SEOUL, SOUTH KOREA, March XX, 2018 – The Seoul Metropolitan Government (SMG) announced to invest 600 million won ($ 556,000) in building the Seoul Social Venture Hub Center to establish a foothold for collaboration and cooperation among social ventures. With such an effort, the city government is committed to fostering social ventures so that they use their own creativities, while promoting public interests and seeking for corporate profits.
According to the plan of the SMG, one professional private accelerator will be selected through a public competition to be held in March, 2018. The selected accelerator will establish the support system customized for social ventures that prefer being recognized in the market and being invested to just receiving financial support.
A total of one billion won ($ 925,000) will be injected for seeking for qualified social ventures, attracting investment and providing training programs. To meet the goal of creating a ‘social value’ of social ventures, the SMG is scheduled to conduct two rounds of social value assessment session a year and give incentives to appropriate ventures. The assessment will be made using SK’s measurement system of social achievement incentive.