The Japanese stock market may have tanked to its lowest level in 15 years, but ask venture capitalist Ta-Lin Hsu about Japan, and he'll answer with a smug smile and a twinkle in the eye. While many Americans have invested money into Japanese start-ups, Access was the first to go public. The event comes at a time when a slew of U.S. venture capitalists are expanding their presence in Asia, including Japan, and demanding a piece of the continent's expanding pie of IPO riches. It also helps solidify Hsu's position as a leading doyen of U.S. venture capitalists in Asia, with the most experience and wide coverage of the continent. Most Japanese companies prefer to deal with each other in so-called Keiretsus, he notes.
Access is off to a good start.
Even as the Japanese market continued to fall, Access doubled in price on the first day of trading. Though the stock has declined since, it is still 81 percent above its listing price. The toughest to crack were Korea and Japan, because of their close-knit business communities. Japan, however, is the second-largest economy in the world, and potentially offers the greatest rewards for foreign VCs. That's why Hsu's deal is such a milestone.