LocationsAdvancing youth-led impact through reflections on Korea’s social entrepreneurship ecosystem
May 8, 2025
UNDP Seoul Policy Centre (USPC), in collaboration with Impact Hub and Impact Square, co-hosted a knowledge exchange event titled “Scaling for Impact: Entrepreneurship for a Just and Sustainable Future” on 7 May 2025. Held as part of USPC’s ongoing commitment to the Youth Co:Lab initiative co-led by UNDP and Citi Foundation, the event brought together ecosystem leaders and entrepreneurs to explore how Korea’s youth impact entrepreneurship ecosystem can evolve and inspire global sustainable development.
The event doubled as a pre-launch opportunity for USPC’s upcoming study, "State of the Ecosystem for Youth Social Entrepreneurship in the Republic of Korea", which analyses the policy landscape of Korea’s youth-led social enterprises and extracts insights that can be relevant for countries across the Asia-Pacific and beyond.
Dr. Jae Won Kang, Research Fellow of the Korea SMEs and Startups Institute (KOSI), and co-author of the report, opened the event by laying the groundwork for discussion. He mentioned the systematic step-by-step support provided to SMEs and startups, with policies and programmes set to both protect and nurture the Korean SME ecosystem. Citing the 2023 Social Venture Business Survey in Korea, he highlighted that while the proportion of young entrepreneurs in their twenties remains relatively low, the rapid pace at which their businesses attain profit and the relatively smaller gender gap in entrepreneurship are noteworthy. At the same time, he examined the potential limitations of Korea’s top-down policy approach and the risk of dependence on government funding.
Following the research presentation, a panel of ecosystem experts explored the findings in greater depth. Moderated by Tatiana Glad, Executive Director of Impact Hub Network, the panel shared key insights from the report and reflected on how lessons ffrom the Korean impact ecosystem could inform the global community and vice versa.
Minsu Kim, COO of Impact Square, noted that while Korea’s impact ecosystem has grown under government leadership, it is time to move beyond policy dependence and strengthen market-driven sustainability. Citing Seongsu-dong’s Social Venture Valley, a community largely built without government support, he emphasized the importance of self-sustenance for young entrepreneurs and the need for strong role models to inspire more youth to pursue impact entrepreneurship.
Jaehyong Heo, CEO of Root Impact, provided practical tips on retaining local relevance and achieving deep impact. He emphasized the importance of defining a clear-cut and robust objective for business founders and co-workers as the starting point for global collaboration among diverse cultures and backgrounds.
Pamla Gopaul, Lead Coordinator for the African Union Development Agency-NEPAD (AUDA-NEPAD), shared insights on local development, highlighting the importance of understanding the cultural dynamics of local communities as a key foundation.
Bongsu Kang, CEO of DeepVisions, discussed the significance of understanding youth in Korea not merely as individuals driven by financial interests, but as those who are more motivated than others to tackle complex social challenges. He also highlighted the value of providing young entrepreneurs with opportunities to engage directly with the impact ecosystem.
Following the panel discussion, participants engaged in a group talk session to exchange ideas on the challenges facing Korea’s impact ecosystem, the potential for international collaboration, and practical ways to strengthen the youth entrepreneurship landscape. Issues such as language barriers in support systems and the tendency to generalize diverse challenges under a single impact sector label were raised, and global fellowship opportunities were mentioned as one possible area for exploration in supporting young impact entrepreneurs.
The event provided USPC with invaluable insights from the ground and a broader understanding of how Korea’s experience could contribute to global efforts in youth-led impact entrepreneurship. As part of its efforts under the Youth Co:Lab initiative to foster a more enabling environment for youth entrepreneurs’ impact work, USPC will advance knowledge-sharing and ecosystem-building through the upcoming release of its report and future editions of acceleration programmes for SDG-aligned startups.
UNDP Seoul Policy Centre (USPC) shares Korea’s tested-and-proven policy tools with other countries through SDG Partnerships. SDG Partnerships provide a combination of support, including partnership development with Korean institutions, seed funding, technical assistance, and policy advisory services. It utilizes UNDP’s global network of country offices and the policy expertise and know-how of partner organizations.
Co-created in 2017 by the United Nations Development Programme (UNDP) and the Citi Foundation, Youth Co:Lab aims to establish a common agenda for countries in the Asia-Pacific region to empower and invest in youth, so that they can accelerate the implementation of the Sustainable Development Goals (SDGs) through leadership, social innovation and entrepreneurship. Read more about Youth Co:Lab here, and initiatives by Youth Co:Lab in Korea here: https://www.youthcolab.org/republic-of-korea
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