Management Foundation and Commercialization Risks of Early-Stage Ventures
First written in FY2016. 2 of 3 entries say "Restated". Latest entry: FY2024.
The whole theme swung hardest in 2018: 3 of 8 companies on the "Worse" side.
6 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「If management problems, defects or other issues exist at an investee company after investment, the company’s enterprise value could decline or it could become insolvent. In such cases, the financial position and operating results of our group could be affected.」
The management foundation, commercialisation and enterprise-value decline risks associated with investments in early-stage startups are reaffirmed. - FY2018RestatedAnnual report
「If management problems, defects or other issues exist at an investee company after investment, the company’s enterprise value could decline or it could become insolvent. In such cases, the financial position and operating results of our group could be affected.」
The management foundation and commercialisation risks associated with investments in early-stage startups are reiterated. - FY2016First statedAnnual report
「Companies that have been established only recently, even among venture companies, often lack a stable management foundation because of their short operating histories. As a result, they may face a wide range of risk factors, including an unestablished earnings base because the commercialisation of their products and services is at an early stage, no guarantee that they can keep pace with rapid technological advances, and a high degree of dependence on specific individuals such as founders.」
The risks relate to the maturity, earnings base and key-person dependence of the investment targets themselves.