Stanford SV-NJ Project
The Stanford Silicon ValleyNew Japan Project, part of
the Shorenstein Asia-PacificResearch Center Japan
Program was launched in2014 as there has been by aheightened interest in Silicon
Valley as an innovation
system. The interest is not
only in Silicon Valley’s
entrepreneurism, but how
entrepreneurship fits into thebroader economic structure.
Over the past few years, Silicon
Valley has witnessed a newwave of Japanese startups(entrepreneurs, successful
startups from Japan). This
trend has occurred within
the context of increased
importance of innovationand entrepreneurship inJapan. A key challenge is not
simply to try to duplicate theecosystem, but to figure out
how large firms, fast-growing
large startups, and emerging
startups can “harness” theSilicon Valley ecosystem.

Research andProgram Activ ities
Program activities include
a Public Forum Series
with networking, outreach
symposia and conferences,
policy research andimplementation as well as
research and public output.
The mission of the Projectis to provide the intellectual
background, analyticalperspectives, and createknowledge and research while
becoming a platform for denseinterpersonal relations toenable Silicon Valley to benefit
from Japan, and for Japan tobetter harness Silicon Valley.

Stanford
Silicon Valley-New Japan Project
Year End Report
Message from the Proje ct P.1
Public For um S eries P.4
Research and Public ation P.6
In Me dia P.7
Outreach and C onference P.8
Case Studies P.10

Message from the ProjectThis was a fantastic andproductive year for the Stanford
Silicon Valley - New Japan Project.
Momentum in Japan has gained forsuccessfully “harnessing” Silicon
Valley, and in Silicon Valley, the status
of Japan has risen to the highest levels
in at least 15 years. We firmly believethat Stanford SV-NJ provides a unique
set of contributions to bridging theecosystems of Japan and Silicon Valley.
Our big event of the year, co-hosted
by our strategic partner Ishin, wasthe “Silicon Valley - New Japan
Summit 2016,” which revealed theseforces: over 400 people gathered at
the Alumni Center at Stanford, withover one hundred Japanese firms andapproximately sixty Silicon Valley
startups. With the morning as panelswith large Japanese companies working
successfully with startups, and startup
pitches, and the afternoon session
devoted to business matching withstartups putting out booths, this wasthe biggest direct business matching

Suppor ters P.11
Researchers and Staff P.13

event (without Venture Capitalists as anintermediary) in the Bay Area between
Japanese companies and Silicon Valley
startups that I know of.
Our Stanford SV-NJ Public Forum
Series with networking hosted avariety of exciting speakers, many ofwhom have not appeared elsewherein talks around Silicon Valley or inJapan, but who provide valuable
in-depth vantages into Japan’s startup
ecosystem, harnessing Silicon Valley, orunderstanding entrepreneurship andtechnology issues. All of our publicforum series are video recorded andavailable online at the website.
We were particularly active inresearch, a core component of Stanford
SV-NJ. I was delighted to publish abook in Japanese, aimed at a generalaudience providing a brief overview
of the Silicon Valley ecosystem,
incorporated into an argument about
how software algorithms capturing anincreasing range of human activity is
the driving force behind areas such asStanford Silicon Valley New Japan ProjectCore Members
Richard Dasher
Takeo Hoshi
Kenji E. Kushida
Kanetaka M. Maki
Jaclyn Selby
Staff
Meiko Kotani
Elin Matsumae
Amanda StoeckichtFintech, Internet of Things, Artificial
Intelligence, and others, enabled bya transformation of computing
power from a scarce to an abundantresource. We also published several
academic papers, book chapters, andworking papers on topics such as theJapan’s startup ecosystem, the impactof digital technologies on innovation
policy, and an edited academic
volume, “Information Governance inJapan: Towards a New Comparative
Paradigm,” in partnership with scholars
from the US and Japan, co-edited bycolleagues from Keio University andMinnesota State University.
We also supported one of our research
partners, the Berkeley Roundtableon the International Economy, inpublishing several working papers
dealing with the platform economy andother relevant and timely topics.
We would like to highlight ourcase study series underway, focusing
on Japanese startups in Silicon
Valley. We are building a databaseof startups that had one or more
Japanese citizens in the founding
team, which were founded in, or havea significant presence in Silicon Valley.
We are publishing brief case studies
through interviews on our website tocontribute to the knowledge base ofJapanese entrepreneurship, and thisyear we were able to publish 11 cases,with many more currently underway.
Special thanks to Tomohisa Kunisawa
for joining us during the summer.
As a university project, we are notactively seeking media attention, but

SV-NJ activities and researchers did
appear in media outlets such as Forbes
Online, San Francisco Chronicle,
NHK World, Nihon Keizai Shimbun,
Nikkei Business, and of course fromour strategic partners Ishin (VentureTsushin and Tech Tsushin) and BaySpo.
In our outreach activities, westrive to take many of the insights
and findings by being at the nexusof Stanford University, Silicon Valley,
and Japan’s startup ecosystem and large
firms attempting to harness Silicon
Valley, and disseminate these to abroad audience. Public seminar seriesin Tokyo through the Canon Instituteof Global Studies, public symposia with
Keio University’s Media Design School,
talk at the Institute of Global Economicin Korea and the Korea Development
Institute, and a panel at the National
Academy of Sciences in Washington
DC were some highlights. Others
included orchestrating a panel at theJapan New Economy Summit in April
on Biomedical innovation, in which we
invited two promising entrepreneurs
and moderated the panel, judging theTokyo regional startup pitch contest
for the Startup World Cup hosted byFenox VC, moderating a panel at GSVLabs put on by NEDO, orchestrating apanel on Finch at the US-Japan Council
annual meeting, and presenting at theTrilateral Commission in Rome.
We also played a significant rolein planning a conference at Stanford,“Womenomics, the workplace, andwomen: Stanford Silicon Valley USJapan Dialogue 2016” aimed at learninglessons in both directions, going
beyond the US simply telling Japan
what to do. With Silicon Valley facing
significant gender balance challenges
while providing opportunities throughcreative personnel practices, theintent was for learning to go in bothdirections. Many of the participantsfrom Silicon Valley and Japan’s startup
ecosystem were from networks
built through SV-NJ, and we are
currently working on concrete policy
recommendations to Japan that cameout of a closed workshop following theopen symposium.
One of our goals is to become aplatform for knowledge creation andto support researchers who may notnecessarily be researching Japan, butwhose research can be enhanced byties to Japan. We were delighted tohave Kanetaka Maki, now an AssistantProfessor at the International Graduate
Institute for Policy Studies as a
postdoc for six months from 2015 toMarch 2016, and we have welcomed
Dr. Jaclyn Selby as a research scholar
who researches competitive dynamics
in high tech and media industries,emphasizing innovation, startups andintellectual property.
My sincerest personal thanks to
our hardworking staff who make thisprogram possible: Amanda Stoeckicht,
Meiko Kotani, and Elin Matsumae.
Finally, our heartfelt gratitude to
the corporate supporters of Stanford
SV-NJ that make our activities possible.
At the Diamond level: Kozo Keikaku
Engineering, Future Architect; at thePlatinum level: Komatsu, Mistletoe;at the Gold level: Mitsubishi Heavy
Industries, NEDO, World Innovation
Lab; and at the Silver Level: ANA,
Development Bank of Japan, KPMG
Azsa,
Mitsubishi
Corporation,Rakuten, Sumitomo Mitsui Banking
Corporation, Techfirm Group; andstrategic partners: BaySpo, Ishin, andIndustrial Growth Platform, Inc.
We hope you had a wonderful year,
and look forward to sharing anothersuccessful year with you in 2017.

Public Forum Series
Approximately once a month, the Stanford SV-NJ Project holds public forums that explore issues of interest relating to innovation, entrepreneurship, and the Silicon Valley – New Japan relationship. This year’s topics ranged
from Scaling Startups and Preferred Stock financing to Corporate venture and business development. Videos of all
our public forums this year are available online.
Is Financial Inclusion only an emerging markets, bottom-of-the-pyramid problem oris it also a challenge for the middle class and in developed countries too?
December 5, 2016
Anju Patwardhan, Fulbright Fellow at Stanford University and Partner with CreditEase[Video]Do Startups Learn When They Fail? Using Crowdfunding Data to Compare
When and If Entrepreneurs Learn From Experience and Observation
November 2, 2016
Jaclyn Selby, Research Scholar, Shorenstein Asia-Pacific Research Center Japan
Program[Video]Patterns of Harnessing Silicon Valley: Impact of When (Only) the CEO and VP of a Tokyo Company Live in Silicon Valley
October 14, 2016
Noriyuki Matsuda, Founder & CEO,SOURCENEXT Corporation[Video]Corporate Venture Capital in Japan: Challenges and Future
September 28, 2016
Nobuhiko Hibara, Associate Professor, Waseda University[Video]Zero to One and One to Ten: The Art of Starting a Startup and Scaling
June 15, 2016
Akiko Naka, Founder and CEO, Wantedly, Inc[Video]Managing Open Innovation: Lessons from Harnessing Silicon Valley
May 23, 2016
Joanna Drake Earl, General Partner, Core Ventures GroupGen Isayama, Co-Founder and CEO, World Innovation Lab
Kenji Kushida, Research Scholar, Stanford University
David Swanson, Executive Vice President, Human Resources, SAP SuccessFactors[Video]Public Forum Series
Big Data: Lesson From the Field
May 18, 2016
Gaurav Kataria, head of Product Adoption Google for Work
[Video]A Sharing Economy for Childcare in JapanMay 3, 2016
Keiko Koda, Founder and CEO of AsMama Inc.
Brought to you by the US-Asia Technology Management Center's Spring Seminar Series and jointly sponsoredwith the Silicon Valley-New Japan Project.
Korea Entrepreneurship Update: Current Trends & Dynamics
April 26, 2016
David Chang, President and CEO, Conifer Networks, and former Chairman, Korea IT Network
Yong Suk Lee, SK Center Fellow, Freeman Spogli Institute for International Studies, Stanford
University
Catharina Min, Vice Chair of Firmwide Business & Finance and Partner, ReedSmith LLP
Brought to you by the US-Asia Technology Management Center's Spring Seminar Series andjointly sponsored with the Silicon Valley-New Japan Project.
Back to the Source: Yamaha Motor’s Challenges on Business Development
March 8, 2016
Hiro Saijou, CEO and Managing Director, Yamaha Motor Ventures & Laboratory Silicon Valley Inc.
[Video]Understanding Investors and Preferred Stock Financings in Silicon Valley
February 23, 2016
Joseph Z. Perkins, Partner at Orrick, Herrington & Sutcliffe LLP[Video]Chronicles of the Silicon Valley- Japan Relationship and Lesson Learned:
An Insider’s View of Large Firms, Startup Firms, and Entrepreneurs
Since the 1970sFebruary 3, 2016
Masa Ishii, Managing Director of AZCA, Inc and Visiting Professor,
WASEDA Business School; Graduate School of Engineering, Shizuoka
University[Video]

Research and Publications
In 2016 saw the project produce a significant number of publications and research content from its activities.
The Stanford SV-NJ project research partnership with the Berkley Roundtable on the International economy also
yielded several working papers (included below).
Kushida,	 Kenji	 E.	 2016.“シリコンバレー発アルゴリズム革命の衝撃：Fintech,IoT,CloudComputing,AI、アメリカで起きていること、これから日本で起こること.”朝日新聞出版.	 
(The Impact of the Algorithmic Revolution from Silicon Valley

Fintech, IoT, Cloud Computing, AI... What's happening now in the US and what will happenin Japan")
Kushida, Kenji. "Japan's Startup Ecosystem: From Brave New World to Part of Syncretic"New Japan" ". Asian Research Policy 7, no. 1 (2016): 67-77.
Kushida, K. E. (2016). “The Impact of Digital Technologies on Innovation Policy.” in Research Handbook on Digital Transformations. F. X. Olleros and M. Zhegu. Northampton,MA, Edward Elgar: 354-379.

Kushida, Kenji E. 2016. "The Algorithmic Revolution Driving Business Disruptions: Beyond
the Buzzwords." Prepared for the Trilateral Commission Plenary, Rome 2016.
Kushida, Kenji E. 2016. "The Algorithmic Revolution behind the "Sharing Economy”: aSilicon Valley vantage.” The Canon Institute for Global Studies.
Kenji Kushida, Yuko Kasuya, Eiji Kawabata, ed.
“Information Governance in Japan: Towards a New Comparative Paradigm” (SV-NJ e-Book series)• Introduction (Kenji E. Kushida, Yasuko Kasuya, Eiji Kawabata)• Part 1: Government• Access to Governmental Information in Japan: Enactment Timing,Legal Strength, and Enforcement of the 1999 Freedom of Information
Act (FOIA) (Yuko Kazuya, Keio University• Open Data in Japan: Cultural tensions Behind Policy Foundation(Tomoaki Watanabe, International University of Japan)• Archives and Public Records Management (Takashi Koga, TenriUniversity)• Part II: Economy• Does Mandatory Quarterly Financial Reporting Affect Corporate
Investment Behavior? (Tetsuyuki Kagaya, Hitotsubashi University)• Governing and Protecting Information in Intellectual Property Law Information Governance and Trade Secrets (Christopher Rademacher,Waseda University)• Governing ICT Networks Versus Governing the Information Economy: How Japan Discovered the Dilemma of Winning in the ICTInfrastructure Race (Kenji E. Kushida, Stanford University)• Part III: Politics and Society• Cyber Security Governance in Japan: Two Strategies and a Basic Law (Motohiro Tsuchiya, Keio University)• Privacy Governance in Japan (Eiji Kawabata, Minnesota State University)• False Dawn: The War on Watchdog Journalism in Japan (David McNeill)• Information Governance and Election Campaigning in Japan: The Public Offices Election Law in Historicaland Comparative Perspective (Laurie Anne Freeman, UC Santa Cruz)Research and Publications con’t
From Stanford SV-NJ research partner,
Berkeley Roundtable on the International Economy (BRIE)
BRIE Working Paper 2016-3. “The Next Phase in the Digital Revolution: Platforms, Abundant Computing; Growth andEmployment“. John Zysman and Martin Kenney (2016).
BRIE Working Paper 2016-7. “Exploring the Marker-Industrial Revolution: Will the future of production be local?“.
Anna Waldman Brown (2016).
BRIE Working Paper 2016-6. “Mobile Internet Business Models in China: Vertical Hierarchies, Horizontal Conglomerates, or Business Groups?“. Kai Jia and Martin Kenney (2016).
BRIE Working Paper 2016-2. “Product-centric Information Management: A Case Study of a Shared Platform withBlockchain Technology“. Juri Mattila, Timo Seppälä and Jan Holmström (2016).

Stanford SV-NJ in MediaForbes Online, Third Time Could be a Charm for Silicon Valley and Japan• http://www.forbes.com/sites/phillipkeys/2016/12/01/third-time-could-be-the-charm-for-silicon-valley-andjapan/#3687287e245b
Logstar, 日本人がシリコンバレーを「攻略する」方法	 	 • https://www.logstar.jp/posts/47
SF Chronicle, Yahoo Japan’s Future Still Looks Bright - unlike its U.S. Counterpart• http://www.sfchronicle.com/business/article/Unlike-its-U-S-counterpart-Yahoo-Japan-s-7465980.php?t=214c1b6d5d
9c45373f&cmpid=twitter-premium
NHK World, Global Agenda, Silicon Valley and the Future of Innovation• http://www.nhk.or.jp/globalagenda/archive/08.html
Tech Tsuishin, シリコンバレーは世界への門 日本人もその扉を開け	  • http://www.tech-tsushin.jp/interview/vt62_specialtalk/	 
Nikkei, 日本のシリコンバレーブーム	  三度目の正直	 	 • http://www.nikkei.com/article/DGXKZO08990050R31C16A0X12000/	 
Nikkei Business, 人の活動を変える「アルゴリズム革命」	 
• http://business.nikkeibp.co.jp/atcl/NBD/15/093000009/021900025/?ST=pc

Outreach and Conferences
Silicon Valley - New Japan Summit 2016:
Activating Silicon Valley Startup-Japan Connections

The Stanford Silicon ValleyNew Japan Project (SV-NJ)
held the inaugural Silicon
Valley-New Japan Summit
2016: Activating Silicon Valley Startup-Japan Connections,in partnership with Ishin USA
and their media project, TheSV Startups 100, on October
4, 2016 at Stanford University. The conference focusedon knowledge deepening,networking, and business matching between Japanese corporations and Silicon
Valley startups. The morning featured panel discussions from Honda, Skycatch,Komatsu, and Drivemode, Silicon Valley startup pitches fromcompanies such as CBinsights, Coinbase, and RocketSpace, and akeynote. The afternoon was a business matching event, with tablesof startups to facilitate business development. Over 50 Silicon Valley startups participated and over 400 people attended the event.

Outreach and Conferences•

January 25, Canon Institute of Global Studies, Japan•

March 10, Japanese Pitch Night, Silicon Valley••••••••••

January 26, Public Symposium with Keio Media Design School, Japan
April 7-8, New Economy Summit (NEST) 2016, Japan
April 15-17, Rome Trilateral Commission, Italy

September 21, Canon Institute of Global Studies, Japan
September 21, Start-up World Cup, Japan

October 28, Institute of Global Economics, Korea
November 14, US-Japan Council, Silicon Valley
November 17, Tokyo Foundation, Japan

December 1-2, Korea Development Institute, Korea

10/28

1/26

December 12, National Academy of Sciences, Washington D.C.

11/17

4/7-8

9/21
1/26

12/1-2
3/104/7-8

11/14

Outreach and Conferences con’tWomenomics, the Workplace, and Women:
Stanford Silicon Valley US-Japan Dialogue

In November 2016, we held a two day event, Womenomics, the Workplace, andWomen which focused on the issue of women leadership and women’s positions in
the Japanese workforce and society, with the objective to bring issues to the table andexplore concrete mechanisms by which government policy, business practices, andsocial factors can be influences to make concrete progress for women's leadershipand participation in Japan. The first day of the event was a public conference withpanel discussions with a variety of speakers including entrepreneurs, policy makers, and researchers from both the US and Japan. The second day was a closed door
session and focused on delving into the questions and challenges raised by the panels
on Day 1 as well as forming concrete proposals/policy recommendations on how to address those issues. The event wassponsored by the US-Japan Foundation (USJF), Japan Society for the Promotion of Science (JSPS), and Stanford University's Shorenstein Asia-Pacific Research Center (S-APARC) and Clayman Institute for Gender Research.

Case Studies
The Stanford Silicon Valley – New Japan Project case studies are motivated by the observation that there were few
systematic analyses of Japanese startups in Silicon Valley. By gathering cases, we hope to identify useful experiences
and lower the bar for new waves of entrepreneurs and startups from Japan.
Case studies of the following start-ups areavailable with more underway.

DEFINING “JAPANESE STARTUPS IN SILICON VALLEY”•1DollarScan

We define the “Japanese startups in Silicon Valley” to be the for-profit
business entities that satisfy all the following three conditions:•Drivemode1) At least one of the founders held Japanese citizenship when the entity
was established.

Mercari2) The entity is venture capital financed or potentially attractive to venture capitalists

SmartNews3) The entity has an office in Silicon Valley, which is defined to include thebroader Silicon Valley, encompassing Santa Clara, San Mateo, San Francisco, Alameda, and Contra Costa counties.

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ChatWork
Gengo

SanBioTreasure Data
VALUENEX
VufineWHILLLIST OF JAPANESE STARTUPS IN SILICON VALLEYJapanese Startups in Silicon Valley

Supporters

We thank all the Stanford SV-NJ supporters for their onging contributions and collaboration.

DIAMOND

PLATINUMGOLDSupporters con’t

SILVERKPMG AZSAStrategic Partners

Researchers and Staff
Along with its core members Richard Dasher, Director of the US-Asia Technology Management Center (left),
Takeo Hoshi, Director of the Japan Program at the Shorenstein Asia-Pacific Research Center (center), and Kenji
Kushida, Stanford Silicon Valley-New Japan Project Leader and Research Scholar at the Shorenstein APARC
Japan Program (right), the Stanford SV-NJ Project welcomed several scholars throughout 2016.

Kanetaka Maki, Ph.D. who is currently an Assistant Professor andthe International Graduate Institute for Policy Studies in Tokyo, Japanjoined Stanford SV-NJ for one year and contributed to project researchon university-industry technology transfer, science policy, and entrepreneurship.
Jaclyn Selby, Ph.D. joined the project in October as a full-time Research Scholar. Her research revolves around competitive dynamics inhigh tech and media industries, emphasizing innovation, startups, andintellectual property.

Tomohisa Kunisawa, (center) MA candidate atColumbia University joined the program during thesummer.

Program Staff
Meiko Kotani (Left)
Amanda Stoeckicht (Center)
Elin Matsumae (Right)