#Staff Column
2022.09.01
Introducing Social Ventures
Columnist | Introducing the columns written by member of Amorepacific Group
People Making A More Beautiful World Part 3. Introducing Social Ventures
Columnist | Kim Taewoo
Amorepacific CSR Team
Amorepacific CSR Team
#INTRO
In the first column, we had a chance to look at different types of organizations, from social companies to social ventures, to non-profit startups. Of those, we reviewed ‘non-profit startups’ in detail in the second column. In this column, we are going to look at different social ventures. To recap, social ventures are, in principle, enterprises that create social and economic value simultaneously using an innovative technology or business model.
According to the most recent statistics, there are approximately 2,031 social ventures in South Korea as of the end of last year, 45.5%, or 653, of which are located in Seoul. As such, Seoul established the Seoul Social Venture Hub in 2019 to support the different social ventures. The social issues that these ventures are most concerned with, according to the 2021 Social Venture Status Report by the Ministry of SMEs and Startups, are ‘extending opportunities for quality jobs and economic growth,’ ‘ensuring a healthy and happy life,’ and ‘reducing poverty and strengthening the social safety net,’ in that order. Furthermore, they are also either donating their economic profit to communities or reinvesting it to improve working conditions. Although it would have been ideal to look at all 2,031 social ventures, Social Venture Square, an integrated social venture information network offers information on only 565 of these social ventures. Social ventures are different from social companies in that the latter require certification whereas the former are subject to recognition by the Ministry of SMEs and Startups. A company whose sociality score and innovative growth score each exceed 70 may be recognized as a social venture. For the purpose of this column, we are going to introduce different social ventures in order to offer opportunities for potential collaborations for each brand and channel.
In the first column, we had a chance to look at different types of organizations, from social companies to social ventures, to non-profit startups. Of those, we reviewed ‘non-profit startups’ in detail in the second column. In this column, we are going to look at different social ventures. To recap, social ventures are, in principle, enterprises that create social and economic value simultaneously using an innovative technology or business model.
According to the most recent statistics, there are approximately 2,031 social ventures in South Korea as of the end of last year, 45.5%, or 653, of which are located in Seoul. As such, Seoul established the Seoul Social Venture Hub in 2019 to support the different social ventures. The social issues that these ventures are most concerned with, according to the 2021 Social Venture Status Report by the Ministry of SMEs and Startups, are ‘extending opportunities for quality jobs and economic growth,’ ‘ensuring a healthy and happy life,’ and ‘reducing poverty and strengthening the social safety net,’ in that order. Furthermore, they are also either donating their economic profit to communities or reinvesting it to improve working conditions. Although it would have been ideal to look at all 2,031 social ventures, Social Venture Square, an integrated social venture information network offers information on only 565 of these social ventures. Social ventures are different from social companies in that the latter require certification whereas the former are subject to recognition by the Ministry of SMEs and Startups. A company whose sociality score and innovative growth score each exceed 70 may be recognized as a social venture. For the purpose of this column, we are going to introduce different social ventures in order to offer opportunities for potential collaborations for each brand and channel.
Social ventures in South Korea as of 2021
Paper Pop, a paper lifestyle
Paper Pop, which we looked at in our first column, is a social venture that manufactures household goods using paper, a non-toxic, sustainable material. Paper Pop’s online catalog is filled with a surprisingly extensive collection of household goods, ranging from bookshelves, drawers, partitions, bed frames, laptop stands, smartphone stands, and even a voyage trunk for cats. The company’s social mission is to contribute to ‘responsible consumption and production,’ as outlined in the 12th item on sustainable development objectives, and for this reason, Paper Pop prioritizes providing intuitive designs and assembly so that the recyclable material may be easily separated and disposed of. Let us admit that we all feel a little guilty looking at the overnight or food deliveries that arrive at our door covered in unnecessarily excessive amounts of two- or three-layer packaging. That is not to say that paper is completely sustainable; it does come from trees, after all. However, it is obviously much more easily recyclable. Visit Paper Pop’s website to purchase anything you need or for a chance for a collaboration (read about their collaboration with innisfree in the last column).
innisfree X Paper Pop collaboration
Invisible, creates invisibly scented beauty
by the hands of visually impaired perfume artists
by the hands of visually impaired perfume artists
Invisible, whose mission is to protect the environment through zero-plastic, zero-chemical ingredients as well as to create jobs for the disabled by training visually impaired perfumers, is a social venture that values invisible beauty. The company also runs its own brand VOIB, short for the Value of Invisible Beauty. Invisible has presented to the visually impaired a new path the perfumer on the basis of their delicate sense of smell. Amorepacific has also worked with the visually impaired to train them in certain areas, such as make-up, but never come up with the idea of training them as perfumers. Let us not miss out on any of the exciting and meaningful opportunities for collaboration with Invisible, as they continue to pave a new path for visually impaired perfume artists.
Invisible identity
SuperBin, waste made bucks, recycling made fun
My personal history with SuperBin goes back 10 long years. I was agonizing over a more efficient way to collect our empty cosmetic bottles when I had a chance to sit down and have a discussion with SuperBin, which was then just a start-up business. The collaboration was never signed off due to installation and development expenses, which were probably regarded as excessive back then. Even then, SuperBin firmly believed that recyclable waste must be upcycled through a fundamental change in the collection system, and that a sustainable recirculation cycle must be created by returning the value added to those participating in the recycling. An ‘AI resource recirculation collection robot’ that calculates and provides reimbursement for waste is a simple vending machine that sorts different types of waste on its own. One vending machine can collect approximately 1,500 cans and plastic bottles, which are then sorted according to their material and compressed to make more efficient use of space.
The technology has made numerous advancements thus far. Here’s to some meaningful collaborations with SuperBin in this particularly environmentally sensitive era.
The technology has made numerous advancements thus far. Here’s to some meaningful collaborations with SuperBin in this particularly environmentally sensitive era.
A SuperBin vending machine
Haenyeo Kitchen, an extraordinary dining experience in Jeju
Haenyeo Kitchen, known for its converged Haenyeo dining experience, is acclaimed for not only protecting the tradition of Jeju Haenyeo but also for delivering the value of Jeju seafood. Its delicious Jeju seafood dishes combined with performances that incorporate personal stories of the Haenyeo themselves are all reasons to fall in love with this special dining experience. Yes, there are Haenyeo schools and Haenyeo museums in Jeju, but a chance to taste the gift from the sea caught by the Haenyeo themselves while having a conversation with them is not an opportunity that comes by easily. Enjoying the food while listening to under-the-sea stories and watching performances on traditional Jeju cuisine makes the dining experience even more particular and extraordinary.
I, myself, have not had the chance to visit Haenyeo Kitchen, but I’m definitely adding it to my ‘things-to-do-in-Jeju’ list. Don’t forget to pay this place a visit when you are next in Jeju, either for travel or work, for some eye-opening delicacies.
I, myself, have not had the chance to visit Haenyeo Kitchen, but I’m definitely adding it to my ‘things-to-do-in-Jeju’ list. Don’t forget to pay this place a visit when you are next in Jeju, either for travel or work, for some eye-opening delicacies.
Haenyeo Dining presented by Haenyeo Kitchen
‘Disabled,’ an agency exclusively supporting disabled artists
The TV series Extraordinary Attorney Woo has helped widen the public’s understanding of people with Autism Spectrum Disorder (ASD). Of the 2,644,700 people with disabilities, 255,207 have developmental impairments, approximately 10%. (Of this, 33,650 have ASD.) Disabled began serving as an agency established exclusively for artistically talented people with developmental disabilities. The venture supports art collaborations, brand collaborations, art curations, as well as exhibitions. In particular, the agency is known for having created a place for jobless or low-income artists with developmental disabilities to demonstrate their talents, for which they are rightfully recognized and fairly compensated. In 2019, Disabled even collaborated with the Korea Breast Cancer Foundation on the main poster for Pink Run. Make sure you take a look at these creative works done by artists with developmental disabilities for a chance to collaborate on box packaging and more.
Disabled’s company and brand collaboration portfolio
2019 PINK RUN Busan poster
TicToc Croc, your reliable go-to babysitter
If you are a parent, this last social venture on today’s list might just be the thing you are looking for. Next time you need a nanny, a pick-up service for your child, a babysitter for a few hours, or when you are about to return to work after your parental leave, or even when you are just too tired to play with your kid and look after their homework all on your own, make sure you give TicToc Croc a try. TicToc Croc is a social venture that offers babysitting services, whether it be playing or helping with studying, through its mobile app that connects you with sitters or tutors nearby. Currently, there are approximately 220,000 parents using the app. It definitely looks like something that is worth checking out when you feel exhausted from parenting.
TicToc Croc
So far, we have covered some more well-known social ventures. As I mentioned earlier, it would be nice to be able to look through all 2,031 social ventures at once, had it not been for a lack of a system. On top of this, some social are reluctant to come into the light, which is probably why there are only 565 social ventures listed in Social Venture Square.
Social ventures prioritize creating economic and social value simultaneously, which is what differentiates them from venture enterprises that solely prioritize economic value or from social companies that solely prioritize social value. Admittedly, there are still some social ventures that seem to be standing on the borderline of their two counterparts. Even still, they seem to be a meaningful addition to our society in that they seek to address social issues that were otherwise neglected by profit-seeking enterprises, through a multi-angle growth approach. I hope that this column has opened up some potential areas for opportunity for collaboration with social ventures. The next article will cover social companies.
Social ventures prioritize creating economic and social value simultaneously, which is what differentiates them from venture enterprises that solely prioritize economic value or from social companies that solely prioritize social value. Admittedly, there are still some social ventures that seem to be standing on the borderline of their two counterparts. Even still, they seem to be a meaningful addition to our society in that they seek to address social issues that were otherwise neglected by profit-seeking enterprises, through a multi-angle growth approach. I hope that this column has opened up some potential areas for opportunity for collaboration with social ventures. The next article will cover social companies.
Cited from 2021 Social venture status and report
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