Labor ministry seeks entrants for social-value business competition

The labor ministry said Monday it is accepting entries for a social-value business model competition, offering tailored mentoring and consulting to eligible social and solidarity economy enterprises.

The ministry said it established the competition to identify social-value business models with high growth potential and expand social-value creation results. It said the mentoring and consulting are tailored from an investor's perspective.

Applications, which opened July 30, will be accepted through Aug. 20 at 2026svbiz.com. Social enterprises and cooperatives that earned an "excellent" or higher Social Value Index (SVI) rating between 2023 and 2025 may apply. Applicants must also have an innovative model combining their own social objectives with a solution to a social problem.

The contest will select 10 enterprises and award 50 million won ($35,209) in total prize money, along with awards from the labor minister and the Korea Social Enterprise Promotion Agency.

Winners can participate in investment-linked support and networking events in 2026 and receive priority selection for a 2027 program to build their capacity to attract investment.

"With the deadline approaching, we urge capable social and solidarity economy enterprises with outstanding or excellent SVI ratings to participate actively," Jeong Seung-guk, president of the agency, said. "We hope this competition will be a decisive opportunity for businesses to establish clear competitiveness in the investment market and move up a level."

Guidance materials and an FAQ from an Aug. 6 online briefing are posted on the competition website, which also provides application details and document-submission instructions.