KIDP hosts Design Demo Day to support social enterprise

Executive Managing Director of KIDP Yoo Kwan-hyung, center, pose with officials from social enterprise during a Social Design Demo Day event held at On Dream Society in Seoul, on Dec. 7. Courtesy of KIDP

By Kim Jae-heun

The Ministry of Trade, Industry and Energy (MOTIE) and the Korea Institute of Design Promotion (KIDP) held an event called Social Design Demo Day at Myeong-dong Community House and On Dream Society last Wednesday to share the business results of the Social Enterprise Design Assistance Program and attract funding for social enterprises.

Social enterprises are companies and other entities that seek to balance activities that provide financial benefits with social goals.

They have been promoting Social Enterprise Design Assistance Program since 2019 to support designers, offer design consulting, and aid the development of business models targeting social enterprises. MOTIE and KIDP also help attract investments, start crowdfunding and hold exhibitions. A total of 186 social enterprises have benefited from the government agencies' support, including 52 companies that were selected this year.

Companies such as Anarchia, Prag and Liberabit joined the event and shared their innovation experiences.

Anarchia is a shoemaker that produces footwear using renewable leather and raised 90 million won ($68,670) through crowdfunding for its popular products. Prag is a waste plastic recycling company and Liberabit operates an online platform renting wheelchairs and other mobility aids at tourist attractions for the disabled and elderly.

They promoted various projects, such as the joint development of eco-friendly products and the establishment of a resource circulation system in cooperation with large companies that actively practice environmental, social and corporate governance management such as SK geo centric, Hyundai Oilbank, Hyosung and Kolon.

MOTIE and KIDP also helped attract investors and retailers, including Daesung Private Equity, NICE Investment and Wadiz, to sign investment and sales contracts amounting to around 7.2 billion won.

“KIDP will continue to make efforts to pursue social values as the top priority for social enterprise and to find market and customer needs through design, while developing optimal solutions for sustainable businesses,” President of KIDP Yoon Sang-heum said.