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Entrepreneurship and Entrepreneurial Finance in Japan

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Entrepreneurship and Entrepreneurial Finance in Japan Entrepreneurship and Entrepreneurial Finance in Japan Kenji Kutsuna, Kobe University 6/12/2011 Email: [email protected] http://www.b.kobe-u.ac.jp/kutsuna/ 1 Contents 1. Importance of fast growth innovat ive ventures ¾Promotion of job generation and economic growth 2. Entrepreneurialdbdl activities in Japan and abroad ¾Global Entrepreneurship Monitor (“GEM”) 3. Venture capital investment in Japan and abroad ¾Investment in biotech and clean-tech industries ¾Investment in seed and early stage ventures 4. The role of venture capital investment ¾Growth finance for Mixi and Facebook 5. Discussion 2 The World’s Top 25 Innovative Companies, 2004 and 2010 Ranking Company Name, 2004 Year Founded Company Name, 2010 1 Apple 1976 Apple 2 Google 1998 Google 3 Toyota 1937 Microsoft 4 General Electric 1878 IBM 5 Microsoft 1975 Toyota Motor (Japan) 6 Procter & Gamble 1837 Amazon.com 7 3M 1902 LG Electronics (South Korea) 8Walt Disney 1923 BYD (()China) 9 IBM 1889 General Electric 10 Sony 1946 Sony (Japan) 11 Wal-Mart 1962 Samsung Electronics (South Korea) 12 Honda 1948 Intel 13 Nokia (Finland) 1865 Ford Motor 14 Starbucks 1971 Research In Motion (Canada) 15 Target 1881 Volkswagen (Germany) 16 BMW (Germany ) 1916 HlttHewlett-PkdPackard 17 Samsung (Korea) 1938 Tata Group (India) 18 Virgin (UK) 1970 BMW (Germany) 19 Intel 1968 Coca-Cola 20 Amazon 1994 Nintendo (Japan) 21 Boeing 1916 Wal-Mar t Stores 22 Dell 1984 Hyundai Motor (South Korea) 23 Genentech 1976 Nokia (Finland) 24 eBay 1995 Virgin Group (UK) 25 Cisco Systems 1984 Procter & Gamble 3 Source: Business Week, The World's Most Innovative Companies. The World’s Top 25 Innovative Companies, 2010 and 2011 Ranking Company Name, 2010 2009 Ranking Company Name, 2011 2010 Ranking 1 FbkFacebook 15 AlApple 3 2 Amazon 9 Twitter 50 3 Apple 4 Facebook 1 4 Google 2 Nissan New 5 Huawei New Groupon New 6 First Solar 18 Google 4 7 PG&E New Dawning Information Industry New 8 Novartis New Netflix 12 9 Walmart 33 Zynga New 10 HP 12 Epocrates New 11 Hulu 3 Trader Joe's New 12 Netflix New ARM New 13 Nike 27 Burberry New 14 Intel 6 Kosaka Smelting and RefiningNew 15 Spotify New Foursquare New 16 BYD 45 ESPN New 17 Cisco Systems 5 Turner Sports New 18 IBM 19 Huawei 5 19 GE 11 Intel 14 20 Disney 12 Syncardia New 21 Gilt Groupe New Donorschoose.Org New 22 Indian Premier League New Ebay New 23 PatientsLikeMe New Nike 13 24 Grey New York New Linkedin New 25 BMW DesignworksUSA New Wieden + Kennedy New 4 Source: Fast Company.com, The World’s Top 50 Innovative Companies, 2010 and 2011. http://www.fastcompany.com/ The World’s Toppp 50 Innovative Companies y Published by FastCompany.com in February 2010 and Fe bruary 2011 y Top five companies y 2010: Face boo k, Amazon, App le, Goog le, and Huawei y 2011: Apple, Twitter, Facebook, Nissan, and Groupon y In bbthoth years, Ameri can companies dom ina tdted y 2010: 76% (38 out of 50 companies) y GiGrowing number of Chinese companies y 2010, four Chinese companies y 2011, three Chinese companies y Small number of Japanese companies y 2010, only one: Fast Retailing ranked at 41st 5 y 2011: Nissan (4th) and Kosaka Smelting and Refining (14th) American Fast Growth Companies listed in NASDAQ Year Years to Company Name IPO Year Number of Employees Founded IPO 1996 1991 1986 1981 1976 1971 Intel Corp. 1968 1971 3 48,500 24,600 18,200 16,800 7,300 500 Genentech, Inc. 1976 1980 4 3, 071 2, 202 1, 163 318 Apple Computer, Inc. 1977 1980 3 13,398 14,402 5,600 2,456 Oracle Systems Corp. 1977 1986 9 29,431 8,160 1,072 Amgen, Inc. 1980 1984 4 4,646 1,723 265 Microsoft Corp. 1981 1986 5 22,332 11,542 1,816 Sun Microsystems, Inc. 1982 1986 4 21, 500 12, 812 4, 182 Novell, Inc. 1983 1985 2 5,870 2,843 507 Cisco Systems, Inc. 1984 1990 6 11,000 882 Dell Computer 1984 1986 2 10,350 2,970 Source: Kutsuna, Yamada, and Akashi eds. New Ventures in Japan. Chapter 4, 1999. 6 Top 20 Japanese Job Generating Companies founded since 1995 Ranking Company Name Month/Year Number of IPO Founded Emppyloyees Month/Year (2010) 1 NEC Electronics 11/2002 22,071 7/2003 2 Jupiter Telecommunications 1/1995 10,988 3/2005 3 Outsourcing 1/1997 6,675 12/2004 4 Elpida Memory 12/1999 6,099 11/2004 5 Rakuten 2/1997 5,810 4/2000 6 Yahoo Japan 1/1996 4,882 11/1997 7 Pacific Golf Group International Holdings 12/2004 4,715 12/2005 8 Message 5/1997 3,207 4/2004 9 SBI Holdings 7/1999 3, 048 12/2000 10 VSN 2/2004 2,929 12/2006 11 Medical Care Service 11/1999 2,665 8/2006 12 Works Applications 7/1996 2,216 12/2001 13 CyberAgent 3/1998 2,036 3/2000 14 Starbucks Coffee Japan 10/1995 1,879 10/2001 15 ITC Networks 8/1997 1,860 3/2006 16 Create Restaurants 4/1997 1,407 9/2005 17 99 Plus 10/2000 1,305 9/2004 18 Index Holdings 9/1995 1,260 3/2001 19 Takdke and Give Nee ds 10/1998 1,259 12/2001 20 Skymark Airlines 11/1996 1,090 5/2000 7 Source: Kutsuna ed., Generation of New Industries and Venture Capital. Introductory Chapter, 2011. Job Generation by Fast Growth / Innovative CiCompanies y AiAmerican ftfast growth companies ¾Young companies go public (IPO); average year is the fifth firm year ¾Firm growth accelerates after IPO ¾Large number of jobs are generated in the decade after startup ¾New industries y Japanese fast growth companies ¾Subsidiary of a large company or the Japanese arm of an American comppyany ¾Small-scale job generation ¾Mature industries 8 Global Entrepreneurship Monitor y Glob al Ent repreneurshi p Monit or (GEM)(“GEM”) created by BBbabson College and London Business School y Completed 12 annual surveys y Started with 10 developed countries in 1999 y Over 175,000 people were surveyed in 59 economies in 2010 y Measures TtlTotal (El(Early-Stage ) En trepreneur ia l Ac tiv ity ((TEA)“TEA”) y Classification of economy as “Factor-Driven,” “Efficiency-Driven,” or “Innovation-Driven” 9 GEM Methodology y GEM defines Total (Early-Stage) Entrepreneurship Activity as the prevalence rate of individuals in the working-age population who are actively involved in business start-ups, either in the phase preceding the birth of the firm (nascent entrepreneurs), or the period spanning 3½ years after the birth of the firm (owner managers of new firms ) y The cut-off point of 3½ years is made on a combination of theoretical and operational grounds y Following a typology used by the World Economic Forum, GEM classifies the 59 GEM participants as “factor-driven,” “efficiency- driven” or “innovation-driven” economies Source: GEM Report 2010. 10 Entrepreneurial activities worldwide 11 12 Venture Capital Investment in Japan (¥100 million)* 160 140 135 120 107 100 95 80 75 74 69 61 60 46 41 43 40 20 0 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 13 *Approx. US$ millions at ¥100 / US$ 14 10,000 15 000 20,000 25,000 30,000 5,000 , 000 0 1995Q1 1995Q3 1996Q1 1996Q3 intheU.S. Investment Capital Venture 1997Q1 1997Q3 1998Q1 1998Q3 1999Q1 1999Q3 2000Q1 2000Q3 ($ million) 2001Q1 2001Q3 2002Q1 2002Q3 2003Q1 2003Q3 2004Q1 2004Q3 2005Q1 2005Q3 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 Investment in Biotechnology and Clean Technology by America n VC N 600 6000 A th u * 2010 does not include 4 quarter. m m o b 500 5000 u e n r t ( s $ o 400 4000 f o M f i I l n 300 3000 I l v n i e v o s e 200 2000 n) t s m t e m n 100 1000 e t n s t s 0 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Bio-tech (left) Clean-tech (left) Bio-tech (right) Clean-tech (left) 15 Investment in Biotech and Clean-tech by Japanese VCs y Total amount of investment in 2009 was ¥26.2 billion (US$262 million) y Clean-tech: ¥2 billion (US$ 20 million), 8% of the total y Biotech: ¥4.7 billion (US$ 47 million), 18% of the total y In all, only ¥7 billion (US$ 70 million) was invested in growth industries such as clean-tech and biotech 16 Venture Capital Investment in the U.S. by Growth Stage (Number of Investment) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Seed Stage Early Stage Expansion Stage Later Stage 17 Venture Capital Investment in the U.S. by Growth Stage (Amou nts of Investm en t) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Seed Stage Early Stage Expansion Stage Later Stage 18 VC Investment by Growth Stage in Japan and the US y Japanese VCs in Q2 2010 ¾Seed stage investment: 0% ¾Expansion and later stage investment: 71% y American VCs in 2010 ¾By number: See d stage 11. 4%, early stage 34. 3% ¾By amount: Seed stage 9.1%, early stage 24.0% 19 20 Source: BVCA Private Equity and Venture Capital Report on Investment Activity 2009.
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