Press

【Seoul=Newsis】Reporter Choi Hyun-ho = As government startup support policies become more active, private sector incubators supporting startups are also increasing. In particular, as social awareness of value consumption and sharing economy changes, incubators focusing on supporting social ventures are emerging one after another. Consumers no longer purchase products based solely on performance. They consider consumption with social value in mind. According to a survey on 'ethical consumption' by market research firm Embrain TrendMonitor targeting 2,000 adults aged 19-59 nationwide last year, 68.9% of respondents answered "I am willing to purchase products from companies practicing ethical management even if they are slightly more expensive." 68.1% of consumers also answered "If it can help someone, I am willing to purchase even if the product price is slightly higher." Now, an increasing number of people are finding 'meaning' in the consumption process. Consumers are also positive about 'sharing economy,' which social enterprises mainly pursue. According to a survey on 'sharing economy' by Embrain targeting 1,000 adults aged 19-59 nationwide last year, 93.7% of respondents answered "I think Korea society needs a 'sharing economy' system." In particular, 64.4% of all respondents expressed expectations, saying "The sharing economy will make life more leisurely." Within this trend, the number of social enterprises is gradually increasing. It has been 11 years since the Social Enterprise Promotion Act was implemented. The number of social enterprises certified by the Ministry of Employment and Labor, which was only 55 in 2007, increased to 1,856 as of November last year, an increase of more than 30 times. Since the introduction of 'cooperatives' as a separate corporate entity in 2012, over 12,000 cooperatives have been established. Therefore, incubators investing in and supporting startup social enterprises are emerging one after another. An incubator originally refers to a medical device for newborns, but is also used as an industrial term meaning a company that helps startup companies grow. 'Sopoong' is a company that helps new and early-stage social ventures creating solutions to various social problems. Specifically, it provides seed investment and accelerating programs needed for social venture growth, follow-up investment management, community, education and mentoring. According to Sopoong, the company has invested in various social ventures such as Socar, Tumblebug, and SpaceCloud, and has operated a regular investment program twice a year since 2016. The total enterprise value of 30 companies invested to date is 442.6 billion won as of the first half of 2017, with a follow-up investment rate of 33%. 【Seoul=Newsis】Underdogs startup education class. (Data provided=Underdogs) Meanwhile, Sopoong is conducting '2018 First Half Social Venture Investment Recruitment' targeting new and early-stage social ventures until the 28th of this month. An official from Sopoong explained, "Companies selected in this recruitment will receive 30 million won in immediate investment and professional accelerating programs." There is also 'Underdogs,' a company specializing in social innovation startup education. The company's goal is to discover and cultivate social innovation entrepreneurs and grow together. Through programs such as social enterprise startup education, youth startup education, local problem-solving startup education, and global social enterprise startup education, the company supports social enterprise entrepreneurs. According to Underdogs, the social enterprise startup education program started with its first cohort in July 2015, and has currently produced 100 social innovators and 27 startup teams. Nine of these teams have even achieved sales.