Korea Technology Finance Corporation Signs Business Agreement with Social Venture Partners to Revitalize Social Venture Ecosystem

Revitalizing the Social Venture Ecosystem with Six Private Intermediary Support Organizations

The Korea Technology Finance Corporation is establishing a public-private cooperation system to discover and nurture regional social ventures.

On the 12th, the Korea Technology Finance Corporation held a 'Social Venture Partners Memorandum of Understanding' signing ceremony at its Seoul office with six specialized social venture intermediary support organizations: Root Impact, Sopung Ventures, Series Ventures, MY Social Company, Impact Square, and Qnesti. Paek Juseon, Executive Director of Korea Technology Finance Corporation (fifth from left), and attendees are taking a commemorative photo after signing the agreement. Photo by Korea Technology Finance Corporation

On June 12, the Korea Technology Finance Corporation announced that it had signed a "Social Venture Partners Business Agreement" with six intermediary support organizations specializing in social ventures—Root Impact, Sopung Ventures, Series Ventures, MY Social Company, Impact Square, and Qnesti—at its Seoul office.

This agreement was promoted to provide a foundation for discovering and nurturing regional social ventures that reflects the voices from the field. The Social Venture Partners (SVP) is a network in which the Korea Technology Finance Corporation and intermediary support organizations collaborate to support the growth of social venture companies and the creation of social value.

Intermediary support organizations serve as a bridge between the government and social venture companies. In this agreement, six organizations with expertise in building social venture ecosystems and supporting startups participated.

The Korea Technology Finance Corporation will be responsible for: establishing a foundation for discovering and nurturing regional social ventures; identifying social ventures; providing impact guarantees; and measuring social value. SVP will support the growth of social ventures by: discovering and recommending promising local social ventures; offering mentoring and consulting; providing capacity-building education; and hosting performance-sharing events.

Juseon Park, Executive Director of the Korea Technology Finance Corporation, stated, "This agreement is meaningful in that it establishes a new cooperation model for nurturing regional social ventures by having the Korea Technology Finance Corporation and field-based intermediary support organizations work together. The Korea Technology Finance Corporation will continue to actively support innovative regional social venture companies so they can become key agents in solving social issues and new drivers of regional economic growth."

To support the growth of social ventures, the Korea Technology Finance Corporation introduced the "Social Venture Impact Guarantee" in 2018 and supplied guarantees totaling 1.0017 trillion won as of the end of last year. The supply target for this year has been expanded to 150 billion won, and the organization plans to further strengthen support for revitalizing the social venture ecosystem by supplying more than 750 billion won in guarantees over the next five years.

This content was produced with the assistance of AI translation services.