The competition is organized as a ‘special edition’ of ‘Hana Power On Challenge: Social Innovation Entrepreneurs’ by Hana Financial Group, the official funder of the event. It’s also jointly hosted by Social Enterprise Network(SEN) and Gyeonggi Center for creative Economy and Innovation(CCEI)
Participating as partners are Merry Year Social Company(MYSC), a professional social innovation consulting & impact investment company and Korea Impact Investing Network(KIIN).
Social Venture Competition Asia(SVCA) has been known as a gateway of discovering social innovation companies who create both financial and social values, since 2006.
Innovative companies were awarded at the previous competitions: ‘Tree Planet’ plants trees in real world via mobile game(2010), ‘Lumir’ creates a LED lamp fully operates only with the power of a candle(2014), ‘Dot’ makes braille smartwatch(2014), and ‘Morethan’ upcycles discarded car materials to make fashion accessories(2015).
Also, ‘Dr.Noah’ makes bamboo toothbrushes(2016); ‘Bluereo’ provides toothbrushes with function of suction for the disabled and the old(2017); and safe toys are made out of milk by ‘Creators Lab’(2017).
SVCA winning teams are continuously growing in their business and creating impacts
The competition is divided into a startup division(startup or corporate within 3 years) and an idea division(startup by undergraduates or graduates).
Top 2 teams from startup division can get their chance to compete at the finals of Global Social Venture Competition(GSVC), hosted by UC Berkeley's Haas School of Business.
In addition, SVCA gives practical supports to the participants throughout the program such as providing mentorship of professionals and lectures of impact investing, branding, and pitching. A fellowship program is run after the competition is over, so the winners can receive social innovation business consulting and be introduced to resources as members of a social innovation community.
“Social ventures can surely scaleup with large companies’ participation and cooperation, when their innovative challenges are well verified,” said Jeongtae Kim, CEO of MYSC. “I believe the competition could give more significance to scale-up of innovation.”
Jonghyun Lee, executive director of the host organization SEN, said that “I anticipate new and innovative ideas of the young to be a trend in a global market shift under the fourth industrial revolution.” “I don’t doubt that this trend of change will eventually let our society be more sound and let us live more valuable lives,” he added.
The competition will be held at HeyGround, a representative space of social venture ecosystem of Korea, from 14:00 to 18:00, on October 23rd. On the day, social ventures will be pitching their business models with innovative solutions such as plastic garbage turned into fashion accessories, a wallet with an inclusive design for the visually impaired, pet snacks made by using invasive species, and more.
Visitors can meet and try out the social ventures’ products and services at the event. Anyone who wants to visit and enjoy the open demoday can register by the internet.