activities, Ha Ji-won, CEO of the non-profit foundation 'Eco-mom Korea' which conducts environmental education for youth, and Hong Joo-seok, CEO of 'Urban Play' which transforms cities through content, shared their experiences in creating social value in their respective fields and growth through connecting people, organizations, and regions.

Following this, nine sessions were held on topics such as ▲Seeking sustainable growth for local creators ▲Changes and growth in the non-profit ecosystem ▲Climate technology investment by the international community and corporations ▲Open innovation success strategies ▲Building a social safety net for children, where participants freely joined sessions and exchanged opinions.

In particular, this Social Value Connect received high praise from participating organizations and stakeholders for systematically operating networking programs that had been urgently needed within the social enterprise ecosystem due to disconnections caused by COVID-19. About 20 leading domestic impact investors and ESG (Environmental, Social, and Governance) interested investors, including D3 Jubilee Partners, Sopung Ventures, Bluepoint, and TBT, participated to conduct investment consultations for the growth and development of social ventures and social enterprises, while intermediary support organizations introduced various ecosystem support programs. Workshops that allowed anyone to easily learn about and experience social value were also held, attracting interest.

At the opening remarks, Cho Dae-sik, Chairman of the Social Value Connect Organizing Committee and SK SUPEX Council, cited the mature social enterprise ecosystem in the UK and said, "The Happy Alliance, launched in 2016 to solve the problem of children at risk of food insecurity, has grown into Korea's largest social contribution platform with participation from 112 companies and 44 local governments." He added, "If Korea follows with appropriate connection and cooperation like this, a sustainable social enterprise ecosystem that grows faster and creates greater social value through growth can be established."

This content was produced with the assistance of AI translation services.