A Study on the Policy Promotion for the Revitalization of Korean Social Venture

Abstract

The purpose of this study is to determine the political implications to activate social ventures in Korea. These efforts may create various social impacts, such as social innovation, employment of vulnerable classes, expansion of social services, and job creation for young adult employment. Two policy tasks are proposed as an institutionalization plan to foster the social venture ecosystem. First, based on the social enterprise promotion law, social venture-type social economy enterprises aiming to solve social problems are set up as separate categories, and support programs that are different from existing social enterprise support policies, such as mid- to long-term R&D support. Another approach that may be considered is to define separately the social venture business development sector in venture business development. Secondly, there is an approach to institutionalize social venture support that differs from existing social economy enterprise support. After social venture activity is initiated, it can be considered as a mid- and long-term development plan.