Evolution of Japanese-style venture capital and its limitation: why non-linear VC model emerged in Japan Online publication date: Fri, 10-Apr-2009
by Akio Nishizawa
International Journal of Entrepreneurship and Innovation Management (IJEIM), Vol. 9, No. 4, 2009
Abstract: Based on the evolution of Japanese VC from the early 1980s, when Japanese VC could be an independent business introducing Japanese-type partnership fund which provided management fee to VC company, this paper plans to explain how the Japanese-style VC could be established and to clarify its background for emerging non-linear model of VC organisation. This model could work well enough to be expanded to major Japanese VC companies during the late 1980s and 1990s, which requires higher operating cost to keep 'the finding staffs' with large organisation. While Japanese-style VC was succeeded in the growth money provider for middle stage small businesses with high growth possibilities in services sectors called as new businesses toward the end of the 1990s, it faces difficult situations where university spun-off NTBFs are strongly expected to be financed by VC companies from 2006 due to its successful path-dependency.
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