᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍ไᗘጤဨ఍ሗ࿌᭩㻌䝧䞁䝏䝱䞊䜶䝁䝅䝇䝔䝮䛾䛥䜙䛺䜛඘ᐇ䜢┠ᣦ䛧䛶㻌

2020 ᖺ 9 ᭶ࡣࡌࡵ࡟
2010 ᖺ࡟సࡽࢀࡓ᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍ࡢ≉ูጤဨ఍ࡢ୍ࡘ࡛࠶ࡿࠕไᗘጤဨ఍ࠖࡣࠊ2019 ᖺᗘᮎ࡛10 ᖺࡀ⤒㐣ࡋࠊ⌧ᅾ 11 ᖺ┠࡟ධࡗ࡚࠸ࡿࠋࡇࡢጤဨ఍ࡣ 2 ᖺࢱ࣮࣒㸦ᖺᗘ༢఩㸧࡛࣋ࣥࢳ࣮࣭࢚ࣕࢥࢩࢫࢸ࣒ࢆ኱ࡁ࡞ࢸ࣮࣐࡜ࡋ࡚㆟ㄽࡍࡿᙧ࡛㐍ࡵࡽࢀ࡚࠾ࡾࠊࡇࢀ࡛ 5 ᅇ┠ࡢࢡ࣮ࣝࡀ⤊ࢃࡗࡓࡇ࡜࡟࡞ࡿࠋ⌧≧ࠊ2020 ᖺ 4 ᭶࠿ࡽ 6 ᅇ┠ࡢࢱ࣮࣒ࡀጞࡲࡗࡓ࡜ࡇࢁ࡛࠶ࡿࡀࠊṧᛕ࡞ࡀࡽ᪂ᆺࢥࣟࢼ࢘࢕ࣝࢫࡢᙳ㡪࡛ࠊ4 ᭶࣭5 ᭶࡜ᚑ᮶ࡢࣜ࢔࡛ࣝࡢጤဨ఍ࡀ㛤ദ࡛ࡁ࡞࠸஦ែ࡜࡞ࡗ࡚ࡋࡲࡗࡓࠋࡼ࠺ࡸ
ࡃ 6 ᭶࠿ࡽ Zoom ࢆ฼⏝ࡋࡓ࢜ࣥࣛ࢖ࣥ࡟ࡼࡿ㛤ദࡀጞࡲࡗࡓ࡜ࡇࢁ࡛࠶ࡾࠊணᐃࡉࢀ࡚࠸ࡿ 7 ᭶௨㝆ࡶࣜ࢔࡛ࣝࡢ㛤ദࡣ㞴ࡋ࠸≧ἣ࡟࡞ࡗ࡚࠸ࡿࠋ
ࡇࡢࠕไᗘጤဨ఍ࠖࡣୖグࡋࡓࡼ࠺࡟ 2010 ᖺ࡟Ꮫ఍࡟᪂タࡉࢀࡓ≉ูጤဨ఍࡛࠶ࡿࠋ᪂タ࡟࠶ࡓࡗ࡚ࡣࠊ㐣ཤࡢሗ࿌᭩࡟ࡶグࡋࡓࡼ࠺࡟ࠊᏛ఍࡛ࡢ⻇ናⓗ࡞⦪ᆺࡢᑓ㛛໬ࡀ㐍ࢇࡔ⤖ᯝࠊ࣋ࣥࢳ࣮࣭ࣕࢥ࣑ࣗࢽࢸ࢕඲యࢆಠ▔ࡋࠊⰍࠎ࡞ᑓ㛛ศ㔝࡟࠾࠸࡚ࡢඹ㏻ࡢㄢ㢟ࢆⓎぢࡋ࡚ゎỴࡍࡿࡓࡵࡢᶓ୵ⓗ࡞ጤဨ఍ࡀᚲせ࡞ࡢ࡛ࡣ࡞࠸࠿ࠊ࡜࠸࠺ၥ㢟ព㆑ࡀ࠶ࡗࡓࠋࡑࡢ⤖ᯝࠊ࢔࢝ࢹ࣑࢔ࡢ᪉ࠎࡔࡅ࡛࡞ࡃࠊᏛ఍࡟ཧຍࡍࡿබⓗ◊✲ᶵ㛵ࡢ᪉ࠎࠊ࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣜࢫࢺࠊ▱㈈ࡸ┘ᰝ࡟㛵ࡍࡿᑓ㛛ᐙࠊἲᚊᐙࠊ
ࡑࡋ࡚ᢞ㈨ᐙࡸ㉳ᴗᐙ➼ࠎࠊᵝࠎ࡞ᑓ㛛ศ㔝ࡢ᪉ࠎ࡟ጤဨ࡜ࡋ࡚ࡈཧ㞟࠸ࡓࡔࡁࠊᗈ࠸ព࿡࡛ࡢไᗘࠊࡑࢀࡣ༢࡞ࡿἲᚊⓗ࡞ไᗘࡔࡅ࡛࡞ࡃࠊṔྐⓗ࡟⫱ࡲࢀ࡚ࡁࡓ᪥ᮏࡢᩥ໬ࡢᇶᒙ࡜࡞ࡿࡼ࠺࡞⪃࠼᪉ࡸ័⩦࡜࠸ࡗࡓࡶࡢࡶྵࡵࡓไᗘ࡟ࡘ࠸࡚㆟ㄽࡋࠊᗈ⩏ࡢไᗘ࡟ᑐࡋ࡚ኚ㠉ࢆಁࡍࡼ࠺࡞୺ᙇࡸᥦゝࢆᡴࡕฟࡍࡇ࡜ࢆ┠ⓗ࡟ࡋ࡚ࠕไᗘጤဨ఍ࠖࡣసࡽࢀࡓࠋ
㐣ཤࡢไᗘጤဨ఍ࢆ᣺ࡾ㏉ࡗ࡚ࡳࡿ࡜ࠊ᭱ึࡢ 2010̾2011 ᖺᗘࡢ➨ 1 ࢱ࣮࣒࡜ 2012̾2013 ᖺᗘࡢ➨ 2 ࢱ࣮࣒࡟࠾࠸࡚ࡣࠊ୺࡜ࡋ࡚㠉᪂ⓗ࡞஦ᴗࢆ⾜ࡗ࡚࠾ࡽࢀࡿ࣋ࣥࢳ࣮ࣕ㉳ᴗᐙࡢ᪉ࠎࢆࢤࢫࢺㅮᖌ࡟࠾࿧ࡧࡋࡓࠋ୰࡛ࡶ➨ 1 ࢱ࣮࣒࡛ࡣᢏ⾡⣔ࡢ࣋ࣥࢳ࣮ࣕࢆ୰ᚰ࡟ࠊ➨ 2 ࢱ࣮࣒࡛ࡣࢧ࣮ࣅࢫ⣔ࡢ࣋ࣥࢳ࣮ࣕ࡟ࡶᖜࢆᗈࡆࡓᙧ࡛ࠊࡑ࠺ࡋࡓ㠉᪂ⓗ࣋ࣥࢳ࣮ࣕࡢ㉳ᴗᐙ࡟᮶࡚࠸ࡓࡔ࠸࡚ࠊᙼࡽ࠿ࡽ๰
ᴗᙜึࡢ≧ἣࡸࡑࡢᚋࡢᡂ㛗㐣⛬࡛ࡢ⤒Ⴀୖࡢၥ㢟Ⅼ࡞࡝࡟ࡘ࠸࡚࠾ヰࡋ࠸ࡓࡔࡁࠊ࣋ࣥࢳ࣮ࣕࡢ๰ᴗ⎔ቃ࡟ࡘ࠸࡚㆟ㄽࢆ⾜ࡗࡓࠋ⥆ࡃ 2014̾2015 ᖺᗘ࡜ 2016̾2017 ᖺᗘࡢ➨ 3࣭➨ 4 ࢱ࣮࣒࡟࠾࠸࡚ࡣࠊ㉳ᴗᐙࡢ᪉ࠎ࡟௦ࢃࡗ࡚㉳ᴗᐙᨭ᥼ࡸ㉳ᴗᐙᩍ⫱ࡢᐇ㊶⪅ࢆ୰ᚰ࡟ࢤࢫࢺㅮᖌ࡟࠾࿧ࡧࡋࠊ࣋ࣥࢳ࣮ࣕᨭ᥼άືࡸ㉳ᴗᐙᩍ⫱ࡢᐇែࢆ࠾ヰࡋ࠸ࡓࡔࡃ࡜ྠ᫬࡟ࠊࡑࢀࡒࢀࡢάືࡢၥ㢟Ⅼ୪ࡧ࡟ㄢ㢟࡟ࡘ࠸࡚㆟ㄽࡋࡓࠋ≉࡟ 2014̾
2015 ᖺᗘࡢ➨ 3 ࢱ࣮࣒࡟࠾࠸࡚ࡣࠊ2011 ᖺࡢᮾ᪥ᮏ኱㟈⅏ࢆዎᶵ࡟ⱝ⪅ࡢ♫఍ၥ㢟࡬ࡢព㆑ኚ໬࡟కࡗ࡚♫఍㉳ᴗᐙ࡜࿧ࡤࢀࡿே㐩ࡀฟ࡚ࡁࡓࡇ࡜ࠊࡑࡋ࡚ᙼࡽࡀ୺࡟ᆅ᪉࡛άືࡋ࡚࠸ࡿࡇ࡜࡟ࡶὀ┠ࡋࠊᙼࡽࡢάືẕయࡢ᪉ࠎ࡟᮶࡚࠸ࡓࡔ࠸࡚ヰࡋྜ࠺ᶵ఍ࢆタࡅࡓࠋ
ࡲࡓࠊ2015 ᖺ๓ᚋ࠿ࡽ࣮࢜ࣉࣥ࢖ࣀ࣮࣋ࢩࣙࣥࡢᚲせᛶࡀྉࡤࢀࡿ୰࡛ࠊ࣋ࣥࢳ࣮ࣕ࡜኱௻ᴗ࡜ࡢ༠ᴗࡀὀ┠ࡉࢀࠊࡑ࠺ࡋࡓ௙⤌ࡳࢆ௰௓ࡍࡿே㐩ࡀฟ࡚ࡁࡓࠋ2016̾2017 ᖺᗘࡢ➨ 4 ࢱ࣮࣒࡛ࡣࡑ࠺ࡋࡓ௰௓ⓗ࡞άືࢆࡉࢀ࡚࠸ࡿఱே࠿ࡢ᪉ࠎ࡟ࡶࢤࢫࢺㅮᖌ࡟᮶࡚࠸ࡓࡔ࠸࡚࣋ࣥࢳ࣮ࣕᨭ᥼⪅ࡢάືࡢᣑ኱ࡀᣢࡘព࿡࡞࡝࡟ࡘ࠸࡚㆟ㄽࡋࡓࠋ௒ᅇࡢ 2018̾2019 ᖺᗘࡢ➨ 5 ࢱ࣮࣒࡛ࡣࠊ඲ᅜⓗ࡟άⓎ࡟࡞ࡗ࡚ࡁࡓ㉳ᴗάືࢆᨭ᥼ࡍࡿ⤌⧊ࡸᅋయࡀᣑ኱ࡋ࡚࠸ࡿࡇ࡜ࠊ⮬἞య࡟࠾࠸࡚ࡶࢫࢱ࣮ࢺ࢔ࢵࣉࠊ࣋ࣥࢳ࣮ࣕᨭ᥼ࡀ㔜せどࡉࢀጞࡵ࡚࠸ࡿ
ࡇ࡜ࠊ᭦࡟ࡣ኱௻ᴗࡀ CVC㸦Corporate Venture Capital㸧ࢆᩘከࡃ๰タࡉࢀ࡚࠸ࡿࡇ࡜࡞࡝࡟㚷ࡳࠊ
๓ᅇྠᵝࡑ࠺ࡋࡓ㉳ᴗᨭ᥼άືࢆᐇ㊶ⓗ࡟⾜ࡗ࡚࠾ࡽࢀࡿ᪉ࢆ୰ᚰ࡟ࢤࢫࢺㅮᖌ࡜ࡋ࡚࠾ᣍࡁࡋࠊᨭ᥼άືࡢᐇែࡸㄢ㢟࡞࡝࡟ࡘ࠸࡚࠾ヰࢆ࠾ఛ࠸ࡋ㆟ㄽࢆ㔜ࡡࡓࠋ௨ୗࠊᮏሗ࿌᭩࡛ 2018̾2009 ᖺᗘࡢไᗘጤဨ఍άືࠊ୰࡛ࡶ◊✲఍ࡢ≧ἣ࡟ࡘ࠸࡚⤂௓ࡍࡿ࡜ྠ᫬࡟ࠊࡑ࠺ࡋࡓάື࠿ࡽᚓࡽࢀࡓ▱ぢࡸᥦゝ࡞࡝࡟ࡘ࠸࡚ࡶ᭩࠿ࡏ࡚࠸ࡓࡔࡃࡇ࡜࡟ࡋࡓ࠸ࠋⓙᵝࡢࡈཧ⪃࡟࡞ࢀࡤᖾ࠸࡛࠶ࡿࠋ
2020 ᖺ 8 ᭶᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍ ไᗘጤဨ఍ጤဨ㛗  ⛙ ಙ⾜1 ┠ ḟ                       ࡣࡌࡵ࡟········································································································ 1➨  ❶ 2018㸫2019 ᖺᗘไᗘጤဨ఍ࡢάື ························································· 3➨  ❶ ࣋ࣥࢳ࣮ࣕࢥ࣑ࣗࢽࢸ࢕ࡢ᪂ࡋ࠸ືࡁ ····················································· 9➨  ❶ 2018㸫2019 ᖺᗘไᗘጤဨ఍άືࡢヲ⣽᭶౛ጤဨ఍࡛ࡢㅮ₇ෆᐜ࡜ㄽⅬᩚ⌮
㸦1㸧 ㉳ᴗᐙࡢࢫࢱ࣮ࢺ࢔ࢵࣉᨭ᥼࡜ࡣ ···················································· 13
㸦2㸧 ࢔ࣥࢺࣞࣉࣞࢼ࣮㸦㐃⥆㉳ᴗᐙ㸧ࢆ⫱࡚ࡿ♫఍࢖ࣥࣇࣛ······················· 20
㸦3㸧 ᪥ᮏࡢ࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝ㸦VC㸧ࡢㄢ㢟 ······································· 26
㸦4㸧 ᐇົᐙࡀᤊ࠼ࡓ IPO ࡢ⌧≧࡜ㄢ㢟࡜ࡣ ············································· 30
㸦5㸧 ᪥ᮏⓎࡢᑕฟᡂᙧᢏ⾡⩌ࡢ㛤Ⓨ࡜ᛂ⏝〇ရ ········································ 36
㸦6㸧 ୕஭୙ື⏘ࡢ࢖ࣀ࣮࣋ࢩࣙࣥ࡬ࡢྲྀࡾ⤌ࡳ ········································ 43
㸦7㸧 ௻ᴗᡂ㛗ࢧ࣏࣮ࢺࡢྲྀࡾ⤌ࡳ࡟ࡘ࠸࡚ ·············································· 49
㸦8㸧 ᰴᘧᕷሙᨵ㠉࡟ࡘ࠸࡚ ··································································· 54
㸦9㸧 ᆅ᪉ Connect!ࡢᨵ㠉࡟ࡘ࠸࡚ ························································· 61㸦10㸧࢖ࣀ࣮࣋ࢩࣙࣥ㸭᪂つ஦ᴗࢆᡂຌࡉࡏࡿ 7 ࡘࡢ࣏࢖ࣥࢺ ······················ 67㸦11㸧ࢸࢡࣀࣟࢪ࣮࣭ࢫࢱ࣮ࢺ࢔ࢵࣉࡀᮍ᮶ࢆ๰ࡿ ····································· 76㸦12㸧୰ᑠᶵᵓࡢࣇ࢓ࣥࢻ஦ᴗ࡟ࡘ࠸࡚ ···················································· 85
㸦13㸧࢖ࣀ࣮࣋ࢩࣙࣥࡢ࢚ࢥࢩࢫࢸ࣒ࡢᵓ⠏ࢆ┠ᣦࡋ࡚ ······························· 92
㸦14㸧CVC࣭ᢏ⾡ᢞ㈨ࢭ࣑ࢼ࣮ ····························································· 101
㸦15㸧㔠⼥࣭㈨ᮏᡓ␎ࠊኻᩋࡢᮏ㉁ ························································ 107➨  ❶ ᆅᇦ࣋ࣥࢳ࣮ࣕ௻ᴗࡀ⏕ࡁṧࡗ࡚࠸ࡃ࡟ࡣ ...................................................... 117
࣋ࣥࢳ࣮ࣕ௻ᴗ࡟ồࡵࡽࢀࡿ⤫ྜሗ࿌᭩࡜ࡑࡢά⏝........................................ 118
࠾ࢃࡾ࡟····································································································· 119㸦ͤ⫪᭩ࡣᙜ᫬ࡢࡶࡢࢆᥖ㍕࣭ᩗ⛠␎㸧᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍ ไᗘጤဨ఍ጤဨ㸦 ᖺᗘ㸧
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⛙ ಙ⾜   ᅧᏥ㝔኱Ꮵ                  ྡ㄃ᩍᤵ୍ᰗ Ⰻ㞝  ᰴᘧ఍♫ ୍ᰗ࢔ࢯࢩ࢚࢖ࢶ      ௦⾲ྲྀ⥾ᙺව CEOᑠཎ 㟹᫂  ᰴᘧ఍♫ AGS ࢥࣥࢧࣝࢸ࢕ࣥࢢ        ᑓົྲྀ⥾ᙺᮌᮧ ᛅ᫛  ᰴᘧ఍♫ ࢔ࢻࣛ࢖ࢺ            ௦⾲ྲྀ⥾ᙺஂᮌ⏣ ṇḟ ᅜ❧◊✲㛤Ⓨἲே᪂࢚ࢿࣝࢠ࣮࣭⏘ᴗᢏ⾡⥲ྜ㛤Ⓨᶵᵓ ⌮஦࿋ 㞞ಇ   ᰴᘧ఍♫ TNP ࣃ࣮ࢺࢼ࣮ࢬ         ௦⾲ྲྀ⥾ᙺబ⸨ ㎮ᙪ  ≉チᴗົἲே ๰ᡂᅜ㝿≉チ஦ົᡤ      ఍㛗࣭ᘚ⌮ኈᗉྖ ⚽ᶞ  ᮾὒࢩࢫࢸ࣒ᰴᘧ఍♫            ௦⾲ྲྀ⥾ᙺ㕥ᮌ ᬛ༤  ᭷㝈㈐௵࠶ࡎࡉ┘ᰝἲே௻ᴗᡂ㛗ᨭ᥼ᮏ㒊 IPO ࢧ࣏࣮ࢺᐊ㛗࣭ࢹ࢕ࣞࢡࢱ࣮ጤ ဨⳢཎ ᬗ   ୕஭୙ື⏘ᰴᘧ఍♫        ࣋ࣥࢳ࣮ࣕඹ๰஦ᴗ㒊㛗ጤ ဨၿ᪉ ṇ⩏  EY ᪂᪥ᮏ᭷㝈㈐௵┘ᰝἲே௻ᴗᡂ㛗ࢧ࣏࣮ࢺࢭࣥࢱ࣮๪ࢭࣥࢱ࣮㛗࣭ࢩࢽ࢔ࣃ࣮ࢺࢼ࣮ጤ ဨ㧗▼ ⚽ᶞ  ୰ᮧྜྠ≉チ஦ົᡤ             ࣃ࣮ࢺࢼ࣮ጤ ဨ㧘ᶫ ⠜ྐ  ᭷㝈㈐௵┘ᰝἲேࢺ࣮࣐ࢶ          ࣃ࣮ࢺࢼ࣮ጤ ဨ⏣୰ ඞᚨ  ୕⳻ᆅᡤᰴᘧ఍♫       ࢯ࣮ࣜࣗࢩࣙࣥႠᴗ஧㒊㛗ጤ ဨ㇏㈗ ఙ୍  ᰴᘧ఍♫ࢪࣕࣇࢥ              ྲྀ⥾ᙺ♫㛗ጤ ဨ༡ ᡂே   ௮ᫍ┘ᰝἲே       ⌮஦㛗 ௦⾲♫ဨ බㄆ఍ィኈጤ ဨᒣཱྀ Ὀஂ  ᰴᘧ఍♫ FFG ࣋ࣥࢳ࣮ࣕࣅࢪࢿࢫࣃ࣮ࢺࢼ࣮ࢬᢞ㈨஦ᴗ㒊 ࣐ࢿ࣮ࢪࣥࢢࢹ࢕ࣞࢡࢱ࣮ጤ ဨᒣᮏ 㣕⩧  ୰ᮧྜྠ≉チἲᚊ஦ົᡤ             ᘚㆤኈ࢜ࣈࢨ࣮ࣂ࣮ ᕝᮏ ᫂   ࢔ࢫࣃࣛࣥࢺࢢ࣮ࣝࣉᰴᘧ఍♫     ࢩࢽ࢔ࣃ࣮ࢺࢼ࣮
࢜ࣈࢨ࣮ࣂ࣮ ᯇ⏣ ಟ୍  ᪩✄⏣኱Ꮫ                  ྡ㄃ᩍᤵ࢔ࢻࣂ࢖ࢨ࣮ 㛗㇂ᕝ ༤࿴ ᪩✄⏣኱Ꮫ኱Ꮫ㝔                 ᩍᤵ࢔ࢻࣂ࢖ࢨ࣮ ᰗ Ꮥ୍   ከᦶ኱Ꮫ                   ྡ㄃ᩍᤵ࢔ࢻࣂ࢖ࢨ࣮ ྜྷᮧ ㈆ᙪ  බㄆ఍ィኈྜྷᮧ㈆ᙪ஦ົᡤ          බㄆ఍ィኈ஦ົᒁ    ⏣ᮧ ┿⌮Ꮚ ᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍              ஦ົᒁ㛗䈜ୖグጤဨ఍ጤဨ䛿 㻞㻜㻝㻥 ᖺ 㻝㻞 ᭶⌧ᅾ䛾䜒䛾䛷䚸ᖺᗘෆ䛷ጤဨ䛾ኚື䛒䜚㻌㸦ᩗ⛠␎࣭⫪᭩ࡣᙜ᫬ࡢࡶࡢ㸧㻌㻌㻌㻌ᴾᴾ㻌㻌㻌㻌㻌

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