Startup Support as a National Policy under the Government’s Growth Strategy

「To address this issue, the government formulated the Five-Year Plan for Startup Development, and public- and private-sector efforts to strengthen support for talent, funding and open innovation are under way.」

「Meanwhile, the government's growth strategy advocates the importance of supporting startups and strengthening the startup ecosystem from the perspective of enhancing industrial competitiveness.」

「In addition, startups were explicitly mentioned for the second consecutive year in the Basic Policy on Economic and Fiscal Management and Reform 2023, approved by the Cabinet in June 2023, and public- and private-sector initiatives to support startups have been strengthened year after year.」

「In addition, startups were explicitly mentioned for the second consecutive year in the Basic Policy on Economic and Fiscal Management and Reform 2023, approved by the Cabinet in June 2023, and public- and private-sector initiatives to support startups have been strengthened year after year.」

「In addition, startups were explicitly mentioned for the second consecutive year in the Basic Policy on Economic and Fiscal Management and Reform 2023, approved by the Cabinet in June 2023, and public- and private-sector initiatives to support startups are continuing.」

「The government designated 2022 as the first year of startup creation. In the draft supplementary budget for fiscal 2022 announced in November 2022, a supplementary budget of approximately ¥1 trillion for startup-related projects was approved by the Cabinet, and the Five-Year Plan for Startup Development was announced at the end of November 2022. The plan sets targets for fiscal 2027, 5 years later, of increasing investment in startups by more than tenfold to approximately ¥10 trillion, creating 100 unicorns—unlisted companies with a market capitalisation of more than ¥100 billion—and creating 100,000 startups. It sets out a policy of making Japan Asia's largest startup hub and one of the world's leading concentrations of startups. It also announced the integrated promotion of 3 major pillars: ① building talent and networks to create startups, ② strengthening funding for startups and diversifying exit strategies, and ③ promoting open innovation. Public- and private-sector initiatives are being implemented.」

「In Japan, the government's growth strategy has advocated the importance of supporting startups and strengthening the startup ecosystem from the perspective of enhancing industrial competitiveness. The Grand Design and Action Plan for a New Form of Capitalism, announced on 7 June 2022, also states that nurturing startups is key to promoting dynamism and growth in the Japanese economy and resolving social issues, and announced that a Five-Year Plan for Startup Development would be formulated by the end of 2022.」

「In Japan, the government's growth strategy has advocated the importance of supporting startups and strengthening the startup ecosystem from the perspective of enhancing industrial competitiveness. The Grand Design and Action Plan for a New Form of Capitalism, announced on 7 June 2022, also states that nurturing startups is key to promoting dynamism and growth in the Japanese economy and resolving social issues, and announced that a Five-Year Plan for Startup Development would be formulated by the end of 2022. In addition, the Startup Advancement Vision: Aiming for 10X10X, proposed by Keidanren on 15 March 2022, set growth targets of a tenfold increase in the number of startups, 100 unicorn companies and at least 2 decacorn companies within 5 years, and public- and private-sector initiatives are being implemented.」

「More recently, the government has announced plans to formulate a five-year program to develop startup companies. In addition, the Japan Business Federation’s “Startup Advancement Vision: Aiming for 10X10X,” proposed on 15 March 2022, sets growth targets of increasing the number of new businesses tenfold within five years and creating 100 unicorns and at least 2 decacorns. Efforts to support startups and strengthen the startup ecosystem are consequently being implemented on an even greater scale.」

「The government’s “Growth Strategy (2021),” approved by the Cabinet on 18 June 2021, calls for promoting diverse sources of funding for startups that drive innovation, among other measures, and advocates the importance of comprehensive support for building a startup ecosystem. Its KPIs include creating 50 unlisted venture companies with valuations of at least $1 billion (unicorns) or listed venture companies by 2025, and doubling venture-capital investment as a percentage of nominal GDP by fiscal 2022. Startup support can therefore be regarded as a national policy.」