[Social Enterprise News in Korea] 4. Work Together Foundation Investing KRW 900 million to Foster Y(11.09.23)

[Social Enterprise News in Korea] 4. Work Together Foundation Investing KRW 900 million to Foster Youth-Initiated Social Enterprises Source: DIP News Agency http://www.dipts.com/news/?mode=view&number=33150 [Seoul=DIP News Agency] KANG Eun-tae = Yangcheon District- The Work Together Foundation Consortium started its first project of fostering 35 youths-initiated social enterprises and opened the Social Venture Incubating Center on the 8th floor of Haenuri Town, Yangcheon District on June 29, 2011. With the support of Yangcheon District, the Work Together Foundation provided offices and meeting rooms to young social entrepreneurs at low rates. After moving into the Social Venture Incubating Center on the 8th floor of Haenuri Town, Lee So-ra, a young preliminary social entrepreneurs and a member of ‘Sim(心)’ team which is mainly run by master’s program students of the Catholic Graduate School of Korea said, ”the Social Venture Incubating Center is the best place to develop creative ideas into business models.’” She also added, ‘”Necessary advice from the Work Together Foundation on running a business, regarding such subjects as law and accounting, will be helpful for inexperienced social entrepreneurs.” Another occupant, SEO Yong-seok, a representative of the social enterprise Join Us Korea, which is a network service company providing information to foreigners, said “Information advertising Korea to foreign visitors is limited to Chinese and English so far, so we are developing a business model for providing information on Korea in 12 languages including those of Southeast Asian countries. The Social Venture Incubating Center is the best place for starting a business.” “We received financial support of KRW 25 million from the Foundation for starting a business. It’s difficult to concentrate on a business without earning any other income, but we gained confidence in our ability to create a social enterprise that contributes to society, thanks to the support that the Social Venture Incubating Center has offered,” he added.

On the other hand, a manager of the Work Together Foundation’s Social Venture Incubating Center said “Thirty-five young social enterprises which moved into the center may feel that one year of support from the foundation is not long enough. However, the Foundation will offer as much support as possible to make the residing enterprises successful in their business.”

Translated: by CHOI Eun-young, JANG Gyeong-ah

Edited: by Patrick Ferraro, Marie LEE