The 'FIRST CVC' holds a monthly meetup event called 'CVC Office Hour' where you can meet CVCs!

From the perspective of startups, there have been voices like "I don't know where I can meet CVCs or corporate partners" and "It's hard to get a meeting if there's no clear collaboration topic yet." The lack of opportunities to meet is one of the barriers to open innovation in Japan.

As Japan's largest CVC community, FIRST CVC aims to solve this issue by creating opportunities for casual meetings between CVCs and startups before serious collaboration or investment discussions. This is the 'CVC Office Hour' meetup event series.

This is a unique networking event where CVC capitalists from multiple companies and startup executives gather in an intimate setting to discuss collaboration opportunities.

For the second event, held on January 18, 2023, we were joined by CVCs from 10 companies and 12 startups, who engaged in lively discussions about potential collaborations.

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【Participating CVC Capitalists】

Tokyu Corporation
Future Design Lab
Hayato Takei

Toppan Printing Co., Ltd.
Strategic Investment Center CVC Team
Taro Uchida ・ Takuro Takahashi

SoftBank Corp.
Technology Investment Strategy Department
Keisuke Terashita

Marubeni Ventures Corporation
Associate
Miho Uematsu

Shizuoka Capital Corporation
Director
Naoya Sonoda

Hakuhodo DY Ventures Inc.
Manager
Keita Yamashita

Toshiba Tec Corporation
New Business Development Division CVC Promotion Office
Tatsuya Ishii

Benesse Corporation
Digital Innovation Partners
Tsukito Takagi

Mitsubishi UFJ Capital Co., Ltd.
Manager, Investment Department 2
Junichi Taguchi

Aflac Ventures Japan
Investment Director Toshio Kiyoto
Senior Associate Muto Kudo

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【Participating Startups】

PeaceTech Lab Inc.
Brills Inc.
Laspy Inc.
Glocalist Inc.
PortX Inc.
ugo Inc.
efoo Inc.
ascend Inc.
Ehon Ink Inc.
Mitsumore Inc.
Ventus Inc.
Ebiry Inc.

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The venue for the event was kindly provided by Tokyu Corporation at the "SOIL (Shibuya Open Innovation Lab)" in Shibuya. As an open innovation lab focusing on "social implementation," it was the perfect space for CVCs and startups to discuss collaboration. Thank you very much to everyone at Tokyu.

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Event Report

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Since this was an Office Hour format, there were not only CVC x Startup discussions but also in-depth conversations between CVCs and between startups. This report will share some of the day's activities and participants' feedback.

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‍The program for this event was as follows:

• Part 1 - Roundtable Session: Large Corporations x Startups
• Part 2 - Networking

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Part 1 - Roundtable Session: Large Corporations x Startups

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This time, due to a larger number of CVCs and startups attending, we split into 4 tables for discussions. Each table consisted of 4 CVCs and 4 startups for a focused discussion.

One of the topics discussed was by a startup with rich experience in partnering with large corporations. They categorized different types of collaborations with business companies as follows:

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① Cross-selling using distribution channels
When the target market is similar, the product from a startup or a business corporation can be integrated onto the platform of either party.

② Business corporations entering markets that are small or difficult to address
Startups can step in to handle areas such as SDGs-related projects or niche new business sectors, where business corporations may face difficulties.

③ Providing business corporation services tailored to startup products
For example, offering specialized insurance products for a startup's offering, which enhances the startup's service by combining both companies' products.

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There were also introductions of specific collaboration examples from other participants, and by hearing about real-life examples, discussions expanded on creating new synergies.

• A startup that received investment from a business corporation as a customer was able to listen more deeply to on-site challenges that they couldn't access otherwise, speeding up product development.
• A large B2C corporation used a startup’s products to improve customer satisfaction on the sales floor, leveraging overlapping customer targets.
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Part 2 - Networking

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After Part 1, we had an hour-long networking session.

This provided an opportunity to directly talk with multiple CVCs at once. For those who didn’t get to discuss everything during the first session, active greetings and conversations took place. There was also a lively exchange of ideas between startups and between CVC capitalists.

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Feedback from Participating CVCs

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Aflac Ventures Japan
Muto Kudo

I was able to have conversations with multiple startups that may lead to future connections. I could envision not only providing insurance for the services offered by startups, but also exploring other options such as welfare services or cross-selling. It's rare to have the opportunity to consider collaborations between diverse industries and insurance sectors, which was invaluable.

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Mitsubishi UFJ Capital Co., Ltd.
Junichi Taguchi

This is a valuable event where even CVCs can collaborate with each other. By introducing our portfolio startups and having them participate, I also feel that we can help our investees find new partners for collaboration.

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Feedback from Participating Startups

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Laspy Inc.
CEO, Takuto Yabuhara

In the context of disaster relief, I was able to receive proposals for a different direction than usual, and a follow-up meeting has already been scheduled. I would like to thank you for providing such a valuable opportunity.

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efoo Inc.
CEO, Atsushi Yamamoto

We were able to have a concrete discussion about offering videos of professionally supervised dishes using recommended products from buyers. Additionally, a CVC capitalist from a previous company promised to connect us with the relevant person, as they saw a strong synergy between the businesses.

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Ehon Ink Inc.
CRO, Shohei Fujiwara

I was able to schedule meetings with four business corporations that I had no prior connections with. I am surprised that such opportunities could arise from a single event. If our collaboration progresses, we will be sure to give back in return.

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Mitsumore Inc.
Head of Management, Yaki Ida

One of the participating corporations has moved forward with using our service, and I was able to schedule another meeting with their business division. I sincerely appreciate this valuable opportunity.

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Thank you so much to all the CVCs and startups that participated!

At FIRST CVC, we plan to continue holding the CVC Office Hour event on a monthly basis, aiming to expand open innovation.

Startups interested in this event can apply via the link below. Please check it out!

https://www.firstcvc.jp/Startups

We are also recruiting CVC capitalists who would like to participate in the event. If you have not yet joined FIRST CVC, please contact us through the registration form! (We will be reaching out to members gradually.)

https://www.firstcvc.jp/contact