Social Impact of Business Creation, Converted into Monetary Value?

Opening of Corporate 'Social Value Self-Assessment Service'

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 31st that it will launch the 'Social Value Self-Measurement Service' (hereinafter referred to as the service), which allows companies to measure social value in monetary terms. Social value refers to the value that contributes to public interest and community development across various social sectors such as economy, society, culture, and environment.

The Ministry of SMEs and Startups has previously announced the 'Job Creation Plan through Activation of Social Ventures' to expand the self-sustaining movement of social ventures, which solve social problems while generating economic benefits, throughout the socio-economic sphere. As part of this plan, criteria for identifying social ventures were established to support them as policy targets, and a value evaluation model reflecting the social value created by social ventures comprehensively was developed in collaboration with the private sector.

The newly completed Social Value Self-Measurement Service System applies the IMP (Impact Management Project) methodology and can measure social value in seven key social areas. Any company wishing to measure social value can perform self-measurement free of charge, and if verification of the self-measured report is desired, a free verification service is provided through the Korea Technology Finance Corporation. The service is built within the 'Social Venture Square,' a comprehensive support portal site for social venture companies.

Minister Lee Young stated, "I hope that the impact reports generated through the social value measurement service will be utilized in various fields such as government support policies and the private sector," and added, "In addition to the seven key social areas provided this time, we plan to apply the system to three additional areas and offer the service accordingly."

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