2024 was a year that became a meaningful turning point for Korea's social-value ecosystem. This is because SOVAC (Social Value Connect), which had been run under private-sector leadership for five years since its first start in 2019, joined hands with the Korea Chamber of Commerce and Industry to expand into the "Korea Social Value Festa," showing that social value had established itself in the domain of mainstream economic activity. As the participant composition expanded to government, large companies, academia, and civil society, it was reborn as a rich event with 247 partner companies, 132 exhibition booths, and 22 sessions.
[The 2024 Korea Social Value Festa site ©Korea Social Value Festa]
Gather Together—We Who Gather for a Better Life
And from August 25 to 26, this year's "Korea Social Value Festa" is held at COEX Hall C and the conference rooms. Held under the theme "Designing the Sustainable Future," this event focuses on designing substantial change, beyond mere discourse. In terms of content, too, major partners such as the Daum Foundation, Happynarae, Impact Alliance, Impact Square, MYSC, and SK Telecom are participating from the event-planning stage, adding substance from booth events to participant networking at the festa, which has been expanded to two days.
New programs are also drawing interest, such as "SKT FLY AI X SOVAC Challengers" for social enterprises, social ventures, and university-student groups hoping to advance their solutions through the adoption of AI technology; the SOVAC Flagship session, where ecosystem leaders and government officials participate to share the key status and outlook of the social-value ecosystem; and the SOVAC Bazaar, a participatory event sharing experiences of value consumption.
[The 2025 Korea Social Value Festa ©Korea Social Value Festa]
Points to Anticipate at the 2025 Social Value Festa
The event is expected to be held amid the attention of more stakeholders, including not only companies but even the government. Due to the mandatory ESG disclosure that begins in earnest from 2025, more companies are expected to take an interest in social-value creation. This festa, where a session by the Ministry of the Interior and Safety is also being prepared, is expected to serve as a platform that connects companies with practical guidelines and cooperation partners.
That one will be able to see at a glance the diverse terrain of social-value-creation models is also expected to draw the ecosystem's attention. From the cases of regional impact business that drew great interest at the 2024 event, to academia including students, there are also sessions expanding globally. In 2025, through the sharing and study of more impact-business cases, one will be able to check information on concrete, actionable models. How technological innovation such as AI and digital transformation can contribute to solving social problems—the fusion of technology and social value—will also be dealt with as a major theme.
In an era when social value has become not a choice but a necessity, let us look forward to what new change the 2025 festa will bring about.
by Editor N