Companies stationed in Seoul’s “Social Venture Hub,” which offers comprehensive support from starting a business to operation to young people who want to launch a social venture, have achieved successful results in nine months since the hub’s opening despite the COVID-19 pandemic—yielding KRW 4.7 billion, attracting investments worth KRW 2.4 billion, and employing 51 new employees.
<Opened in October 2019, the first hub for social ventures in the city to solve social problems and create revenue and jobs>
Social Venture Hub, which opened in October 2019 near Seonneung Station in Yeoksam-dong, is the first hub set exclusively for social ventures in Seoul. Here, social ventures receive a variety of custom support—from office space to prototype creation, technical development and commercialization through private accelerators, investment attraction, loans, market development strategies, tax affairs, and legal consultation—according to their stage of growth.
As of present, seven companies supported by the Social Venture Hub succeeded in attracting investments worth KRW 2.35 billion in nine months. Four of them have developed capabilities through the “acceleration program” that supports enterprise growth, including business diagnosis, business value analysis, and investment attraction methods.
Three companies that are stationed in the hub—Aroundbody, Coactus, and Ballys—have been acknowledged for their potential for development as they attracted investments worth KRW 1 billion.
○ Coactus Co., Ltd (CEO Song Min-pyo): Its “Goyohan Taxi” service (hearing-impaired taxi drivers) succeeded in attracting investment through WADIZ Ventures at the beginning of June. On August 1, its “Goyohan Mobility” (Goyohan M) service was launched with directly-employed people with hearing disability.
○ Ballys (Co-CEOs Seo Jeong-nam and Kang Min-jun): A social venture that produces eco-friendly animal foods by recycling agricultural and marine products. It succeeded in attracting investment from D3 Jubilee Partners and MYSC.
○ Aroundbody (CEO Kim Ji-yeon): A social venture that has been developing eco-friendly, biodegradable sanitary pads since 2018. It has attracted investment from Korea University Holdings and has plans to develop non-toxic, eco-friendly sanitary pads.
Revenues are remarkable as well—over the last nine months, 14 companies have yielded a total of KRW 4.7 billion, and 10 companies among them created jobs by employing 51 new employees.
The Seoul Metropolitan Government (SMG) announced that the potential for growth of “social ventures” are evident in that they are making a good amount of sales and creating new jobs despite the economic stagnation and frozen job market due to COVID-19.
<In-depth training and workshop for prospective entrepreneurs in the second half of the year, reinforcing funding and investment attraction>
Again in the second half of the year, the Social Venture Hub will be providing various programs to support the growth of social venture start-ups and vitalize the social venture ecosystem.
First, there will be various education programs and workshops for prospective entrepreneurs and a make-a-thon in the field of “Able-tech,” a special business model of the Social Venture Hub. Also, the hub has plans to reinforce the support of business expenses as well as funding and attracting investments through IR Round for the nestling companies.
For inquiries related to the Social Venture Hub, such as office and co-working spaces, education, consultation and accelerating, please visit the official website (http://www.svhc.or.kr) or contact +82-2-6230-0304.
□ Education & Seminars
|Aug. 20–21 (scheduled)||Social ventures; prospective entrepreneurs; those who can implement their ideas||Discovering and cultivation of innovative technology for the handicapped and the disadvantaged||⦁ Actualization of ideas and making prototypes
⦁ Verification of BM potential and quality improvement
⦁ Support of commercialization of excellent ideas
|once, two days|
|Social Venture Starter||End of Aug.
|Prospective entrepreneurs of social ventures||“Introduction education” of starting a social venture for discovering social innovative entrepreneurs||⦁ Understanding social business
⦁ Concept of business model
⦁ Understanding the startup support institution and the concept of impact investment
⦁ Analysis of successful cases of social ventures
|Design Thinking Workshop||Sep.||Nestling companies and social ventures; prospective entrepreneurs||Drawing creative solutions for the problems that companies experience in the process of operation||⦁ Successful cases of companies that applied design thinking
⦁ How to design thinking
⦁ Innovative method to develop products, services, and BM
|Sep.–Oct.||Prospective entrepreneurs of social ventures||Practicing and learning how to concretize business ideas into a business model||⦁ Mentoring for participating teams
⦁ Writing business plan and presentation
□ Support for Growth, Including Consultation
|Social Venture School||Until Dec. 11||1 team of prospective entrepreneurs;
1 social venture
|Social venture incubating program
(Customized consultation and concentrated coaching according to the conditions and team/company)
|⦁ 1:1 meeting for pre-diagnosis
⦁ Matching with consultant
⦁ Providing consultation in each field
⦁ Supporting business development expenses
⦁ Providing office
|Professional Consultation for Nestling Companies||Jul. 6–Aug. 31||Companies stationed in the private office||Liberally selecting consulting companies that match the conditions of the business||⦁ Diagnosing the business model
⦁ Customized consultation according to the stage of business
|Business Expenses for Nestling Companies||Sep. (scheduled)||Companies stationed in the private office||Supporting the scale-up of companies—developing new products, services and technology; market expansion; marketing||⦁ Support of up to KRW 5 million to up to 5 companies|
|IR Round||Oct. (scheduled)||Social ventures that have plans to attract investment||Preparing the opportunity of funding for social ventures and building networks with VC||⦁ Pitching by CEOs of social ventures to investing companies and judges|