MYSC

The Birth of MYSC

MYSC. It stands for Merry Year Social Company. Simply put, MYSC is an impact consulting and investing firm in South Korea. To understand what MYSC is and what it does, we need to go back to its roots.

MYSC was founded in 2013 by a group of passionate individuals committed to tackling pressing social and environmental issues. They were driven by the belief that sustainable change requires a collaborative approach involving various sectors – including government, businesses, and local communities.

The founders saw a gap in the market: While many organizations were working on social issues, there was a lack of coordinated effort and innovative solutions that could address these problems effectively. They envisioned MYSC as a bridge – connecting different stakeholders to create impactful, scalable solutions.

Notable Projects and Achievements

What have they done? Let’s explore some of MYSC’s key projects and accomplishments:

• Project “Eco-City

This initiative aimed to transform urban environments into more sustainable spaces. MYSC collaborated with local governments and businesses to implement green technologies and community-driven solutions in Seoul. The project resulted in significant reductions in carbon emissions and increased green spaces in urban areas. It also raised awareness about sustainable urban planning among residents.

• Youth for Change” Program

This program focused on empowering young people to become leaders in social innovation. MYSC provided training, mentorship, and funding to youth-led projects that addressed various social issues. Achievements: Many of the projects developed under this program have gone on to create substantial social impact, such as improving access to education and supporting marginalized communities.

• Clean Water Initiative

MYSC partnered with international organizations to provide clean water solutions to underserved regions in Korea and beyond. The initiative involved installing water purification systems and educating communities about water conservation.

Achievements: This project has improved health outcomes and quality of life for thousands of people. It also highlighted the importance of sustainable water management practices.

Corporate Collaborations and Innovations

But a few cases presented in 2019 SSIR article were particularly significant, which were collaboration with big corporations to address social issues.

AIA Korea and MYSC

In an effort to incorporate values-driven principles into their business models, companies are partnering with organizations across various sectors. For example, AIA Korea, a life insurance company, joined forces with seven social ventures and leveraged MYSC’s acceleration services to launch the AIA Open Innovation program. This initiative aims to create social value by offering financial support to startups in health and fintech sectors, thereby benefiting AIA’s customers and stakeholders.

This collaboration is mutually beneficial. The social ventures gain exposure to AIA’s extensive customer base, while AIA enhances its customer value by supporting impactful solutions. For instance, one of the startups, We-huddling, employs algorithms and chatbots to suggest healthier eating habits to users with irregular diets, thereby helping AIA’s customers maintain better health.

MYSC & Hana

Similarly, Hana Financial Group, a major Korean bank-holding company, is at the forefront of Corporate Social Responsibility (CSR) with initiatives designed to assist disadvantaged individuals. The Hana Power-on Challenge program creates job opportunities by pairing underemployed designers with social ventures for a five-month internship, with many designers securing employment afterward. Another initiative, Hana Power-on Impact, collaborates with social ventures to provide employment and skill development for people with developmental disabilities.

MYSC & SK

To foster a robust social enterprise ecosystem, SK Group introduced the Social Progress Credit (SPC) pilot program in 2015, which now includes around 190 social enterprises. The SPC acts as a financial incentive, rewarding social enterprises based on the social value they produce. SK has created a method for quantifying social value in monetary terms and is in the process of applying this approach across its global affiliates, which number over 80 and span industries such as energy, chemicals, finance, shipping, insurance, and construction. This particular collaboration is very significant in Korea’s social sector and very innovative in many ways. Especially, I do appreciate the fact that this project is not about delivering a few innovative solutions but rather creating an ecosystem for social innovation. We are going to review recent development and have an in-depth discussion in greater detail later.

Impact on Korean Society

In conclusion, MYSC’s work has had a profound effect on Korean society:

• Raising Awareness:

MYSC has played a key role in raising awareness about social and environmental issues. Through its projects and campaigns, it has educated the public and influenced policy changes.

• Building Partnerships:

By bringing together diverse stakeholders, MYSC has fostered collaboration between government, businesses, and civil society. This has led to more effective and holistic solutions to complex problems.

• Empowering Communities:

Many of MYSC’s initiatives focus on community engagement and empowerment. By involving local communities in the decision-making process, MYSC has ensured that solutions are relevant and sustainable.

What lessons can we draw from MYSC case?

• First lesson would be that collaboration is Key. Effective social innovation often requires collaboration across different sectors. By working together, stakeholders can leverage each other’s strengths and resources.
• Context Matters: Tailoring solutions to the specific needs and contexts of communities ensures greater relevance and sustainability. MYSC’s success in this area highlights the importance of understanding local dynamics.
• Empowerment Drives Change: Empowering individuals and communities to take charge of their own development can lead to more meaningful and lasting impact. MYSC’s youth programs and community-driven projects demonstrate this principle in action.

What other factors do you think contribute to successful social innovation? How might these factors vary in different cultural or geographic contexts?

Or you might discover some other lessons I could not think of. So please feel free to leave comments and ask questions in the discussion board.

MYSC’s journey offers a powerful example of how social innovation can drive meaningful change. By learning from their experiences, we can gain insights into effective strategies and potential challenges in the field of social impact.