Opening Markets for Social Impact Enterprises: South Korea's Public Procurement Policy
In my conversations with practitioners from social impact enterprises in the field, one recurring need stood out above all else: a 'market' where they can actually sell their products and services. Generating revenue is essential not merely for profit, but because a sustainable business model is required to deliver the social value these enterprises aim to create. The South Korean government has actively developed policies to address this challenge. Every year, the public sector purchases a massive volume of goods and services. South Korea's policy intentionally directs a portion of this public consumption toward social enterprises. This mechanism is known as the Preferred Public Procurement Policy for Social Enterprise Products. Put simply, it is a policy where the government and public institutions support market access for social enterprises by becoming their direct customers. 🐣The Preferred Public Procurement Policy for Social Enterprise Products ...