日本的创业公司和风险投资：如何成长（英）2024

Industry Overview - The startup ecosystem in Japan has seen gradual growth, supported by the government's "Startup Development Five-Year Plan" and significant interest from overseas venture capital [13] - Japan's venture capital equity funding remains relatively small as a share of GDP compared to global peers, with Tokyo emerging as a top 20 global VC hub [15][19] - The industrial composition of startups in Japan is similar to global peers, with most operating in IT, healthcare, and B2B sectors, though CleanTech startups are less prevalent [20] Funding and Investment Trends - Most investors in Japan's startups are from overseas, with US investors accounting for about 50% of funding between 2010 and 2023 [21] - Corporate venture capital (CVC) plays a significant role in Japan, with large corporations investing in at least half of all VC deals between 2015 and 2022 [22] - The Japan Investment Corporation launched a 200-billion-yen venture growth fund in 2023 to support later-stage startups and target early-stage startups beyond deep tech and life sciences [16] Firm-Level Analysis - Equity funding helps startups innovate, grow, and successfully exit, with well-funded startups having 1.5 times more employees and a 43 percentage point higher exit probability compared to non-well-funded startups [36] - The impact of funding on startup performance is higher in cultures that reward risk-taking, with less uncertainty avoidance and power distance associated with higher exit probabilities [37] - In Japan, well-funded startups are predicted to have 3.4 times more patent documents and a 51.9 percentage point higher exit probability compared to non-well-funded startups [46] Policy Implications - Better access to equity funding is crucial for startups to grow, innovate, and exit successfully, with angel or venture capital investment providing both financing and value-added services [49] - A more flexible labor market, including reducing labor-market dualism and encouraging merit-based promotions, can encourage entrepreneurship and innovation [50] - Greater firm dynamism, including dynamic firm entry and exit, can support startups and innovation by improving the allocation of capital and labor to more productive ventures [50]