Tri-Sector Collaboration to Finance Social Open Innovation Breakthroughs in Vietnam and Korea

In 2022, United Way Worldwide, Shinhan Financial Group Hope Foundation, and the Vietnam Ministry of Science and Technology launched a bold-cross-border Social Open Innovation Initiative. Its goal was to unlock technology-driven solutions to complex social challenges in Vietnam by catalyzing partnerships between governments, corporations, and social impact organizations.

Over the past three years, this trilateral partnership has mobilized 20 Korean tech startups and engaged over 100 living lab partners directly impacting more than 10,000 individuals, including people with visual impairments, youths, women and ethnic minorities living in remote mountainous areas. Participating startups developed innovate solutions across key sectors such as education, health, barrier-free smart cities, and the circular economy. Living lab partners included local governments, people’s committees, public schools, community health clinics and social service organizations.

What began as a traditional grant-making model evolved into a Social Open Innovation ecosystem, leveraging Catalytic Capital 2.0 to mobilize a diverse array of funders- including private investors, development aid agencies, corporate tender companies, and philanthropy networks. By integrating proof-of-concept (POC) testing, pivoting processes, and multi-stakeholder collaboration, the initiative combined public resources, private-sector investment, and global NGO facilitation to foster sustainable and scalable social impact.

This session will provide practical insights on how cross-border, cross-sector collaboration, backed by catalytic capital, can accelerate the commercialization of technologies for social good, presenting a replicable model for financial social innovation ecosystems across the Global South.