FIRST CVC is a community where corporate venture capitalists (CVC) and business companies can learn from each other. This time, with the cooperation of Samurai Incubate, a pioneer in seed-stage VC, we invited six companies: Terada Warehouse, Marui, Seino Holdings, Mitsubishi Estate, AirCloset, and f4samurai to participate in a study session on collaboration and LP investments.

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On the day of the event, more than 150 participants from over 100 companies joined, making it possibly the largest CVC event ever. It was a clear indication of how many companies are now engaging in CVC activities.

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This was a CVC and business company-exclusive seminar, and during the "honest talk" session, participants shared real, behind-the-scenes experiences on collaboration and LP investments, including failures and creative solutions. The discussions were off-the-record, so this report will focus on the overall event atmosphere and feedback from participants.

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In light of the current situation, the event was held in a hybrid format, both online and offline. We ensured safety at the offline venue with socially distanced seating, mask-wearing, disinfection, and avoiding crowded areas. Thank you to all participants for your cooperation.

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Event Report

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For the event, we were pleased to welcome Kintaro Sakakibara from Samurai Incubate as the moderator. With his extensive experience and network as a leading VC investor, he helped source excellent CVC collaboration case studies, invited the speakers, and facilitated the panel discussion with his sharp insights, making the event lively and engaging.

Moderator: Kintaro Sakakibara

Born in 1974 in Nagoya. After graduating from Kansai University, he worked for a major medical device manufacturer and helped establish Axiv.com (now CARTA HOLDINGS) during its early stages. In 2008, he founded Samurai Incubate. With the motto "It’s not about whether you can or cannot, but whether you do it or not to change the world," he set up a fund in 2009 to support early-stage entrepreneurs with investments and growth support. To date, Samurai Incubate has invested in over 230 startups across domestic and international markets. In 2014, he opened a branch in Israel, and in 2018, he established a subsidiary in Africa to actively invest in creating jobs in emerging markets.

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The program for the event was as follows:

• Opening
• Part 1 - "Long-term collaboration between large companies and startups, creating mutual impact"
• Part 2 - "How to leverage 'LP investment' in CVC activities?"
• Networking

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Part 1 - "Long-term collaboration between large companies and startups, creating mutual impact"

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In this session, we invited representatives from AirCloset, which went public in July 2022, and Terada Warehouse, which supported them, as well as f4samurai, which grew significantly after their capital alliance with Sega Sammy in 2012. These companies shared their long-term, successful collaboration cases lasting over 7 years, explaining how the collaboration began, the struggles and joys they experienced, and the unexpected impacts they faced.

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The speakers shared fascinating insights into the unexpected triggers that led to collaboration, the major challenges they faced along the way, and how they managed to maintain smooth, long-term relations between organizations and individuals. These valuable lessons were only truly understood after reaching the conclusion of these long-term investment and collaboration efforts.

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Part 2 - "How to leverage 'LP investment' in CVC activities?"

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Part 2 featured a talk session with three companies actively pursuing distinctive CVC activities, where we discussed the positioning and role of LP investment in CVC activities. The topic of LP investments by business companies into VC funds is rarely discussed in public, so it was a session that generated high interest among participants.

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The discussion began with a straightforward question: "What is the primary goal of LP investment?" As we explored this, it became clear that each company had a completely different aim, leading to a very engaging and insightful conversation. We then delved into sensitive topics such as the expected financial returns from LP investments, the decision-making criteria for selecting LP investments, and how to persuade internal stakeholders—topics that were addressed in detail with specific examples and candid insights.

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The serious commitment of the speakers and the enthusiastic attitude of the audience made it clear that everyone involved in CVC believes that this is an initiative that can change not only their companies or industries but even the Japanese economy. It underscored the importance of facing the unique challenges that arise in large organizations, and how perseverance is key to overcoming them.

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Networking Time

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The event concluded with an hour-long meal and networking time.

Given the record-breaking scale of this event, it was even more vibrant than previous sessions. Attendees ranged from experienced professionals to those considering launching their own CVCs, and there was a great deal of active communication throughout the event, making for an exciting and engaging three-hour experience.

We sincerely thank Mr. Sakakibara and the entire Samurai Incubate team, as well as the CVCs, startups, and all participants who made this event a success!

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Feedback from Participants

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We received very positive feedback from the participants, with a satisfaction rate of 100% (4 or more on a 5-point scale) for the overall event. (Both Part 1 and Part 2 also received high satisfaction ratings!)

This is all thanks to the speakers and the participants, and we will continue to work hard to improve future events.

Here are some selected comments from the attendees:

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It was helpful to learn about how to utilize and select LP investments. Although our company is not yet pursuing CVC, we plan to make LP investments, and I found the content of the seminar applicable to our situation. On the other hand, I hadn’t fully considered the idea that in CVC, even LP investments in other VCs should focus on embedding within startups. It was a valuable lesson.

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The insights on LP investment returns and tips for internal communication were very helpful. Thank you for this valuable opportunity.

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I really appreciated hearing about the emotions and struggles involved in managing CVC and corporate venture initiatives, especially the negative aspects. These are the kinds of discussions that are rarely heard at startup events, which tend to focus on the glamorous side, so it was truly fascinating.

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Both of the themes in this event (collaboration with startups and LP investment) reminded me of the importance of clearly defining our company’s objectives. Also, I was able to reaffirm that one of the essential roles of the investment department is to persistently encourage internal stakeholders to understand the "startup-first" mindset and promote a culture of change within the leadership team.

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Mr. Kawai’s talk left a strong impression on me. I was impressed with how smoothly CVC and the new business team were working together. It was truly inspiring.

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At FIRST CVC, we are looking to expand the community even further and welcome more CVC capitalists to join.
If you're a CVC capitalist and are interested in events or becoming part of the community, please feel free to contact us!