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Innovation Network Corporation of Japan ___________________________________________________________________________ 2012/CTI2/CON/020 Innovation Network Corporation of Japan Submitted by: Innovation Network Corporation of Japan (INCJ) Conference on Innovation and Trade: Policy Considerations Related to Generating and Absorbing Innovation Singapore 4-5 April 2012 Innovation Network Corporation of Japan March 2012 I. Overview The INCJ Govt. investment: \102bn Private investment: \10.01bn Launched July 2009 with a 15-year lifetime Govt. guarantee: \1,800bn (19 companies 2 individuals) Established under the Law on Special Measures for In dus tr ia l Rev ita liza tion Collaboration, Overall investment capacity of \1.9 trillion cooperation Provides patient risk capital over the Private enterprises Private funds medium to long term; emphasis on investment multiple and innovative Management resources, advice potential Investment Investment Third-party due diligence on investments Selects best partners for collaboration Large In principle, participates directly in corporations Ventures Technology, Technology, management of investments personnel Target company personnel Universities SMEs Innovation Network Corporation of Japan (INCJ) 1 II. Shareholders Government (investment of \102bn) 19 Corporations (\10bn in total, \500m each*) Development Bank of Japan Inc. Toshiba Corporation Shoko Chukin Bank JGC Corporation Asahi Kasei Corporation Panasonic Corporation Osaka Gas Co., Ltd. East Japan Railway Company Sharp Corporation Hitachi, Ltd. Sumitomo Chemical Co., Ltd. Mizuho Corporate Bank, Ltd. Sumitomo Corporation The Bank of Tokyo-Mitsubishi UFJ, Ltd. Sumitomo Electric Industries, Ltd. GE Japan Corporation Takeda Pharmaceutical Company Limited JX Nippon Oil & Energy Corporation The Tokyo Electric Power Company, Incorporated *Except for Development Bank of Japan, which contributed \1bn Individual investors (\5m each) Kimikazu Noumi (CEO) Haruyasu Asakura (COO) Innovation Network Corporation of Japan (INCJ) III. Organizational structure Management – Flat, simple management structure Shareholders – Diverse personnel—backgrounds range from PE, VC and banking to manufacturing, researchdh and governmen t – No. of employees: 72. Average age: 37.7 Board Innovation (as of Dec. 31, 2011) of Directors Network Committee – Flexible use of external resources – Investment performance-linked director Auditors compensation Compliance – Strong corporate governance President Office and CEO Decision-making – Final decisions on investments made by the Innovation Network Committee, established in COO accordance with the Law on Special Measures for Industrial Revitalization Strategic Innovation InvestmentInvestment Planning Innovation Network Corporation of Japan (INCJ) 2 IV. Our philosophy Open innovation is the key to transforming Japanese industry for the future Open innovation Open innovation brings businesses, technologies and ideas together across organizational and sectional boundaries. Putting it into practice is the key to tapping Japan’s potential for growth, as it offers a solution to “Not Invented Here” syndrome, a severe constraint on Japanese industry. INCJ investment criteria A business must meet the following criteria (1) to (3) to qualify as a potential target investment: (1) Value to society ・The business meets some societal need, e.g. energy/environmental, health-related, etc. (2) Growth potential (Fulfills one of the following three conditions): 1. Creates new added value, etc. 2. Financing from private sector businesses, etc. 3. Hig h pro ba bility th a t acqu ire d s hares, e tc. can be so ld (3) Innovation 3. Spinoffs and 2. Business expansion 4. Overseas expansion 1. Business incubation restructuring Creation of new added value beyond conventional boundaries of industry, corporation, product and market Innovation Network Corporation of Japan (INCJ) V. Stages of commercialization 1. Business incubation Industrialization (Pre-early stage) – Use IP fund to tap 4. uncommercialized IP and core technology in corporations and universities 2. Business expansion 3. (Early/Growth stage) 4. Overseas expansion Public offering/ – Promote leveraging of capital markets technology, assets held by (Mature stage) M&A market startups – Overseas Major corporations, – Build new framework for acquisitions, financial institutions collaboration with major 1. etc. Growth VCs corporations Non-profit funding (foundations, 3. Spinoffs and restructuring contributions) Govt. subsidy (Late stage) Startup VCs – Target business units and Universities/ 2. subsidiaries of major public institutions corporations and medium-sized Time R&D (core) R&D (application) Commercialization Commercialization firms (product) (business) Innovation Network Corporation of Japan (INCJ) 3 IX. Investment portfolio Industry Electronics/IT Infrastructure services Business segment Bio/ life sciences Others stage (environment/energy related, etc.) (water, rail, nuclear energy) Early stage IP Fund LSIP (Life-Science Intellectual Examining formation of IP funds and provision of support based on groupings into several themes and fields property Platform fund) （biomarkers, ES/stem cells, cancer, Alzheimer’s） incubation of All Nippon (Social instruments) voice search (Alzheimer’s Entertainment treatment) Works Start- ups (Development (flash memory) (diamond saw wire) (anticancer DDS) of content overseas) Pharmaceutical makers’ R&D pipeline spin-offs (Low Cost Carrier) (small wind turbines) (LIB) WISDOMS AUTO Int’l. nuclear energy PARTS Companies’ (power cores, current sensors) development (auto parts reorganization manufacturer) and integration Australian water industry (power devices) Japan Display (small/mid-size displays) (NMR) UniCarriers (Forklifts) Chilean water industry (smart meters) Use of overseas management resourcesInnovation Network Corporation of Japan (INCJ) Appendix (4) Activities and partnerships Cooperation with external organizations Kauffman Fellows Program(KFP) (IAI*) National Institute of Advance Industrial Science and Technology Concluded a partnership agreement Silicon Valley’s core talent cultivating organization with the aim of constructing an ecosystem Concluded a partnership agreement aimed at driving open conducive to innovation in Japan itiinnovation Currently carrying out the three activities of seeding Creating new possibilities in innovation by matching AIST commercialization, trend mapping, talent support and matching technical knowledge and technological seeds with INCJ financial and commercialization capabilities Tokyo Metropolitan Government Bureau of (IAI*) Japan Science and Technology Agency Waterworks Concluded a partnership agreement aimed at channeling the excellent research results of Japan’s universities and public research facilities into Concluded a partnership agreement in overseas water business industrial applications Practical application of the Tokyo Metropolitan Government Bureau of Through the provision of JST patents to an IP fund and other means, Waterworks’ world-class water industry operations expertise aim to combine JST’s R&D support faculties with the INCJ’s investment capabilities to achieve commercialization of specific projects Open Innovation Platform Innovation Design Laboratory KK Forum Roma no Ichiba nite Site managers of medium-sized businesses Specialists in intellectual property, finance and Entrepreneurs, supporters, and mentors engage in the formation of deals in management examine the process of gather to for frank and open discussion technological spin-offs and combinations commercialization (rights, demonstration, with the aim of accelerating the growth of Meets monthly. 24 participants marketing), IP and technology that lies dormant in promising businesses universities and large corporations Meets monthly. Approx. 75 participants Meets monthly. 17 participants Innovation Network Corporation of Japan (INCJ) （*Independent Administrative Institution [Dokuritsu Gyousei Houjin]) 4.
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