After years of economic stagnation, a lack of innovative ideas and entrepreneurs, the Japanese corporate sector has recently seen a rejuvenating trend driven by the growing domestic startup scene. This development is represented by an increasing number of startups and a growing value of venture capital
, also showing that some workers in Japan
are moving away from the traditional system of corporate life to follow their own, unique business visions.
The Japanese government recognized the potential of this trend by launching its startup support program “J-Startup” in June this year. The goal is to promote Japanese startups overseas and produce 20 unicorns and listed companies by 2023. Managed by the Ministry of Economy, Trade and Industry (METI), Japan External Trade Organization (JETRO) or New Energy or Industrial Technology Development Organization (NEDO), support for startups comes in the form of invitations to global events, networking opportunities as well as preferential treatment such as financial support or simplifications of procedures.
However, support not only comes from the government. Large Japanese companies are also promoting the ecosystem and engage with startups by investing directly or through incubators and accelerators. According to Entrepedia (as reported
by techinasia.com), there has recently been an almost eightfold increase in the number of startup companies that raised over one billion Japanese yen in funding rounds - from eight companies in 2012 to 59 companies in 2017.