Team Microwave (consisting of Seoyeon Kim, Yeyoung Kim, and Yaejin Jeon) won the 1st Prize in the 2018 Social Innovation Consulting Competition. Team Microwave honed in onto the socially and environmentally damaging consequences of food waste, identifying that most of the food waste produced in Korea came from small restaurants and households. The team devised a path to decrease food waste produced from these small food business, crafting a strategy that allows for stockpiled food to be sold at a cheaper price.
At the Social Innovation Consulting Competition Final Pitch, held in the Eugene Lounge of Yonsei University's Daewoo Hall Annex on April 2, 2018, the panelists commended the winners for their months of hard work and effort in identifying a win-win strategy that not only benefits buyers and sellers but also the environment.
Following the Social Innovation Consulting Competition, the trio were tasked to prepare a comprehensive team presentation for the SPC Awards, which was organised by the SK Group on April 19, 2018. Despite facing strong competition from about 130 other teams, Team Microwave, with great mastery and understanding of the business model and a concerted effort in preparation, won the 1st Prize at the SK Group's SPC Awards Ceremony! Mr. Choi, CEO of SK Group, congratulated the team for their accomplishments, and encouraged the student participants to continue being social entrepreneurs who would make impact on society!
SK SPC Award (April 19th, Thursday)
Name: Seo Yeon Kim
After the final presentation of Social Innovation Consulting Competition, our team was invited to SPC award organized by SK Group. We were asked to prepare a team presentation that explains Team Members, Social Mission, Business Model, and Business Plans.
During the Session, I spent time with my designated mentor, Kim Yeon Jin. Because our team Planeat had a concrete and solid Social Mission, we focused more on the Business Model. As a Director at ‘Big Walk’ which is also a mobile application service, my mentor gave useful advice on operating the application. For example, instead of proposing a commission fee in our profit structure, he advised we can make a fixed fee from the stores with differential price. A rough model on the fixed fee profit structure included additional data on customers such as age, preference, gender and an analysis that could drive possible profit. He also highlighted that it would be easier to operate websites rather than on application since our service model requires two screens with one server.
After an hour, each team gave a short presentation on their business model. I simply highlighted our mission and business model, which is to reduce food waste by last-minute sale of restaurants. The mentors and participants went around to cast votes. Fortunately, our team received the highest vote and was awarded with the 1st Prize.
At the SPC Award Ceremony, approximately 130 Social Entrepreneurs and CEO of SK Group participated. The successful social entrepreneurs that received the SK fund for three years gave a speech on what they achieved as a business and how they impacted our society. Mr. Choi, CEO of SK Group encouraged the students and Social Entrepreneurs to continue their role of impacting the society. It was truly inspiring to get advice from on-site workers, and to see how much social entrepreneurs were dedicated to their mission.
Since our inception, the Yonsei Center for Social Innovation (YCSI) has recognised the dynamism of the UIC student body. With the aim of fostering the next generation of social innovators within UIC, we have built a robust, specially-tailored support mechanism that furnishes these young, creative talents with targeted and value-accretive resources. YCSI is proud to support the efforts of students as purveyors of social change, and congratulates the winners — Seoyeon Kim, Yeyoung Kim, and Yaejin Jeon — for their accomplishments!
For more information, please contact the Yonsei Center for Social Innovation, at firstname.lastname@example.org (032-749-3099).
About Social Impact Initiative for Global Creative Talent
Funded by University for Creative Korea, the Social Impact Initiative for Global Creative Talent (SIIGCT) aims at fostering social innovators by providing diverse curricular and extracurricular programmes within Underwood International College, Yonsei University's Techno-Art Division and Integrated Social Sciences Division.