SOVAC Grows as a Problem Solver for Investment Attraction, Customer Acquisition, and Market Expansion

"New Connections and Cooperation, Sustainable Growth" Theme

At the SOVAC Market held at Understand Avenue in Seongdong-gu, Seoul, a citizen is purchasing products from social enterprises and social ventures. Photo by SK

Marking its 5th year, SOVAC (Social Value Connect), the largest social value connection platform in Korea, has established itself as a platform that addresses key challenges such as investment attraction, customer acquisition, and market development for social enterprises and social ventures, contributing to the activation of the ecosystem.

Held on the 15th at the Walkerhill Hotel in Gwangjin-gu, Seoul, SOVAC 2023, themed "A New Dimension of Connecting," expanded participation from private and public sectors including corporations and local governments, proposing methodologies to fundamentally solve problems faced by social enterprises and social ventures.

Proposed by SK Group Chairman Chey Tae-won and launched in 2019, SOVAC has been recognized over the past five years for its significant contribution to ecosystem activation and strengthening self-sustainability through impact investment attraction and product/service market development for social enterprises and social ventures.

At the event, a total of 16 sessions including lectures and discussions were actively conducted, covering topics such as ▲Climate Crisis and New Business Opportunities (host partner: D3 Jubilee Partners) ▲Social Enterprise Product Distribution Strategies (Happiness Narae) ▲Local Revitalization Measures (The Possible Lab). Notably, the session on social value performance-based rewards, hosted by the Center for Social Enterprise Studies (CSES), drew attention for its program that provides cash incentives proportional to social value creation, significantly contributing to the establishment of the social enterprise and social venture ecosystem.

The event was attended by over 2,000 participants from 46 organizations spanning private and public sectors, including the Seoul 50 Plus Foundation and the Korea Trade-Investment Promotion Agency (KOTRA), creating a great success. According to the SOVAC Secretariat, attendees focused on exploring ways to solve social problems while enhancing the sustainability of the social value ecosystem.

OVAC 2023 was held on the 15th at Walkerhill Hotel in Gwangjin-gu, Seoul, attracting over 2,000 attendees. Photo by SK

In the opening speech, Lee Su-in, CEO of edutech startup Enuma, stated, "We all need to become a piece of the community puzzle for a better world and solve the enormous and diverse social problems we face today through communication, exchange, connection, and cooperation," adding, "I hope more help can flow among SOVAC participants."

On the same day, SOVAC jointly held a social enterprise and social venture product market at the public cultural space Understand Avenue in Seongsu-dong, Seoul, with the Seongdong-gu Office’s 'Seoul Forest Social Venture EXPO.' A total of 71 companies’ products will be sold over three days until the 17th, and can also be purchased online at 11st’s 'SOVAC Market.'

Over the past five years, SOVAC has achieved many results in terms of investment attraction and market development for social enterprises, continuously growing both qualitatively and quantitatively as a social value connection platform.

As of the end of August, SOVAC has established itself as Korea’s leading social value platform with over 160,000 online members and more than 300 partners including social enterprises, nonprofit foundations, government, public institutions, and corporations.

Since June 2021, through the ‘IR Room’ operated by SOVAC, a total of 54 companies have been introduced, with over 20 companies such as Elephant Factory, Netspa, and Right Route successfully attracting investment after appearing in the IR Room. It is evaluated as having provided practical help in connecting early-stage social enterprise entrepreneurs with impact investors.

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