South Korean oil and chemical company SK Innovation plans to support local social ventures through crowdfunding, the firm said Wednesday.

A social venture is a firm that focuses more on addressing social problems and less on profit.

Selected social ventures will be supported by SK Innovation employees through crowdfunding. 



Each employee can voluntarily invest up to 1 million won ($846) in the social ventures. For every 1 million won raised, SK will match the investment. Profits will later be shared among the investors, although the details of this arrangement are still unspecified.

In addition to the crowdfunding program, workers with expertise in finance, law, public relations or research and development can also donate their talent to the social ventures.

The four social ventures all operate in eco-friendly business areas: Ingine uses waves from water to produce electricity, and Marine Innovation produces biodegradable plastic from seaweed. O2M produces oxygen masks inspired by astronauts’ breathing apparatuses, and Enomad makes portable hydroelectric generators powered by flowing water. 

By Shin Ji-hye (shinjh@heraldcorp.com)