Labor ministry to host Value-up Day for social-value business models

The labor ministry said Tuesday it will hold the finals of its 2026 social-value business model competition on Nov. 4, with 10 companies presenting their ideas at the Value-up Day event at the Ferrum Tower in Seoul and 50 million won ($37,804) in prize money on offer.

The event, organized with the Korea Social Enterprise Promotion Agency, begins at 2 p.m. The 10 finalists refined their models through expert mentoring.

In the first part of the program, each finalist will present its business model and plans for creating social value before a panel of judges. A 30-member audience panel drawn from the general public will also rate the presentations, with its scores added to the final judging as a five-point bonus.

The grand prize from the employment minister carries 15 million won ($11,341), the runner-up award 10 million won ($7,561), with two second prizes of 5 million won ($3,780) each and six commendation prizes of 2.5 million won ($1,890) each.

Awards will also go to companies and local governments that performed well under the Social Value Creation program, with four ministerial prizes and two from the Social Value Research Institute. Visitors can join a "people's value investor" program in which they allocate 10 million won ($7,561) in virtual funds across three companies.

"We hope this Value-up Day becomes a place to share innovative business models for solving social problems and outstanding social-value results with the public," an official at the Korea Social Enterprise Promotion Agency said. "We hope it goes beyond a simple contest to become a festival where people can enjoy and sympathize with the challenges and achievements of those who will lead the future of the social economy, and we ask for much interest and participation."