This South Korean country analysis is part of a series on the social entrepreneurship and social innovation ecosystems in Asian countries including China, Japan, South Korea, Singapore, Thailand and the Philippines. The comparative study provides a global analytical framework on characteristics, trends, challenges and lessons learnt for building a supportive social enterprise ecosystem that leads social innovation in the different focus countries. According to this report, South Korea has the most advanced policy environment for social enterprises in the region. While the certification system demonstrates the South Korean government’s strong commitment to promoting social enterprises, it comes with adverse effects. Some criticize that the directly subsidizing social enterprises’ personal expenses is damaging their sustainability. The key risk of the South Korean ecosystem is its dependency on the government. It is vital that the ecosystem continues to evolve with a more diversified set of players across different sectors, including the business sector, with capacities and resources to support social enterprises.