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Think about community not ICO.

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The article was authored by Jun Hasegawa, CEO of Bangkok-based FinTech startup Omise, and was first appeared on his own Medium feed. It has been reproduced by The Bridge with the approval of him. See also: Omise acquires dtac’s payment services provider Paysbuy to accelerate growth in SEA (e27) Omise Supplements VC Funding Through Abstemious Token Offering (ETHNews) Japan, Thai startups unite to support younger selves; Inaugural meeting held with ministers Omise secures $17.5M to become Southeast Asia’s largest online payments gateway While ICOs have been around for a number of years, only until 2016–2017 did we start to the a whole hosts of ICOs and ICO funded projects entering the mainstream world. I for one have made the decision to step into the center of the ICO activities with hopes that through this unprecedented experience I would challenge myself to learn and grow, while also contributing back to strengthen the blockchain ecosystem in the long run. How did I get here? In 2013 I founded Omise as an e-commerce platform based out of Thailand. Though the efforts to grow out this business I experienced first hand how outdated payment processors, gateways and financial institutions impeded e-commerce growth across the…

Omise CEO Jun Hasegawa

The article was authored by Jun Hasegawa, CEO of Bangkok-based FinTech startup Omise, and was first appeared on his own Medium feed. It has been reproduced by The Bridge with the approval of him.

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While ICOs have been around for a number of years, only until 2016–2017 did we start to the a whole hosts of ICOs and ICO funded projects entering the mainstream world. I for one have made the decision to step into the center of the ICO activities with hopes that through this unprecedented experience I would challenge myself to learn and grow, while also contributing back to strengthen the blockchain ecosystem in the long run.

How did I get here?

The Omise team introduced their beta service at Echelon Thailand in 2014.

In 2013 I founded Omise as an e-commerce platform based out of Thailand. Though the efforts to grow out this business I experienced first hand how outdated payment processors, gateways and financial institutions impeded e-commerce growth across the Asia-Pacific region. In realizing this, my co-founder and I pivoted Omise to became a fully-devoted fintech company focused on providing the most reliable and secure online payments services.

About a year after we launched Omise payment I stumbled across this technology called blockchain, and more specifically Ethereum-based blockchain. This was back in early 2015 when ETH 1 was valued less than US$ 1. I immediately became fascinated by this technology and the promise it brings to scaling Omise’s business.

Since my introduction to the blockchain technology, Omise has committed itself to supporting and strengthening ways to bring this promising technology into mainstream business.

Blockchain community

There are several aspects of what makes blockchain technology so attractive to me personally. The first is, of course, the technological potential. However, there is also another very important aspect that often is glazed over by mainstream world but I feel deserves a greater spotlight: the blockchain community and its ecosystem.

Having submerged myself in the open source technology world both through OmiseGO blockchain and Omise payment, I am truly convinced the unique value of open source technology is its surrounding community. With this, I believe it is Omise and OmiseGO’s responsibility as a member of the wider community to help contribute to and grow it.

From the very beginning of OmiseGO (initially called Omise Blockchain Lab) Donnie and I took the approach of viewing community contribution, sustainability and scalability as a core part when benchmarking our “return on investment”. For instance, Omise provided funding to support the Ethereum’s DEVgrants as well as to DEVCON 1 and 2. Every time we decided to provide funding to support a community initiative,

I’m certain our board members were thinking to themselves “Crazy Jun, here we go again”. However, I fully believe in the community approach and I do believe our contribution, though modest, have provided us with the opportunity to build stronger network of relations amongst the blockchain and Ethereum community.

I would like to reaffirm that Omise and OmiseGO are committed to continuing it’s support to the blockchain and Ethereum community as we move forward into the future.

One example is our long-term supportee “Raiden network” which has been based on Ethereum (Git link). Heiko Hees, CEO at Raiden network, is a distinguished person who has been taking an approach, from an early stage, to the problem of transaction speed (known as “TPS”) that Ethereum will sooner or later be confronted with.

Subsequently, we continued to build more and more relationship with other members including founders of Ethereum and other leading roles in this community-crypto society.

Cryptocurrency for Society

Image credit: timbrk / 123RF

Have you ever attempted to take apart the field of finance? Today’s society employs cash, credit cards, points and other units which both express and alternate primary values in a real form. Thanks to a variety of units, it enables us to make an exchange from one unit to another. Because barter trade was often difficult to apply a measure properly to every single value, people were willing to make a common system that we all agree on.

Accordingly, community was born and currency as a common system was invented. (You can imagine a situation like “This chocolate is worth $1. Do you agree on a price?”) The idea of currency began to widely spread and the society admitted the use of currency as a measuring tool for measuring thousands of values.

Nevertheless, the political (“centralized”) orientation favoring some particular belief by each nation led to produce separate currencies which are in need of some form of administration. As it turned out, the society found a value-alternative method in a temporary sense but ended up with more complicated societies and stood too far from the establishment as a united world.

Furthermore, a form of cash advance into credit cards and other convenient figures. If you are ought to take apart credit cards, they project the amount of money he or she could afford for in advance and gather used-values into one place. In spite of this, due to the spread of the internet across the world, our societies were in search of more convenient methods.

After all, that is where cryptocurrencies came in. The cryptocurrencies were epoch-making architecture which remedies a problem caused by the centralized authority that human history has been facing for a long time. Thanks to its architecture, they make a progress of decentralized system in the true sense.

The other side of the coin is that, this unique system requires greater coordination amongst multilateral participants since participants could influence on the system itself. To put it shortly, participants in the community are really important. It has to be designed to ensure that decision-making is based on whether a majority of participants in the community agree on.

The standard practice is that we can hardly claim a majority of the population becomes the thief in our society, in the same way, wholesome and right decisions are almost surely made for the community.

Yet it is no longer the case with ICO; ICO could potentially demolish the ecosystem in the society & in the community. You might come up with the question “Why OmiseGO is associated with ICO then? We consider ICO as a revolutionary method to raise funds in the next generation and it has an unbelievable potential unless we mistake the method of investment.

Therefore, OmiseGO conducts ICO. In the meanwhile, we are aware of some points.

  1. Ensure many participants can participate.
  2. Raise funds only we need.
  3. “Giving without expectation in return” mindset.
  4. Always stay close to the community (pre & post ICO as well)
  5. Transparency.

We came to the conclusion with these elements in accordance with the active discussions in Slack, Twitter, Reddit, and so on. On the basis of the above, we have been updating our ICO, including a shift form Public ICO to Private ICO.

Image credit: lightboxx / 123RF

It is quite possible to raise xx M USD in 30 seconds from a viewpoint of a demand in the current market if we release the address to the public. Still, we cannot leave the theory “rich grow richer” in this manner. Therefore, we decided to take an opposite direction, departing from a conventional wisdom in terms of the ICO. Of course, we neither treat our approach as consensus -gaining among all, nor wish that will happen. However, after all things considered with a decent amount of time we spent on the discussion on how to wholesomely sustain the ecosystem, we arrived at such conclusion.

A method of ICO will keep progressing and come into common. It is not surprising that a government will engage into ICO one day. Yet until then, testifying whether ICO is a better solution over the conventional methods in terms of the fund raising will ultimately affect our society in the future. Moreover, it is essential for a new society of the cryptocurrencies too.

We don’t mean to mention their names, but if you are the member of the society, you should keep in mind that disruption only occurs in a state with “already-developed”, not with “under developed.” We are meant to raise the standard in order to develop an ecosystem by coexisting and less conflicting each other. Harmonization is the key success factor. Personally, I am not very pleased with the ICO that seemingly intends to raise a mint of money in one year or money with no upper limit because it might corrupt the ecosystem.

(I do not deny the projects. All projects seem interesting and splendid.)

Ecosystem by OmiseGO

OmiseGO has set a goal: Online payment for everyone. Throughout our experience as a business operator in the past two and a half years allows us to explore pain points of customers and infrastructure providers. In order to solve their problems, we kept running full speed. And then we realized that in order to achieve our goal in a true sense, we are in charge of building our ideal ecosystem. Some may say our proposals are quite unrealistic and other giant corporations with sufficient financial resource will eventually take actions instead.

But what is the most important is how fast to put it into practice.  It is certainly possible that only we cannot achieve that. But as stated above, if we work together in the society in full harmony, our idea is more likely to become reality.

Omise boosts to our full speed ahead in a true sense. Omise payment continues to provide business and individual customers an acceptance that can receive values. OmiseGO constructs a network as it will serve as a useful venue for exchanging values.
And above all, we are looking forward to making a more exciting announcement in Q3/2017.

First-ever Startupbootcamp Fintech accelerator demo tour winds up in Tokyo

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This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology. The Fintech Accelerator program run by Startupbootcamp, based in Singapore and lasting three months long, held its first ever Demo Tour in Asia. Commencing with its home base in Singapore on July 5th, the 10-day “Odyssey” of 11 participants from seven countries entailed visits to Chengdu and Hong Kong in China before winding up on July 14th in Tokyo, Japan (albeit on the final day only eight startups gave pitches, three firms of AIM from Korea, Fugle from Taiwan and Smartfolios from Russia being absent). In Tokyo, the Demo Tour was hosted by Finolab, with support from local partners. Startupbootcamp is the accelerator arm of venturebuilder/design studio/consultancy Rainmaking, which has 11 offices on three continents. In Asia they seek to promote entrepreneurial problem solving within corporate teams across multiple industries. The Tokyo visit was opened by a Startupbootcamp Asia representative who outlined the endeavor and paved the way for the startups that had made it to Japan, with the day being ended by the Startupbootcamp FinTech Program Director summing up the tour. See also: Startupbootcamp FinTech Singapore demo day showcases…

This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology.


Steven Tong, Managing Director of Startupbootcamp FinTech

The Fintech Accelerator program run by Startupbootcamp, based in Singapore and lasting three months long, held its first ever Demo Tour in Asia. Commencing with its home base in Singapore on July 5th, the 10-day “Odyssey” of 11 participants from seven countries entailed visits to Chengdu and Hong Kong in China before winding up on July 14th in Tokyo, Japan (albeit on the final day only eight startups gave pitches, three firms of AIM from Korea, Fugle from Taiwan and Smartfolios from Russia being absent). In Tokyo, the Demo Tour was hosted by Finolab, with support from local partners.

Startupbootcamp is the accelerator arm of venturebuilder/design studio/consultancy Rainmaking, which has 11 offices on three continents. In Asia they seek to promote entrepreneurial problem solving within corporate teams across multiple industries. The Tokyo visit was opened by a Startupbootcamp Asia representative who outlined the endeavor and paved the way for the startups that had made it to Japan, with the day being ended by the Startupbootcamp FinTech Program Director summing up the tour.

See also:

An overview of the pitches by the eight are as follows:

CherryPay (Singapore)

Singapore’s CherryPay presented their international Peer-to-Peer money transfer matching platform, which has the backing of Amazon Web Services as well as Cisco Systems. Chief Marketing Officer Kate Wu said her company provides reasonable rates and affordable service fees in addition to quick receipt of funds via local bank accounts through leveraging of its transborder network.

Smallticket (Korea)

Another businesswoman, who stood out in an attention-grabbing garb emblazoned with her company logo, was Julie Kim Jung Eun, Founder and the top officer at Smallticket of Korea. This online social insurance broker outfit, which minimizes risks using Peer-to-Peer rewarding platform, underscored the merits for micro-segment groups that utilize their system.

Vesl (the Philippines)

An all-Filipina management team as represented by the lady in charge of product development spoke on behalf of Vesl. It was noted that trade credit insurance at bite size was being availed to SMEs and others such as farmers cooperatives hitherto ineligible to gain access to cheaper financing. The startup from the Philippines now has an agreement with a global insurance broker.

Morakot (Cambodia)

Speaking of the Philippines, Chief Executive Officer and co-founder Sophorth Khuon, of Cambodia’s Morakot offering microfinance, unveiled his company’s expansion plan into the island nation in 2018, following this year’s entry into Myanmar. He highlighted the problems faced by emerging markets, which his startup seeks to address with a business model based on core banking.

Scalend (India)

Regarding solutions for difficult challenges as exemplified with dealing with Big Data, Scalend showcased its AI-backed data and insights discovery platform for financial services companies. Ravi Madhira, who is one of the two co-founders, talked about how he and his business partner had over forty years of collective experience in building internet scale systems.

Jumper.ai (India)

As for AI, Jumper.ai co-founder Yash Kotak of jumper.ai outlined their social media-use e-commerce enabler which realizes Instant Checkout among other things. The auto-engage sales based on jumper tech can be used on Facebook, Instagram, Twitter and YouTube, with planned adoption on other social media like Line in the near future.

Tixguru (Singapore)

Another Artificial Intelligence user, Singapore-based startup Tixguru, focuses on quantitative trading recommendations for financial institutions. Its robot advisor, according to Chief Operating Officer James Ong, is grounded in a decade-long experience in this business sector.

Smart Trade (Japan / China)

Smart Trade, with a base in both Japan and China, is also involved in “quant trading” although in this startup platform’s case the target market comprises individual investors. CEO@Japan and co-founder Tomoyuki Uchida highlighted their Algorithm Store and Algorithm Factory lines. The company CMO and co-founder Guangzhen Li is also known for being active in this arena.

Loftwork, Cafe Company and Panasonic set up collaboration site for startups in Shibuya

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This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology. In view of Panasonic celebrating its centennial in 2018, the Osaka electronic company has set up this July with startups Loftwork and Cafe Company – under the banner of “setting up an experimental space that seeks to enrich the world over the next hundred years” – a collaborative space in the area just south of Japan Railways Shibuya station. The three-story structure dubbed 100BANCH comprises the “Loft” collab space on the top floor supported by Panasonic and the “Garage” work space for members on the second floor. The ground floor will be occupied by “Kitchen” which will be a cafe space operated by Cafe Company. Shibuya is a hotbed of startup in Japan, and Panasonic, which started out small a century ago, wishes to support such companies taking on business challenges. The opening ceremony brought together some of the slated occupants of the building, ranging from an aquaponics venture with the backing of Assoc. Prof. Hiroyoshi Iwata of the University of Tokyo’s Graduate School of Agriculture and Life Science, to a Non-Profit Organization project (Re:recipe) looking to invigorate regional cities…

This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology.


In view of Panasonic celebrating its centennial in 2018, the Osaka electronic company has set up this July with startups Loftwork and Cafe Company – under the banner of “setting up an experimental space that seeks to enrich the world over the next hundred years” – a collaborative space in the area just south of Japan Railways Shibuya station.

The three-story structure dubbed 100BANCH comprises the “Loft” collab space on the top floor supported by Panasonic and the “Garage” work space for members on the second floor. The ground floor will be occupied by “Kitchen” which will be a cafe space operated by Cafe Company. Shibuya is a hotbed of startup in Japan, and Panasonic, which started out small a century ago, wishes to support such companies taking on business challenges.

The opening ceremony brought together some of the slated occupants of the building, ranging from an aquaponics venture with the backing of Assoc. Prof. Hiroyoshi Iwata of the University of Tokyo’s Graduate School of Agriculture and Life Science, to a Non-Profit Organization project (Re:recipe) looking to invigorate regional cities by introducing to travelers unique local dishes that can be found all over Japan.

Nomura’s Voyager accelerator Demo Day showcases collaboration with five startups

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This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology. The Voyager accelerator program Demo Day was held on July 14th in Shibuya. Run by the Nomura group of companies under the auspices of Nomura Holdings, support from the Nomura side with an eye to producing synergy – in addition to outside private-sector mentors (like former Intel Japan chief Ikuo Nishioka) as well as advisors such as academics and field professionals helped five startups gain traction in their business. The five firms presented their plans, as below: Chikaku, which offers a service providing links for senior citizens to their relatives as exemplified by their grandchildren via video tech (“Mago” in Japanese, hence “Mago Channel” as the service name), tried out their productline at half a dozen Nomura Securities branches. Much positive feedback from the trial participants and the securities sales staff was gained. Chikaku hopes to expand their service further in cooperation with Nomura Securities. Simulatio, a venture business born out of research at Japan’s National Institute of Information and Communications Technology (NICT), unveiled its natural language-grounded “Logic & Arithmetic Network Database” (LAND). The startup aims to promote analysis and…

This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology.


The Voyager accelerator program Demo Day was held on July 14th in Shibuya. Run by the Nomura group of companies under the auspices of Nomura Holdings, support from the Nomura side with an eye to producing synergy – in addition to outside private-sector mentors (like former Intel Japan chief Ikuo Nishioka) as well as advisors such as academics and field professionals helped five startups gain traction in their business.

The five firms presented their plans, as below:

Chikaku, which offers a service providing links for senior citizens to their relatives as exemplified by their grandchildren via video tech (“Mago” in Japanese, hence “Mago Channel” as the service name), tried out their productline at half a dozen Nomura Securities branches. Much positive feedback from the trial participants and the securities sales staff was gained. Chikaku hopes to expand their service further in cooperation with Nomura Securities.

Simulatio, a venture business born out of research at Japan’s National Institute of Information and Communications Technology (NICT), unveiled its natural language-grounded “Logic & Arithmetic Network Database” (LAND). The startup aims to promote analysis and solution provision for the financial sector while improving the reliability of financial information for users. By collaborating with the Nomura group of companies, it looks to realize further enhancement of its services.

Giftee in conjunction with Nomura Securities Koshigaya (Saitama Prefecture) branch gave a trial run of its casual gift service “eGift” which focuses on the grandparents generation wishing to provide younger family members with small gifts. The Nomura group also stands to gain by making in-roads into the elder generation through jointly marketing the “eGift” services.

A10 Lab is offering the “MinChallenge” (meaning “Take on the challenge with everyone”) software which seeks to motivate those involved in various activities but prone to possibly dropping out. The startup hopes to improve people’s lifestyles so the general public will be motivated to be active in society. Research work on this endeavor was carried out jointly with Nomura Research Institute.

Nagoya University Medical School-spawned Prevent wishes to set up a health-oriented community where residents can lower insurance, medical and other social costs based on proper diet or training. Such communities are to be establish by working together with real estate developers such as Nomura Real Estate.

Relationship Companies vs. Product Companies

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This is a guest post by Tim Romero. Tim is a Tokyo-based entrepreneur, podcaster and author who has started four companies and led Japan market entry for others since coming to Japan more than 20 years ago. Tim hosts the Disrupting Japan podcast and is deeply involved in Japan’s startup community as an investor, founder and mentor. The Japanese translation of this article is available here. There is a common misunderstanding among Japanese startups that is causing many of the to go out of business just as they should be hitting their rapid growth phase. Correcting this misunderstanding would do more to promote the success of Japanese startups than all of government startup programs and academic accelerators combined. the difference between a relationship based company and a product based company is important, often not obvious at first. All famous consumer brands are product companies, Facebook, Nike, Honda, Apple, Seiko, Google. Customers are attracted to them, because of the product they make. On average customers feel a greater loyalty to those companies than those companies do to their customers. Sure, all of these companies developed a brand that acts as a kind of halo, that lets them charge a premium price…

Tim Romero

This is a guest post by Tim Romero. Tim is a Tokyo-based entrepreneur, podcaster and author who has started four companies and led Japan market entry for others since coming to Japan more than 20 years ago. Tim hosts the Disrupting Japan podcast and is deeply involved in Japan’s startup community as an investor, founder and mentor.

The Japanese translation of this article is available here.


Image credit: bakelyt / 123RF

There is a common misunderstanding among Japanese startups that is causing many of the to go out of business just as they should be hitting their rapid growth phase. Correcting this misunderstanding would do more to promote the success of Japanese startups than all of government startup programs and academic accelerators combined.

the difference between a relationship based company and a product based company is important, often not obvious at first. All famous consumer brands are product companies, Facebook, Nike, Honda, Apple, Seiko, Google. Customers are attracted to them, because of the product they make. On average customers feel a greater loyalty to those companies than those companies do to their customers.

Sure, all of these companies developed a brand that acts as a kind of halo, that lets them charge a premium price and sell a greater range of products than their competitors. But, in the end, it’s all about the products they make. Product based companies can scale globally. But, just because you make a product, doesn’t mean you’re a product based company.

These relationships were more important back then

Image credit: ponsulak / 123RF

In fact, most Japanese companies with products are not actually product based companies at all. They’re relationship companies. This is slowly starting to change, but the cultural importance of relationships has a long history here. When I started my first Japanese company back in 1998, the goal of almost every startup was to become part of a large company supply chain. Having that kind of relationship guaranteed a steady, if low margin, stream of business.

These relationships were more important back then, because although the keiretsu were starting to crumble under their own weight, most companies still preferred to business within their own corporate groups. And, small to medium enterprises had very little independent buying power. In fact, these captive, protected keiretsu micro-markets, is one of the big reasons Japan did not develop a globally competitive software market in the ‘80s and ‘90s.

At the time an independent Japanese company that would sell its products across multiple keiretsu groups, was a rare and powerful beast indeed. For the most part, the way to survive was to build what your client, very often your only client, to build what they told you to build.

Things have improved a lot in the last 20 years, but still a huge number of Japanese startups are really firms that have one major client and no hope of scaling. They have a relationship that guarantees a certain level of orders, but they have no product that can stand on its own in the marketplace.

Don’t get me wrong, although way too much importance is placed on relationships in Japan, it’s great to have those relationships. Knowing the right people can give you a huge head start in getting your first customers and in getting distribution. But, your product has to be more important than any single customer you have or things are going to break down eventually.

Relationship Companies vs. Product Companies

Image credit: petunyia / 123RF

Now, it can be hard to tell if a company is truly a product company or if it’s a relationship company in the early stages. And, nearly all companies with a product will insist that they are product companies. But, a few giveaways are:

  1. If you are still, or if you are planning on doing custom development work after you receive funding, then you’re almost certainly a relationship company.
  2. If your product requires extensive customization and you’re the only company doing that customization, than you’re probably a relationship company.
  3. If your product started out as a project you did for one customer and then you decided to turn it into a mass market product, then you are most likely a relationship company.
  4. If losing your two biggest clients would put you out of business, then you are certainly a relationship company.

There’s nothing intrinsically wrong with relationship companies of course. In fact, in the early stages, relationship companies often see traction sooner and grow faster than product companies. But, relationships don’t scale and growth will eventually be limited by the strength of the CEO’s industry connections. Of course, relationship companies can still make a lot of money. And, powerful, well connected CEOs can even take a relationship company public, but they can never scale to be a global player.

Actually, relationship companies are fine, if you have strong relationships and want to leverage those into a company, do that. More power to you. The real problem is that this relationship thinking is holding back Japan’s startup community.

The tendency to value relationships over products, is probably the single largest obstacle preventing Japan from really developing a pay it forward startup culture. I see it constantly. Far too many people view their connections and their network as something to be jealously guarded, as some kind of competitive advantage. And, people who think along these lines are unlikely to make introductions without trying to extract value from them.

Advice for Japanese startup founders

Image credit: pixelsaway / 123RF

Of course, there are plenty of Japanese who have, or at least try to, embrace the idea of open networks and paying it forward. But, we’re in the minority. At least, for now. But, we’re going to change that. So, advice number one for Japanese startup founders comes in two parts.

Part A, never pay for an introduction of any kind. Never agree to let an organization take a percentage of financing that might result from an introduction to a VC or from coaching you on how to present to them. Most of these people are trying to scam you anyway. Likewise, never give someone a percentage of a deal that might result from introducing you to a potential customer. Of course, affiliate programs and reseller programs are powerful tools. Use them when appropriate. But, as a startup founder, if someone ever tells you that they know a prospect that you should approach, but will only make that introduction if they get a percentage of the deal, politely walk away. You’re dealing with a gatekeeper or a parasite and their opinion is probably not highly valued by the person that they are promising to introduce you to.

Part B, let’s all start making a conscious effort to pay it forward. Promise yourself that at least once a week, no matter what, you’ll introduce two people who would benefit from knowing each other. Or, recommend another startups product to a potential customer. Now, I’ll warn you in advance, if you do this right, it will feel unfair. You’ll feel like you’re making five times as many introductions and ten times as many recommendations as you receive. But, that’s fine. It means you’re doing it right and you’ll greatly benefit from this in the long run. I promise.

And, best of all, if all of us commit to this, open networks will win and we can put the gatekeepers and the parasites out of business.

Now, I sometimes get accused of being a cheerleader for Japan and it’s true. I’m quite optimistic about the future of Japan in general, and Japanese startups in particular. I suppose part of the reason it looks that way is because so many people, including the Japanese themselves, are often hesitant to point out all the things that are going right in Japan. People also tend to ask me about top down ways of improving things for startups in Japan, but top down things are going pretty well. The trends are all moving the right direction and there’s only so much you can do top down anyway.

The real power for change in startups is and will always be bottom up.

AI-based health diagnosis app for plants wins AgriTech startup competition in Tokyo

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This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology. From May 23rd to 25th at Toranomon Hills in Tokyo, a series of start-up pitches were given during Japan’s Agritech Summit (AG/SUM). The event was sponsored by the Japanese financial newspaper group Nikkei, and modeled after the American version which is replete with start-up participation. It was the second AG/SUM confab held by the Japanese side following a February pitch preliminaries that saw a dozen teams selected to prepare for the Harvest finals in May…10 teams ended up pitching in May. Three AG/SUM accelerator participants also made their Green Pitch presentations. Last year, Nikkei hosted Fintech Summit, in line with the mainstay business full of start-up activity in recent years. The news outfit will this year again organize the fintech event. In 2016 Nikkei had also backed Pioneers Asia, focused on the startup ecosystem in the Asian region. Regarding agritech as a concept it covers not only agribusiness but entails applying technology and innovations to solve a variety of problems ranging from labor shortage due to the steep decline in farms, the global environment and food supply, among other pressing…

This is a guest post authored by “Tex” Pomeroy. He is a Tokyo-based writer specializing in ICT and high technology.


The Banana Dream team
Image credit: AG/SUM

From May 23rd to 25th at Toranomon Hills in Tokyo, a series of start-up pitches were given during Japan’s Agritech Summit (AG/SUM). The event was sponsored by the Japanese financial newspaper group Nikkei, and modeled after the American version which is replete with start-up participation.

It was the second AG/SUM confab held by the Japanese side following a February pitch preliminaries that saw a dozen teams selected to prepare for the Harvest finals in May…10 teams ended up pitching in May. Three AG/SUM accelerator participants also made their Green Pitch presentations.

AG/SUM Harvest in Tokyo, February 2017
Image credit: “Tex” Pomeroy

Last year, Nikkei hosted Fintech Summit, in line with the mainstay business full of start-up activity in recent years. The news outfit will this year again organize the fintech event. In 2016 Nikkei had also backed Pioneers Asia, focused on the startup ecosystem in the Asian region.

Life Sciences session at Pioneers Asia 2016
Image credit: Masaru Ikeda

Regarding agritech as a concept it covers not only agribusiness but entails applying technology and innovations to solve a variety of problems ranging from labor shortage due to the steep decline in farms, the global environment and food supply, among other pressing issues.

Automation for improved yield management, utilization of drones both apian and artificial, food safety and security, rural medicine — though as for veterinarians, Japan has a surplus of practitioners — these are fields in which biomedical and life sciences will be gaining in importance.

Banana Dream’s health diagnosis app
Image credit: “Tex” Pomeroy

Regarding AG/SUM pitch competitions Harvest’s top winner, with a big monetary award from the Sumitomo Mitsui Financial Group, was GreenPlanet Biotech-led Team Banana Dream while the special award went to agriculture-use fintech start-up Plus A, which will be provided direct access to the pitch finals at Fintech Summit 2017 being held again by Nikkei in a challenge for the top award there.

The Banana Dream team has developed an AI-based health diagnosis technology for plants using images of the veins of a leaf based on a technique called “freeze-thaw awakening method”. Plus A proposes a new funding option for farmers to help their business expansion and optimization.

The Plus-A team
Image credit: AG/SUM

The Green Pitch presentation were given followed by Livin Farms, Plant Data and Vegetalia, the last outfit being led by Satoshi Koike, a well-known in the startup field. Additionally seminars and workshops as well as exhibits were held (container-based Freight Farms being a favorite for urban/weekend farmer candidates, for example) plus smaller conferences… business and press…at the mid-city venue.

The Plant Data team
Image credit: “Tex” Pomeroy

There was also an announcement made at AG/SUM of a joint endeavor by the City of Rikuzentakata (Mayor Futoshi Toba), Kyoto-based confectioner Salon de Royal (President Machiko Maeuchi) and the University of Tokyo’s Agriculture and Life Sciences Department as well as Institute of Industrial Science (efforts headed by Prof. Hiroyoshi Iwata, Assoc. Prof. Kazuo Oki, etc.) establishing a company and a pilot farm centered on pecan-nut production for revitalization of the rural region devastated by the March 2011 tsunami strike.

The Pecan team and their partners
Image credit: “Tex” Pomeroy

New graduates: There is more than one track for you

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here. A recent conversation with my friend Shin Iwata from Atomico inspired me to reflect on the choices facing young people nowadays as they embark on their professional careers. Shin penned a poignant post discussing the difference between stability and security in the professional context in Japan, concepts denoted by the same Japanese word of antei. I cannot possibly do justice to Shin’s elegant piece, but one of his key arguments is that Japanese youth need to consciously choose which version of antei represents their ultimate goal, because stability and security can diverge. Traditionally, the Japanese educational system conditioned young people to pursue professional security. Work hard in elementary school, participate in after-hours juku (cram school) in order to gain admission into a top university, and subsequently enter the pool of fresh graduates recruited by large…

mark-bivens_portraitThis guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here.


Image credit: choneschones / 123RF

A recent conversation with my friend Shin Iwata from Atomico inspired me to reflect on the choices facing young people nowadays as they embark on their professional careers.

Shin penned a poignant post discussing the difference between stability and security in the professional context in Japan, concepts denoted by the same Japanese word of antei. I cannot possibly do justice to Shin’s elegant piece, but one of his key arguments is that Japanese youth need to consciously choose which version of antei represents their ultimate goal, because stability and security can diverge.

Traditionally, the Japanese educational system conditioned young people to pursue professional security. Work hard in elementary school, participate in after-hours juku (cram school) in order to gain admission into a top university, and subsequently enter the pool of fresh graduates recruited by large corporations. Traditionally, the young graduate would join one of these large firms or conglomerates and work their butt off for several years with the implicit promise of a guaranteed job for life. I contend that this phenomenon was not limited to Japan.

The social pact of lifetime employment afforded workers full job security, and simultaneously a high degree of stability, so the two concepts became intertwined in people’s minds. Globalization ushered in the first wedge between the two by fostering conditions in which an employee might be expatriated to another geography for 2 to 5 years. I grew up as an expat child and derived nothing but benefit in bouncing around internationally in my youth. However, I also witnessed firsthand the dependency my father had on his firm. When the company asked us to relocate, my father was, at minimum, strongly discouraged from declining their request. In a Japanese corporation, such a refusal would be unthinkable.

I submit that stability and security have fallen even deeper into contradiction over the past decade, and that this trend is accelerating. The main driver is the second information technology revolution, i.e. the internet.

Large companies ≠ stable. Innovative companies = stable.

I’ve heard convincing arguments that the first IT revolution — the invention of the semiconductor and its ensuing proliferation of computing resources — represented sustainable innovation. In other words, the innovation of the silicon revolution was dramatic, but it was sustaining rather than disruptive. This innovation wave disproportionately benefited large companies by enabling them to leverage new efficiencies into their economies of scale.

In contrast, the subsequent wave of innovation, ushered in by the internet, is radically disruptive. The first ripple of this wave appeared in the technology sector (look what Slack means for Microsoft, or MongoDB means for Oracle, or AWS means for Cisco, etc.). Now technology startups conceived in the paradigm of the internet and unshackled by legacy baggage are going after large, non-tech industries, whether it be transportation (Lyft), consumer products (Dollar Shave Club), finance (TransferWise), agriculture (The Climate Corporation), etc. As I’ve mentioned in the past, the increasing connectivity to the physical world is enabling us to close the loop in industry, agriculture, and the environment.

Accordingly, large companies may still be able to offer workers a certain degree of security by force of their sheer size, inertia, and a protective labor regulatory context. However, stability in such firms is far from assured.

My message to newly-minted college graduates: Think about your ultimate goal as you embark on your career. The path that worked well for your parents is not necessarily an effective one anymore to achieve the same goal because times have changed. Finally, don’t feel you have to follow the same track as everyone else because conventional wisdom says so. There is more than one track.

From Monozukuri Hub Meetup in Kyoto: Online platforms for Startups

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This is a guest post by Takumi Ishii, an intern of Kyoto-based hardware startup accelerator Makers Boot Camp. The accelerator holds the Monozukuri Hub Meetup event in Kyoto on a monthly basis. Additionally, all photos in this article were taken by Kyoko Sunahiro, a wedding dress designer at Atelier 2du Monto. See the original article in Japanese. The Monozukuri Hub Meet Up was held for the 11th time on May 18th at MTRL Kyoto. This edition’s theme was “Online Platforms for Startups”. As opposed to startups dealing with software, issues unique to hardware startups were raised. One of the major themes of this gathering was “partnership, not competition.” Additionally, actual entrepreneurs of hardware startups took to the podium to share their stories, adding a degree of realness to the event. In order to solve the problem of mass production, which is akin to the “Valley of Death” for hardware startups, Makers Boot Camp recalled joining forces with Kyoto Shisaku to support the process startups must follow in mass-producing products. Makers Boot Camp has been collaborating with investors, start-ups and key institutions both in Japan and abroad, but concluded by emphasizing that there is a need to further strengthen this area….

This is a guest post by Takumi Ishii, an intern of Kyoto-based hardware startup accelerator Makers Boot Camp. The accelerator holds the Monozukuri Hub Meetup event in Kyoto on a monthly basis.

Additionally, all photos in this article were taken by Kyoko Sunahiro, a wedding dress designer at Atelier 2du Monto.

See the original article in Japanese.


The Monozukuri Hub Meet Up was held for the 11th time on May 18th at MTRL Kyoto. This edition’s theme was “Online Platforms for Startups”.

As opposed to startups dealing with software, issues unique to hardware startups were raised. One of the major themes of this gathering was “partnership, not competition.” Additionally, actual entrepreneurs of hardware startups took to the podium to share their stories, adding a degree of realness to the event.

In order to solve the problem of mass production, which is akin to the “Valley of Death” for hardware startups, Makers Boot Camp recalled joining forces with Kyoto Shisaku to support the process startups must follow in mass-producing products. Makers Boot Camp has been collaborating with investors, start-ups and key institutions both in Japan and abroad, but concluded by emphasizing that there is a need to further strengthen this area.

Presenting hardware startup ecosystems by three gurus

Greg Fisher of Hardware Massive began his presentation by asking the question, “Are there any among you who are developing a product for mass production, or anyone planning to?”

He related that mass-production by hardware startups has many problems, and emphasized that they are aiming to solve them through partnerships, that is to say collaborations rather than competition. Fisher then took up the problem of the enormous cost of engineering and introduced what Hardware Massive is doing to create an environment where startups can overcome it.

Greg Fisher, Founder of Hardware Massive

Fisher redefined hardware startups as, “a startup whose goal is to put physical products into full-scale distribution.” With that in mind, Hardware Massive listed the following as its missions:

  1. Networking
  2. Education
  3. Access to Resources

The company has branches around the world, with information on the branch, staff, and events available on their website. They also offer various resources including those about news and events, which shows that they have realized a global platform accessible to hardware startups.

Karlos Ishac, LifeChair

Next to take the stage was Lifechair’s Karlos Ishac, who is also a graduate student at the University of Tsukuba. Lifechair is the second startup begun by Ishac and they develop a product to solve problems such as physical ailments caused by long-term use of smartphones, computers, and desk work, as well as the problem of productivity deterioration. The product features a function to improve the posture of users by checking their posture and directing them to the correct posture using vibrations.

Ishac recalled his interest in inventing since childhood and how he was managing an informal business by the age of 14. He looked for a job after graduating from Sydney University but in his home country of Australia the majority of opportunities were in agriculture and maritime affairs which did not interest him. That is when he came across Tsukuba University’s OMECHA program, and decided to make the leap to Japan, where he has indulged his entrepreneurial spirit by inventing various products, including a medical robot.

He continuously emphasizes to his current team members, “Do not stick to just one product.” He believes that maintaining flexibility in creating numerous products is an important point for hard tech startups to survive.

Kentaro Yamamoto, Nain

Kentaro Yamamoto of Nain, a Japanese startup, rounded out the first half of the gathering. After studying complex systems engineering at Hokkaido University, he gained experience working for the Pioneer Corporation planning and developing car navigation systems and related materials.

He related that, personally, it is extremely bothersome to have to pick up his smartphone every time he needs to check it leading him to develop APlay, an eyes-free internet device. The company is interested in audio that can cooperate with smartphones, and they are looking to mass produce a device that is wireless and capable of voice recognition.

“You should break free from your isolation, open up, and challenge the world!”

The gathering has two panel discussions.

In the first panel, Hardware Massive Founder Greg Fisher and Narimasa Makino, CEO of Makers Boot Camp, sitting down to relay their viewpoints on assisting hardware startups. In comparison to software startups, they elaborated on the difficulties faced by hardware startups, such as funding and networks, and talked mutually about the importance of online platforms. Fisher emphasized,

A lot of pitch and other events are taking place, but I wanted to create a continuous community, not just a one-time event, so I started Hardware Massive. I believe in collaboration, not competition, and greatly value an open attitude.

Currently, there are all sorts of online platforms flooding the market, but the open attitude of Hardware Massive seems to be indispensable for the future of hardware startups. In the end, Fisher had this message for Japanese startups:

You should break free from your isolation, open up, and challenge the world without fear of failing.

Prior to the second panel discussion, Atsuhiko Tomita of PLENGoer presented their miniature robot PLENCube.

Tomita related,

I don’t believe technology will replace humans. I believe it will enrich our lives.”

He developed the assistant robot PLENCube that fits in the palm of a user’s hand and captures the important moments in their lives that they want to record and share. His team is looking to develop products that will make the lives of users more enjoyable.

See also:

Challleges for Hardware Startups

With that, the final panel discussion titled “Challenges for Hardware Startups” was delivered. Tomokazu Morisawa of The Deck, a co-working space in Osaka, facilitated, and Kentaro Yamamoto of Nain, Karlos Ishac of LifeChair, and Atsuhiko Tomita of PLENGoer talked about their startup efforts and future prospects. In this session, they also accepted questions from the audience using the service sli.do, which manages questions from online.

Upon Morisawa asking a question related to crowdfunding, PLENGoer’s Tomita had an innovative and very interesting response,

Although it is a great effort, there’s the danger that the team will become satisfied by the number of their supporters, which would interfere in future projects.

Following this, an audience member made the request, “Do you have any advice for what I should be doing while I’m still a student?” To which Lifechair’s Ishac, who is currently a student, replied, “You should get involved in the startup community as early as possible.” Regarding the question, “What are you doing to motivate your team?”

Nain’s Yamamoto had this unique answer,

Everyone on our team is lazy, so because of that we wanted to develop a product that is useful.

The panel discussion was especially interesting as there was a wide variety of opinions and the characteristics of each startup shone through. Wrapping up the second session and the end of the panel discussion, each startup stated what is necessary for their next step, what they need for financing and crowdfunding, as well as completing their final product.

Makino ended by remarking that they have created a significant hardware ecosystem, and he is determined to continue activities to support it, including meetups such as this. In the subsequent network sessions participants and presenters exchanged opinions  and it became a place to talk about future projects and ideas in a relaxed atmosphere while drinking.

Translated by Amanda Imasaka
Edited by Masaru Ikeda

From Monozukuri Hub Meetup in Kyoto: Entrepreneurship for Youth and Students in Japan

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This is a guest post by Sabrina Sasaki, a marketing representative of Kyoto-based hardware startup accelerator Makers Boot Camp. The accelerator holds the Monozukuri Hub Meetup event in Kyoto on a monthly basis. Additionally, all photos in this article were taken by professional photographer Taiga Tamura of Tamura Shashinkan. February was a busy time for Makers Boot Camp. Just one day after HackOsaka, when we supported Monozukuri Hardware Cup 2017, the first pitch contest for hardware startups in Japan, we also had the opportunity to invite special guest speakers from three different hubs of the world. After a very busy schedule in Osaka, some of them had the chance to stop by and bring their personal insights to our Monozukuri Hub in Kyoto. I was in charge of introducing the meetup topic and its relevance for students – a considerable amount of the population in Kyoto and the highest concentration in Japan – to engage in startup communities, share their ideas, learn about experiences and question the status quo. There were many new faces in the audience, as the idea was to focus on young people considering their next life choices. The first question I raised at the event was…

sabrina-sasaki-150x150
Sabrina Sasaki

This is a guest post by Sabrina Sasaki, a marketing representative of Kyoto-based hardware startup accelerator Makers Boot Camp. The accelerator holds the Monozukuri Hub Meetup event in Kyoto on a monthly basis.

Additionally, all photos in this article were taken by professional photographer Taiga Tamura of Tamura Shashinkan.


February was a busy time for Makers Boot Camp. Just one day after HackOsaka, when we supported Monozukuri Hardware Cup 2017, the first pitch contest for hardware startups in Japan, we also had the opportunity to invite special guest speakers from three different hubs of the world. After a very busy schedule in Osaka, some of them had the chance to stop by and bring their personal insights to our Monozukuri Hub in Kyoto.

I was in charge of introducing the meetup topic and its relevance for students – a considerable amount of the population in Kyoto and the highest concentration in Japan – to engage in startup communities, share their ideas, learn about experiences and question the status quo. There were many new faces in the audience, as the idea was to focus on young people considering their next life choices.

The first question I raised at the event was “Why Kyoto?”. There’re so many unique things about the city that it’s hard to define its industry in a few words, specially considering the diversity in terms of Art, Design and Architecture. Kyoto is a dynamic spot where innovation and creativity have been part of all sectors, and we’re lucky to be able to benefit from all those ventures that still impact our daily life.

A city where modern & famous companies like Nintendo, Kyocera and Omron coexist with an intensive and traditional craftsmanship activity, reference in industrialized countries for best practices, as in pottery, textile and culinary. Kyoto yearly hosts many visitors and Foreign Exchange students interested to get inspired and collaborate with the local ecosystem for creation and renovation. In that sense, connecting students from different universities to outsiders can facilitate our dialogues to promote alternative ways of making new things.

Sam Lai, Taiwan-based Managing Director of Yushan Ventures joined the audience as our special guest.

Our city has been a great environment for us! Makers Boot Camp shares the Japanese worldwide know-how with industrial best practices that come from this background, as our Co-Founders met thanks to this ecosystem. With our mentors and manufacturers, we provide startups the support they need to build the basis for a new business.We also have young professionals as part of our network and we’d like to get to know more student’s projects. We can start helping with some basic advise for the ones considering building a new product.

But in terms of requirements, how could we define a “right” person to become a maker or join a startup? There’s no such thing as the “right personality” or a specific expertise needed to join a startup, as you can always improve your skills. First of all, makers are all about discovering, trying new things and finding what they’re passionate about. In the end, what makes the difference is not an individual skill but the team work results, so sharing is part of our routine as a startup.

Looking at the steps of a hardware startup, represented as in a videogame with different stages, in order to move to the next one, you must achieve a certain level in the current one. In this sense, the part where most makers struggle to continue “playing the game” is when they have to make  a professional prototype, a stage we call “Design for Manufacturing” (DFM). That’s the part we can support startups with our prototype experts and we’d like to invite all students to experiment new things within our hub.

Ajay Revels, Polite Machines

Our first guest speaker was Ajay Revels (Polite Machines– NYC), who introduced her current work at as a researcher trained in design thinking, helping different teams uncover and develop products and services that people will love. She’s an anthropologist for business, daily analysing systems like universities, homes, offices, and even hospitals, observing and interviewing people to understand and validate possible problems. Then she maps all problems (like in a subway map) and provides insights for entire teams to see a holistic picture of a specific problem, as an example. She pointed out they’re three key questions to start with, when you have an idea for a new project:

  • Do I have a real problem to solve?
  • Can I make a product to solve this problem?
  • If so, what kind of value does my product add? (Proposition)

With startups, Ajay runs experiments to test if there is a product solving a real problem, and if people are willing to pay for this product. She applied some of her recent examples after observing people interacting in Kyoto.

Some startups work for traditional charity, just solving a problem without making money out of it. Others are part of a professional business, so there must be a profit to be given in return to investors. And there’s also the area of social entrepreneurship, that is a hybrid right in between the other two, when both making money and supporting the community are part of the core goals.

There’re many models that can be used to measure a startup achievement –  a broad concept of success could be applied in different ways, depending on the specific purpose defined by its stakeholders.

Jeffrey McDaniel, Innovation Works

The second speaker was Jeffrey McDaniel  (Innovation Works) who came from Pittsburgh (PA, US) to take part in Monozukuri Hardware Cup as the head of the Judges. He represents one of the main hardware startup ecosystems in the world, part of Alphalab Gear Hardware Cup. His role as Executive in Residence consists of spending a lot of time with early stage companies, as a mentor for founders and entrepreneurs.

Like Ajay, Jeff clarified the two basic things you need to start a company: a good idea that is able to solve a problem and find out who’s willing to pay for it.

Pittsburgh used to be known as the “Steel City”: 80% of the total amount of the metal in US used to be from the region, but nowadays it represents only 5%. The area has been an important hub for the American industry and the city managed to survive thanks to its qualities of reinventing itself. Combining natural resources with people’s talents and technologies, Pittsburgh could complete a triangle that allows ways to redefine success in its own way. Locals had to learn how to adapt to the economic changes and develop innovative skills with available resources, a survival skill very similar to what happened in Japan.

There are also many universities in Pittsburgh, thanks to its prosper history  – and a lot of money stayed there, helping new entrepreneurs to get support in order to take risks and start new projects. In this sense, the local ecosystem played a key role in the development of innovative initiatives, and the city is now a strategic hub for high tech companies like Google and Uber, who’s testing its self-drive pilot cars there.

Adrien Sedaka, Timescope

As the main purpose of our events is always giving visibility to startups, we also had two French entrepeneurs representing the diversity of one of the main global hubs for IoT startups.

Adrien Sedaka (Timescope) from Paris, studied business at ESCP Europe, where he began his career in consulting. During 5 years, he assisted C-level managers of SMEs and large groups on business and marketing issues.

In 2010, he visited Pompeii with Basile Segalen, his childhood friend. The tour took place in the high season, when the historical place becomes full of crowds, and they couldn’t have an experience  as they had dreamt about. They ended up frustrated, realizing the difficulties of projecting themselves into the magic of such a historical place. The idea of developing an immersive tool designed for outdoor public places was born there, after their own frustration.

In 2014, after the new progress of VR technologies, they decided to develop Timescope: the first self-service virtual reality terminal. After a year of development, the time machine was tested at the Bastille, one the most powerful historical sites in French history. Adrien and his team are now scaling-up the company, preparing new installations in 2017, and considering how they could implement this new service into Japanese historical sites.

Adrian wrote a few notes to share with the students interested to join a startup:

  • Choose careful who you want to work with, as a partnership is like a wedding.
  • Work with people who are really motivated and do care for them.
  • Try to execute your idea as fast as possible.
  • Don’t minimize the skills you don’t have: either work on those skills or partner with someone who can assist you with what you need.
Régis Duhot, Parkisseo

Régis DuhotParkisseo Founder & CEO, defines himself as a “fifty years old « young » start-upper”, who started his company after 25 years in finance and accounting areas, working for several multinationals, mostly in electronics.

As most of urban citizens in the world, Régis wastes a significant part of his days looking for a place to park his car. This is how he decided to focus on this issue with a new solution: a clever car system that helps drivers to find available parking spots easily, without wasting time.

Parkisseo offers a complete solution, with a connected device that will allow cities to be smarter, facilitating the routine of its citizens. Easy to use, simple to instal (wireless), the startup offers advantages for both drivers and car park owners.

Sushi Suzuki, Associate Professor at Kyoto D-Lab and Makers Boot Camp Adviser

Sushi Suzuki, Associate Professor at Kyoto D-Lab and Makers Boot Camp Adviser, invited students & startups to join Kyoto Startup Summer School.

We invited Eiji Takahashi to present his student startup project: Untilet.

Eiji studies polymeric glass transition at Kyoto Institute of Technology, and at the same time he is also interested in data science. Leading the development as a CTO, from early stage into the IoT device development team, he recently helped to create an entrepreneurial department within his university.

His first project, Untiled, consists of a device that can recognize unpleasant odor and recommend users who suffer from stuffy nose to change their daily habits. Connected to the mobile app, the sensors can capture specific substances in the air.

Eiji gave a demo trial about his device, which was under development.

In the end, he joined a panel discussion with other students and professors who explained the challenges to develop a startup project as a university student.

Ajay also invited the International guests, both startups and Jeff, for a panel discussion about their next steps and insights.

We had a Q&A session when the audience had the chance to ask questions to students, startups and experts.

Before the end, there was a special closing message from our first supporter Allen Minner, Chairman and Group CEO of Sunbridge. He is a serial-entrepreneur, known for being a mentor and also angel investor for Japan-based startups, including Makers Boot Camp.

Makers Boot Camp’s Narimasa Makino (left), Sunbridge’s Allen Miner (right)

Allen highlighted the potential of our local community and Monozukuri Hub current achievements lead by a generation of new entrepreneurs like our CEO Narimasa Makino, encouraging more students to learn English and try new projects.

ConnectFree’s Chris Tate (front left), FabFoundry’s Nobuhiro Seki (front right)

There was a networking session, where attendees & speakers could interact and test the startups devices.

L to R: Sushi Suzuki, Tatsuya Tsubuki, Shohei Nakamura

Associate Professors Sushi Suzuki and Tatsuya Tsubuki from Kyoto Institute of Technology joined Researcher Shohei Nakamura from Osaka University.

So you want a job in Venture Capital?

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here. There seem to be an abundance of blog posts lately advising on how to get a job in venture capital. Or perhaps more have just come across my desk. One of the recent themes centers on the concept of drafting sample investment memos of potential startups to gain the attention of a VC fund by showcasing your deal screening chops. This is not bad advice. Drafting a hypothetical investment memo could demonstrate not only your ability to think critically about an opportunity, but also your ability to reason thoughtfully on an investment thesis about a market. However, I hold a slightly different view on the most effective way to beginning a career in VC, at least from a European perspective. A common misconception of VCs in Europe is that they spend the bulk of their…

mark-bivens_portraitThis guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here.


Image credit: peshkova / 123RF

There seem to be an abundance of blog posts lately advising on how to get a job in venture capital. Or perhaps more have just come across my desk.

One of the recent themes centers on the concept of drafting sample investment memos of potential startups to gain the attention of a VC fund by showcasing your deal screening chops. This is not bad advice. Drafting a hypothetical investment memo could demonstrate not only your ability to think critically about an opportunity, but also your ability to reason thoughtfully on an investment thesis about a market.

However, I hold a slightly different view on the most effective way to beginning a career in VC, at least from a European perspective.

A common misconception of VCs in Europe is that they spend the bulk of their time reviewing new investments. Some prolific investment funds (Kima Ventures in France comes to mind) bear this out, and to their credit have honed their investment process into an efficient machine. The vast majority of European VC funds, however, invest in a relatively limited number of new companies each year on a per partner basis.

Funnel math of course means that for each new deal, probably hundreds of pitch decks were skimmed and dozens of meeting sessions were held. Still, I would posit that the investing partners of the major VC funds spend more time helping their portfolio companies than on any other activity.

I personally spend 1/2 to even up to one full day, per week, on each of my portfolio companies. People tell me that’s on the high side, but we lead deals and always take active board positions in our investments. With that comes a certain level of commitment and responsibility.

So if the principal activity of the job is supporting the venture portfolio, then as an aspiring candidate for a job in VC, your appreciation of this aspect is what interests me most.

Being an effective venture capitalist usually requires drawing upon a diverse set of talents to help your investments overcome obstacles. I like to think of it as a combination of experience, moxie, and humility.

Experience

Have you started companies before? Do you have experience operating and scaling small ventures into large ones? Is there particular industry expertise in your background relevant to our investment sectors? Beyond the obvious domain knowledge, do you have experience in fostering diverse points of view? Do you have experience making decisions under conditions of extreme uncertainty? Are you comfortable being uncomfortable?

Moxie

How will you convey your message and if necessary be persuasive to a management team over whom you hold little official authority? Have legitimacy when holding those difficult conversations with a portfolio CEO? Be your portfolio company’s best unpaid salesperson? Can you be an iron fist wrapped in a velvet glove?

Humility

The VC is not the hero, but rather enables heroes. Are you willing to play this role, or do you prefer to own the glory? Are you willing to be a fixer, clean up messes, soften up arch rivals, handle nasty litigations, and in general play the Michael Clayton on behalf of the portfolio company? Are you intellectually curious and willing to recognize that often, you are not the expert? Are you argumentative, or rather, inquisitive? Are you attached to academic theories, or rather, pragmatic and willing to simply get things done?

The VC industry is changing, no doubt about it (although it’s evolving much more slowly in Europe, I would argue). New models are emerging. There is no universal truth, such as “Only experienced entrepreneurs can become VCs,” or “Journalists and lawyers will never make it unless they come from money.”

On the contrary, practically anyone can become a VC. It’s easier today than ever before (unless of course you’re a woman or minority, but that’s a topic for another rant). There even seems to be a proliferation of self-annointed VCs these days. However, I submit that becoming a VC should not be your goal. Your goal should be to fulfill the role well, to selflessly support and add value to your portfolio companies, and to be a good steward of your own investors’ capital.