SK said on the 7th it will launch Impact Booster, a program to help scale up social ventures that have entered a growth stage. A social venture is a startup that seeks ways to solve social problems while also pursuing revenue.
The program targets social ventures that have moved past the pre-A early investment stage and entered Series A or B. About 10 companies will be selected each year for intensive support.
SK plans to offer selected corporations opportunities to collaborate with major affiliates and provide up to 70 million won in business support funds. It will first provide 10 million won that can be used for corporate growth, and if a task suitable for collaboration with an SK affiliate is identified, it will provide up to 60 million won needed for a proof-of-concept project.
In addition, SK will integrate and support the entire process by linking existing social venture development programs such as SK Pro Bono and SE Consultant. It will also support proof-of-concept funding in cooperation with Seoul Business Agency (SBA) and expand collaboration opportunities with external expert institutions, including free legal advice in partnership with the nonprofit Onyul.
Ji Dong-seop, SV committee chair of the SK Supex Council, which oversees the program, said, "The number of social ventures in Korea has increased, but as they carry out the mission of solving social problems together, they are often undervalued and miss growth opportunities," adding, "We will be a sponsor that provides integrated development so no corporations in the growth stage miss opportunities to leap forward."
Applications for Impact Booster are open until midnight on June 3, and the final selection results will be released in early July after document screening and interviews. Applications can be submitted via the official Impact Booster program website or on SK Telecom's Sketch platform.
Meanwhile, SK has continuously worked to foster an ecosystem of corporations devoted to effectively solving social problems. Through various programs, including Impact MBA, which trains outstanding social entrepreneurs; Impact Unicorn, which develops promising social ventures into unicorns valued at 100 billion won or more; and SOVAC (Social Value Connect), which helps consolidation and cooperation among corporations striving to solve social problems, it has supported the creation of a social venture ecosystem.