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Innovation Network Corporation of Japan (INCJ) Innovation Network Corporation of Japan (INCJ) 2017 February 8 Our philosophy ○ The basic philosophy of Innovation Ｎｅｔｗｏｒｋ Corporation of Japan (INCJ) is "open innovation". By promoting open innovation, Japanese companies can escape from the pyramid type industrial structure and will dramatically strengthen the productivity and competitiveness of Japanese industry. ○ In order to advance open innovation, it is important to utilize not only debt but also equity as risk money. ○ INCJ has promoted open innovation through (1) investment in venture companies, (2) restructuring and integration of business, and (3) utilization of overseas management resources. 【Basic policy】 In investing, INCJ emphasizes on the following matters, unlike the private sector. Focus on not only profitability and feasibility but also social significance (investment impact) Provide relatively mid- to long-term risk money (emphasis on long-term investment collection ratio (MoC), not investment return rate (IRR)) Investment in areas where risk is high only for private sector (private enterprises, collaboration with private funds) 【Investment criteria】 (1) Alignment with social needs, (2) Growth and (3) Innovation Innovation Network Corporation of Japan (INCJ) 1 Overview Innovation Network Corporation of JAPAN (INCJ) Structure Launched July 2009 with a 15-year lifetime Established under the Law on Special Govt. investment: ¥286bn Private investment: ¥14.01bn Measures for Industrial Revitalization Govt. guarantee: ¥1,800bn (26 companies & 2 individuals) Overall investment capacity of ¥2 trillion Collaboration , cooperation Shareholders Private enterprises Government of Japan (investment of ¥286bn) Private funds 26 Corporations (¥14bn in total, ¥500m each*) In alphabetical order Asahi Kasei Corporation Mitsubishi Corporation Sumitomo Mitsui Banking Canon Inc. Mitsubishi Heavy Industries, Corporation Management Development Bank of Ltd. Takeda Pharmaceutical resources, advice Japan Inc. Mizuho Bank, Ltd. Company Limited East Japan Railway Osaka Gas Co., Ltd. The Bank of Tokyo- Investment Investment Company Panasonic Corporation Mitsubishi UFJ, Ltd. General Electric Japan Sharp Corporation Toshiba Corporation Holdings Limited The Shoko Chukin Bank, Toyota Motor Corporation Large Hitachi, Ltd. Ltd. corporations Ventures JGC Corporation Sony Corporation *Exception: Development Bank Technology, Technology, JX Nippon Oil & Energy Sumitomo Chemical Co., of personnel Target company personnel Corporation Ltd. Japan, which contributed SMEs Universities Marubeni Corporation Sumitomo Corporation ¥1.5bn Mitsubishi Chemical Sumitomo Electric Holdings Corporation Industries, Ltd. Innovation Network Corporation of Japan (INCJ) 2 Organizational structure Shareholder Outline of the organization s No. of employees: 117 (as of March 31, 2016) Board Innovation Investment decisions are made by the Innovation of Directors Network Committee Network Committee, established in accordance with The Industrial Competitiveness Enhancement Act. Auditors Set up a quicker investment process for ventures that Chairman meet certain requirements. and CEO President Compliance and COO Internal Auditing Value Human Post Corporate Business Investment Creation Capital Investment Planning Management Investment Management Healthcare Team Innovation Network Corporation of Japan (INCJ) 3 Professionals from Private Sector 〇 The members of investment front are not temporary transfer from private companies but change of career from various professions such as investment funds, banks, consulting companies, business companies, etc. Innovation Network Committee (Main career) （ ） Investment Front 67 ※ as of Sept. 2016 (Chairperson) President of the University of Tokyo, Chairman of the Science Hiroyuki Council of Japan, Chairman of the National Institute of Advanced ： （ 、 ） Industrial Science and Technology, Special Advisor to the Japan Investment Group 27 PE Funds Consulting Firm Yoshikawa Science and Technology Agency Chairman of Nippon Steel Corporation Representative Director, VC Investment Group：30 （VC Funds、Companies） (Chairman's Vice Chairman of the Japan Association of Economic representative) Organizations, President of the Japan Chamber of Commerce Akio Mimura and Industry President, Tokyo Chamber of Commerce Healthcare Team：4（Pharmaceutical Companies） Association (Committee member) Ricoh Managing Executive Officer, Professor, Graduate School Post Investment Group：10（Companies） of Engineering Management, Shibaura Institute of Technology, Hideko Kunii Assistant President (Committee member) Tanahashi Gen Mori Hamada Matsumoto Law Offices Partners Back Office （20） (Committee member) Professor, Institute of Medical Science, The University of Tokyo, Director of Cancer Research Group, Public Interest Foundation Business Management：12 Tetsuichiro Muto Cancer Institute · Medical Director Honorary Director （Attorneies 3、Government Officials 2） (Corporate Auditor) Price Waterhouse Japan Farm Senior Partner · Aoyama Audit Hideo Takaura Corporation Representative Employee, Representative Executive Portfolio Management：7 （Accountants） Officer Aarata Audit Corporation (Committee / CEO) Vice President of Nissan Motor (current position), Vice Chairman Human Resource Management：3 （HR Consulting） Toshiyuki Shiga of the Association of Corporate Executives (Committee · COO) ： （ 、 ） President and Representative Director of New Frontier Capital Corporate Planning 5 PR2 Government Officials 3 Mikihide Management Co., Ltd. President and Representative Director, Katsumata Mobile · Internet Capital Corporation Innovation Network Corporation of Japan (INCJ) 4 Criteria for assessing deals To create next- generation industries and emerging 1. Investment impact businesses: • A third assessment criterion, particular to INCJ: the potential benefit to society enhance value of commercialize new or dormant technologies 2. Profitability • Assessed in the same way as a private fund 3. Feasibility To reform existing enterprises through •Assessed in the same way as a private fund growth of next- generation industries: shift in positioning on the value chain Innovation Network Corporation of Japan (INCJ) 5 Investment portfolio Changes over time in number of invested Number of investments Overseas 13.6% 300 271 Reorganization Total 15 Overseas 9.1% 250 10 225 Reorganization 110 12 Early Ventures/LP 10 stage/Start- 200 ups 77.3% 149 161 Amount invested (cumulative) 150 12 124 9 Overseas Early 23.8% stage/Start- ups 100 Total 63 64 21.1% 9 Ventures 975.7 37 8 Billion 50 10 79 85 8 64 7 Reorganization 0 46 55.1% 22 0 12年度 13年度 14年度 15年度 16年度 Innovation Network Corporation of Japan (INCJ) 6 Investment portfolio Exit / Partial exit Consumer Materials / Industrial Transportation/ Goods / Retail Electronic Devices Energy Automobile Life Sciences IT/Business Service/Contents Infrastructure (incl.Services) Strategic LP Investment Chemicals Machinery (incl. Services) life-Science Intellectual Property Incubation of Voice Platform Fund Venture investment in Search Smartphone Industrial and Academic the field of raw materials Advanced Zeolites Gesture UI Innovative Bolts Solar Cell Module LSIP RNAi R&D Payment IPDC Infrastructure Collaboration VC and chemistry GRA AgriPlatform New Farmers Support Open-innovation space debris Alzheimer’s Photo-Platform Hands-on VC with LiB Electrode Display Controller removal technology treatment RNAi with DDS Service Cooperation from Industry CVC fund Early stage Early Digital Speaker Medical Device Human iPS Cell Copper Paste Technology Incubation Fund Derived Platelets Motion Comics Artificial brain Startup Incubation Fund Create Vaccine Company, Ltd. Tuberculosis Fund for Neuroscience / RMT server/ Duchenne Muscular Social Instruments HBC LSI Dystrophy Vaccine Cyber Security Robot / etc. VC for energy related Heteroduplex Home medical care sector real-time analysis oligonucleotides for drugs Plat form Smartphone Payment innovations new drugs for intractable diseases Cloud-Based In-building Wireless Small Wind High Value-Added Network Virtualization Startup Investment Fund Advanced Polymer Anticancer DDS Business Card Flash Memory SI, Robotic Arm Turbines Natural Textile Solutions Management Service Infrastructure Sharing in Japan and US Composite Material Platform Business for Drug Development with Development of Diamond Saw Wire NMR LiB the Apparel Industry LCC Recycling PPI Regulation Content Data Integration Tool Asian Basis Company Power Cores, High Power Ultrashort Next-generation e-book Platform Cloud Platform Amorphous Metals Current Sensors Pulse Laser Internet Store Personal Mobility for Home Builders Start Microwave Platform Next-generation ID-POS Data Platform Telematics Service Technology Nanoimprint Mist Separator Eyewear SPA Sequencer Provider - ups Early stage commercialization Embedded Ophthalmic Medical Cloud Object Digital risk of graphene Powered Exoskeleton Flash Memory Devices Storage product technologies Radiation therapy for cancer 3D robot vision system IP Platform, Fund Deep learning big-data analysis Development of Content platforms Big Data Application reorganization and Companies International Nuclear integration Semiconductor: Platform for Energy Material for LiB Power Devices MCU,A&P,SoC Forklifts Food-Related SMEs Development Sumika Sekisui Firm ’ Holdings Polyolefin film Small/Mid-Size OLED Display Auto Parts manufacturer Displays Panel Manufacturer management resources Sunrise Oji Fibre Solutions Healthcare Service Portuguese and Use of overseas
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