WT supports the creation of a social economy-friendly environment with social economy organizations such as social enterprises and cooperatives recognized as sustainable alternative employment models.
- Social enterprises/Social venturesPromotion of the Creative Social Enterprises Project
WT runs Korea’s first social venture incubation center by the civil sector where successful models for social enterprises can be developed through customized assistance given to promising social ventures. Since 2011, the ‘Promotion of creative social enterprises project’ has been conducted by WT and the Korea Social Enterprise Promotion Agency (KoSEA) as a way to develop social entrepreneurs with innovative ideas and enthusiasm. In 2015, a total of 30 startup teams spent a year defining social missions together, verifying business ideas, developing business models, and internalizing and practicing ways to create social value,
From 2011 to 2014, space and full-time mentoring were provided to 22 selected teams through the ‘Promotion of creative social enterprises project’ while they contributed to establishing a social venture-friendly environment. Two social enterprises, 24 preliminary local social enterprises, and 5 shared enterprises in Seoul were selected between 2011 and 2014.
- Social enterprises/Social venturesSocial Venture Growth Support Project
- As a joint project between WT and the Export-Import Bank of Korea, the Social Venture Growth Support Project focuses its support on enterprises which have already been backed through the ‘Promotion of Creative Social Enterprises Project’ and have high potential of success and innovation to make them a successful business model. Ten enterprises have been selected and received funding once their goals for 2016 were set, and they had undergone a competence improvement program comprised of three stages according to their phase of business development.
- Social enterprises/Social venturesHanwha Eco-friendly Social Enterprise Support Project
Together with Hanwha, WT works to promote the coexistence of mankind and the natural environment, and discover and support promising eco-friendly social enterprises.
In the 3 years between 2012 and 2015, 48 enterprises received support and diverse business models were discovered to make social enterprises more eco-friendly. Integrated and customized support measures have helped increase the total sales of supported enterprises by 15.2% and employment by 9%, and the sustainability of these enterprises.
In addition, a total of 115 persons completed the KAIST Social Entrepreneur Management Expert program courses, which focus on vitalizing the social economy eco-system as well as providing support for businesses that in turn support the growth of social enterprises.
- Social enterprises/Social venturesSocial Enterprise ICT Support Project
- WT conducted a ‘Preliminary Social Enterprises ICT Support Project’ with Samsung SDS to improve the sustainability of preliminary social enterprises and help them keep up with the rapid changes in the digital and online media environment.
A total of 19 enterprises (10 receiving holistic support, 9 receiving limited support) are selected and supported through customized solutions according to their current situation. The end result is improvements in their efficiency and working environments, as well as their abilities to utilize IT and other media.
- CooperativesCooperative Model Discovery & Growth Support Project
- The Cooperative Model Discovery & Growth Project has been run with the collaboration of KEPCO (Korean Electric Power Corporation) since 2012, and is designed to discover and support business models for cooperatives that are suited to the national economic and social environment.
Funding support, consultations, education, and networking opportunities are provided for small cooperatives at the initial stages towards self-sufficiency. Through this project, 31 enterprises (7 only in 2015) were supported, and 104 persons provided with security in decent jobs from 2012.
- Social FinancesCommunity Development Fund
- Social enterprises often face unexpected crises or financial difficulties during their growth process. WT has supported enterprises in such situations through the Community Development Fund since 2008.
This is a loan service project for social enterprises and has been in operation since 2008 with funding from the Ministry of Employment & Labor, Smile Micro Bank, and the Bank of Korea to allow social enterprises to handle unexpected crises and financial difficulties better and keep growing.
A total of KRW 11.8 billion has been given in loans, with a rate of repayment of 95.5%. Now WT manages KRW 200 million under this project.