A social venture is an entity established by a social entrepreneur that seeks to provide creative and effective solutions to achieve sustainable social objectives.
"Social venture is a bridge of hope to a new world."
The Social Venture Incubating Center (SOVEN) supports adventurous, innovative and creative start-ups by youths in their 20s and 30s. It aims to enable the current 10 businesses backed by the SOVEN to become social ventures that create sustainable revenue streams with convincing social missions.
* Sponsored by the Life Insurance Social Contribution Center, the SOVEN was established by the Work Together Foundation in December 2009.
Social Venture Incubating Center | Vision
Vision: Become a professional social venture incubating Mecca for youths, with the best consulting capacities
Missions:
Incubate successful social venture models that can generate sustainable revenue with convincing social values
Core Values: Passion, Innovation, Communication, Integrity
Unique Support System Provided by the Social Venture Incubating Center
Once every six months, the SOVEN selects new social ventures and assesses their outcomes. A selected social venture will be provided with integral support for a maximum of two years.
Comprehensive Support (consists of running 27 programs in five support modules):
It is the goal of social ventures to achieve both social missions and sustainable outcomes. The SOVEN offers total solutions for these goals. These solutions include programs that provide various types of training for cultivating social entrepreneurs by teaching successful management skills and teaching know-how.
A Continuous Business Consulting Service:
This service meets every two weeks and provides business management coaching, including management know-how, methods of organization and management, and solutions for managerial issues that the businesses face. With the aid of this service, social entrepreneurs can enhance their own management skills and other systematic daily capacities for performance management.
Customized Support:
SOVEN operates a program that is not “one size fits all,” or strictly uniform. Instead, it is differentiated and tailored to the specific features and needs of the business.
Utilization of the Foundation’s resources:
Through the Work Together Foundation, SOVEN provides certification of social enterprises, business networking, various types of training, and a network of expert groups.
Support for Generating a Practical Financial Performance:
SOVEN helps clarify profit models and achieve positive financial outcomes with the help of other businesses.
Five Supporting Modules | 27 Programs
[_Social Entrepreneurs]
Supporting CEOs: Coaching of management performance every two weeks / Providing consulting by experts in the field
[_Social Venture Business Model]
Social Mission: Building and clarifying missions
Revenue Model: Providing support in achieving positive financial outcomes / Discovering sustainable revenue models / Providing financial support for pilot projects / Holding business briefings
Operating Model: Building performance management models/ Operating “Action Donut,” a social venture incubating center networking event
[_ Business Capacities]
Internal Education: Offering field experience studies and innovator workshops
External Education: Offering a school for learning practical skills that are needed to manage social ventures
[_Infrastructure]
Promotion: Enhancing promotions
Network: Building a network of expert groups / Expanding support with the foundation / Encouraging communication among the ventures within the center
Back Office: Providing support for space, back office and education fees
[_Incubating Pre-Social Ventures]
Education: Conducting open lectures
What is the Work Together Foundation?
It is a non-profit public organization which focuses its strengths to encourage the continuous sustainability of jobs. It offers development of a private model to overcome unemployment faced by groups of people who cannot easily find jobs, such as low-income women, heads-of-household, the elderly, the unemployed poor and unemployed youth. It also seeks out and supports social enterprises that can serve as an alternative employment model for employing the most disadvantaged groups in society. The foundation creates funds for social enterprise start-ups through cooperation with the government, companies, and civil society.
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Translated and Edited by the Bridge of the Work Together Foundation Translators: KANG Dae-Woong & HONG Yea-BIN Editors: Ha So-Hee, Marie LEE & Patrick Ferraro |
