SK (034730.KS) has launched a program to support the growth of social ventures that have entered the scale-up phase, expanding its efforts to promote social value.
SK announced Monday that it will launch "Impact Booster," a program designed to help social ventures in the Series A and B stages scale up. The program targets promising social ventures (pre-IPO companies) that have passed the pre-Series A investment stage and entered the Series A and B stages, and plans to select and intensively nurture 10 companies each year.
Social ventures are startups that provide innovative solutions to social problems while also pursuing profits. SK plans to support companies that have strong capabilities in solving social issues but face difficulties due to a lack of funding and opportunities during their growth process, helping them achieve sustainable growth.
Selected companies will be offered business collaboration opportunities with major affiliates including SK hynix (000660.KS), SK Innovation (096770.KS), and SK Telecom (017670.KS), along with business support funds of up to 70 million won ($52,000). An initial 10 million won will be provided for use in corporate growth, with up to an additional 60 million won available if the ventures identify joint projects with SK affiliates and pursue proof-of-concept initiatives.
Existing social venture development programs, such as "SK Pro Bono" and "SE Consultant," will also be linked to provide integrated support throughout the entire process. B2C companies will receive tailored support focused on product consulting and sales channel expansion, while B2B companies will receive support centered on proof-of-concept projects aimed at securing references.
The support framework will be further strengthened through collaboration with external specialized institutions, including proof-of-concept funding in cooperation with the Seoul Business Agency (SBA) and free legal consultations in partnership with the nonprofit corporation Onyul.
"The number of domestic social ventures has grown, but while carrying out their mission of jointly solving social problems, many have been relatively undervalued and failed to secure growth opportunities," said Ji Dong-seop, chairman of the Social Value Committee at SK's SUPEX Council. "We aim to be a sponsor that provides integrated support so that no such companies are left behind."
SK will announce the final selection results in early July following document screening and interviews.
