The Power to Innovate
The Japanese public is concerned that domestic pharmaceutical companies have yet to launch a single Covid-19 vaccine. Some may argue that this is due to a low rate of vaccine confidence, as is seen in the national tendency to avoid the human papillomavirus (HPV) vaccine, which has, in turn, caused a problem for vaccine development.
Start It Up!
Starting a business anywhere is a demanding endeavor, but doing so in Japan presents its own particular set of hurdles and idiosyncrasies. For those who can navigate the process, however, there are many rewards to be had. Although the dynamics can vary widely depending on the industry, the top challenges facing startups in Japan include simply breaking into the market, language and cultural differences, the time it takes to build a customer base, bureaucratic requirements, and difficulties raising money.
Be on Time
How often do we hear people say, “Sorry for being late”? How about, “I’m sorry I’m late, the traffic was so bad”? Does this sound like us? Many studies have shown why some people just can’t get somewhere on time. Several causes have been identified, but there is one common trait running through the behavior of chronically late individuals that may be the universal reason for their perpetual tardiness. Do we need to be on time for our appointments and meetings? Have we given thought to why punctuality is important?
Entrepreneurship in Japan and Beyond
When entrepreneurs consider entering the Japanese market, often they eye the nation’s capital as their starting point. The allure of Greater Tokyo, with its population of more than 35 million, is strong. But ask American Chamber of Commerce in Japan (ACCJ) Vice President-Chubu Robert Roche where you should start and he’ll invite you west, to the city of Nagoya.
Robert “Skipp” Orr (1953–2021)
The American Chamber of Commerce in Japan (ACCJ) has lost a longtime member and leader, Robert “Skipp” Orr, who passed away on August 12 due to heart failure at his home in Kamakura. He was 68. Orr played a key role in US–Japan relations over many decades and helped lead the ACCJ during the 1990s as a governor (1995–96) and vice president (1997–99). He guided Boeing Japan K.K. as president from 2002 to 2007 and served as chairman of the board of the Panasonic Foundation from 2007 to 2010.
Smoother Paths
Transitions have been a way of life over the past two years. The coronavirus pandemic has forced companies to rethink how they operate, how they manage staff and workflows, and how they communicate. The winds of change have also rustled through the pages of The ACCJ Journal. Since bringing the magazine in house at the start of this year, we’ve made some adjustments and additions that have allowed us to better meet the needs of chamber members and communications. This has been a prelude to a bigger shift.
Nurturing Ideas and Creative Minds
Ever since third grade, when my stepfather took me to a store where we bought a rubber stamp emblazoned with Jones Inc., the entrepreneurial spirit has been part of me. This spirit is one reason I enjoy working with so many talented and inspiring businesspeople through the ACCJ to share stories of ideas brought to life and the determination to succeed as an expat.
Nagoya Means Business
Now more than ever, Nagoya means business. The Chubu region, and specifically the city of Nagoya, has attracted many large tech companies and manufacturers—from automotive to aerospace—because it offers a skilled and talented workforce, affordable land, and a competitive cost of living. With a dedicated focus on creating an innovation ecosystem, Japan’s fourth-largest city has become an attractive location for small business owners and entrepreneurs.
MPower Partners
Japan has incredible potential to support innovative startups and for strong economic growth. Yet it continues to fall short compared with the United States and many other countries. Why is this? What can be done to turn the tide, energize business, and bring greater diversity and opportunity to the country? These questions and more were addressed on July 19, when the American Chamber of Commerce in Japan welcomed Kathy Matsui, Yumiko Murakami, and Miwa Seki, the co-founders of MPower Partners, Japan’s first global venture capital (VC) fund focused on environmental, social, and governance (ESG) criteria.
Make Japan a Startup Nation
If you had two minutes with the new prime minister, to give your best-shot advice on how to create a better economic future for Japan, what would you say? From a macro perspective, by far the best answer is: Do whatever you can to make Japan a startup nation. But where does economic growth come from? Not from the stuff politicians and technocrats talk about most of the time—e.g., monetary, fiscal, or trade policy. And importantly, it doesn’t come from population growth. It comes from entrepreneurs.
HxD 2021
Healthcare x Digital 2021 will carry forth the goal of forging new partnerships and creating new solutions to solve Japan’s most critical community healthcare and individual patient challenges by focusing on three key areas tied to the digital transformation of society and which can help Japan continue to take care of—and provide even better care for—all its citizens.
Impact of Engagement
Japan faces a very modern problem: its success in delivering universal health coverage and fostering longer life expectancy has led to demographic and social changes that are giving rise to a new set of interconnected healthcare challenges. As the Japanese government moves to reform its healthcare system to address these challenges, new policy approaches will be necessary. With the right approach and policies, Japan can continue to improve the health of its citizens and create a blueprint that aging societies around the world can follow.
Do the Right Thing
As the coronavirus pandemic unfolded in early 2020, supply chain disruptions put extreme pressure on many companies. The healthcare industry, in particular, struggled with a shortage of personal protective equipment (PPE), and procuring resources became a difficult—and sometimes risky—business for those in need, as some unscrupulous vendors took advantage of the situation. For others, the crisis was a chance to show how strong ethics provide a solid foundation for long-term business success. One such company is Northfield, Illinois-based Medline Industries, LP.
Adapt, Innovate, Discover, Connect
One of the greatest strengths of our international business community is the varied experiences and skills of our members. I’m proud of the way in which the American Chamber of Commerce in Japan (ACCJ) has transitioned to a virtual environment that allows us to serve the needs of the membership through a robust schedule of events and meetings. But, during the pandemic, tapping into our network for a less formal exchange of ideas and expertise (the way we would during coffee breaks in more normal times) has been a challenge. This month, we’re launching a pilot project to help members discover and connect with other members.
Social Impact
If the future of Earth as we know it is to be secured, not just for ourselves but for generations to come, the way we do business has to change. That was the conclusion of scientists in a recently released report by the Intergovernmental Panel on Climate Change (IPCC), a body under the mandate of the United Nations. Serial entrepreneur Priya Sultan agrees with the report’s conclusions, adding that the education system—in addition to business practices—must be upgraded.
Wishing You a Happy Independence Day
Happy Independence Day to our partners and friends at the American Chamber of Commerce in Japan (ACCJ). On the 245th anniversary of the adoption of the Declaration of Independence, the democratic values that underpin the US–Japan alliance continue to bear fruit. Reflecting on the year thus far, we have much to celebrate as our bilateral ties with Japan remain strong.
Staying Focused on the Fundamentals
Japan’s dependency on the world has gone up since the start of Abenomics in 2012. Ten years ago, about 50 percent of profits came from global markets. As Jesper Koll explains, to be a successful investor, cut out the noise and don’t get distracted by smart-sounding stories or headline-grabbing advice. Stay focused on the fundamentals.
Investing in Kochi Prefecture
For most, investing brings to mind index funds, real estate investment trusts, or property. But what about investing in the growth of your local community via beer, tourism, or fitness? In Kochi, on the island of Shikoku, three families are looking beyond plain profit as they seek to revitalize and secure the future of their communities in unexpected ways.
Investing in Smart Agriculture
AI gets a lot of attention these days, but its application to farming is not often in the spotlight. Sagri Co., Ltd. uses AI, machine learning, and mapping technologies to solve social problems. I had the opportunity to talk with CEO Shunsuke Tsuboi about the challenges that agricultural technology startups in Japan face when it comes to funding, as well as the benefits of their technology.
Beyond the Pandemic
One reason that foreign companies choose to invest in Japan is the nation’s high-quality manufacturing and services sectors, as well as its technological prowess and innovative workforce. Maintaining the health of the population—beyond the immediate challenges of Covid-19—is, therefore, critical to the future prosperity of the country and the viability of its business environment.