According to KOTEC on June 15, the agreement aims to establish a public-private partnership framework for discovering and nurturing local social ventures, while providing a practical support base that reflects the voices from the field.
Social Venture Partners (SVP) is a network that collaborates with KOTEC and private intermediary organizations to support the growth of social venture companies and the creation of social value.
The intermediary organizations serve as a bridge between the government and social venture companies. The six participating organizations, which have expertise in fostering the social venture ecosystem and supporting startups, include Root Impact, Sopoong Ventures, Series Ventures, My Social Company, Impact Square, and Qunesty.
Under the agreement, KOTEC will be responsible for establishing a foundation for discovering and nurturing local social ventures, assessing social ventures, providing impact guarantees, and measuring social value. SVP will support the growth of social ventures through activities such as identifying and recommending promising local social ventures, mentoring and consulting, capacity-building training, and hosting performance-sharing events.
Each organization plans to strengthen the foundation for the stable growth of local social ventures and expand field-centered support for social ventures through public-private collaboration.
Earlier, KOTEC signed an MOU in March with the Jeollabuk-do Special Self-Governing Province to promote the activation of artificial intelligence (AI), climate technology, and smart agriculture.
Park Joo-sun, executive director of KOTEC, stated, "We will continue to actively support innovative local social venture companies to become key players in solving social issues and a new driving force for regional economic growth."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.