KIDP aims to nurture social enterprises

The Korea Institute of Design Promotion held a demo day event last week to allow social enterprises to share their success stories and have opportunities to get funding from investors.

The KIDP, affiliated with the Ministry of Trade, Industry and Energy, has been carrying out a project, called "Social Enterprise Design Assistance Program," since 2019, with aims to nurture social enterprises in the design sector.

The institution has been providing participating companies with consultations on design, manpower, services and business development, which are crucial for them to expand their busineses and get funding.

According to the KIDP, over 186 companies, including 52 newly selected firms this year, have received some form of support over the past four years, with their accumulative funding totaling over 7.9 billion won ($6.02 million).

The demo day event was held as an extension of such efforts, explained the KIDP. The itinerary included exhibitions, demonstrations and investment counseling for investors and design companies.

Design firms across industries participated in the fair, showcasing innovative designs to solve real world problems.

South Korean preliminary social enterprise Cut the Trash, which was launched in 2021, put its upcycled fashion products on display. The company said it collects discarded fishing nets, plastic and trash from the ocean and transforms them into fabric that can be used in creating ecofriendly fashion items.

Moreover, social venture startup Liberabit presented a mobile application solution which allows disabled youth to rent wheelchair mobility aids called Movins at major tourist attractions in Korea.

“The Korea Institute of Design Promotion will continue our efforts to aid firms that manage their businesses with the primary mission of pursuing social values, so that they may discover consumer and market demands through design, and come up with the best solution to continue sustainable business operations," said KIDP President Yoon Sang-heum.