Tokyo, April 10, 2023 ― Mori Building Co., Ltd., Japan's leading urban landscape developer, announced today that it has been commissioned by Japan's Ministry of Economy, Trade and Industry (METI) to establish a business hub in Silicon Valley, USA as part of a five-year startup-development project1 aimed at accelerating innovation and forming a startup ecosystem in Japan, including by nurturing globally capable innovators and strengthening connections between Japan's startup ecosystem and leading business regions worldwide.
In Japan's effort to accelerate innovation and form a startup ecosystem, it will be crucial to develop not only talented innovators but also people skilled in developing connections with cutting-edge regions of the world, such as Silicon Valley. Innovation in Japan has been hampered by the fact that few companies have been able to develop global-scale businesses from a truly international perspective. In addition, it has been difficult to create unicorn companies.2 Japan also lacks human networks that extend to Silicon Valley and other cutting-edge regions of the world. In sum, innovative Japanese firms have found it difficult to raise funds, secure personnel and expand sales channels.
The new project will attempt to resolve these issues through three key measures: first, implement entrepreneur-development programs on the U.S. West Coast; second, implement entrepreneur-development programs and global events on the U.S. East Coast and worldwide; and third, establish a business hub in Silicon Valley through Mori Building's direct participation and promotional efforts.
The Silicon Valley business hub will assign a community manager to forge networking relationships between Japanese startups and overseas companies and investors. The selection of Mori Building to implement the project reflects the company's experience in establishing the "ARCH" incubation center in its Toranomon Hills complex in Tokyo as well as potential opportunities for synergistic outcomes as a result of collaboration between ARCH and the envisioned Silicon Valley business hub.
To support business creation by large companies, Mori Building has been operating ARCH since 2020 in Toranomon Hills, Tokyo, an advanced urban development that is becoming a new international hub and global business center. Staffed by community managers, ARCH provides venues and mechanisms for innovation through exchanges, seminars with entrepreneurs (over 230 times per year) and partner matching for business creation (over 360 cases per year). In its first three years, ARCH has grown into a startup community of some 900 people from some 120 large corporations, as well as representatives from startup firms and local governments. In addition, the Toranomon Hills Business Tower is home to "CIC Tokyo," the world's largest innovation community with over 250 participating companies. ARCH and the CIC have developed a synergistic relationship to facilitate communication and collaboration between their two respective communities.
Going forward, Mori Building will continue to create venues and mechanisms that enable diverse players to gather, interact and co-create in order to help overcome major challenges confronting Tokyo and Japan, and to enhance the global magnetism of Tokyo.
Workshop at “ARCH” incubation center
- Announced by Japanese Prime Minister Kishida's cabinet on November 24, 2022
https://www.cas.go.jp/jp/seisaku/atarashii_sihonsyugi/pdf/sdfyplan2022en.pdf - Unlisted venture firms less than 10 years old and valued at more than USD 1 billion, commonly in the technology field.