Unlikely Venture Star Bags 35% Returns by Mining Science Papers
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Unlikely Venture Star Bags 35% Returns by Mining Science Papers
Unlikely Venture Star Bags 35% Returns by Mining Science Papers
(Bloomberg) -- Japan isn’t known for its startup culture. Tomotaka Goji, a bureaucrat-turned-technology guru, is working hard to change that.
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The 51-year-old runs a low-profile venture fund in Tokyo that has quietly built a track record that would make Silicon Valley’s finest envious. He’s done it by blending his experiences at Stanford University with intellectual connections to the prestigious University of Tokyo.
His firm, University of Tokyo Edge Capital Partners, concentrates on turning academic research into commercial businesses. With a doctorate in data science, Goji uses big data and artificial intelligence to uncover promising research results in fields like material sciences and chemistry. The result is 35% yearly returns at one of his funds since its founding in 2018, the best in Japan for any fund of more than 10 billion yen ($75 million) according to one survey.
“Historically, Japan had several periods where startups were very successful,” Goji says during an interview, citing the Meiji Restoration and the post-World War II years. “But after the 1980s or 1990s, we haven’t had enough successful startups.”
The world’s third-largest economy trails far behind the US and China by almost every metric, from venture money invested to the number of startups worth $1 billion or more. While the US has more than 600 so-called unicorns and China tops 150, Japan has six, according to the research firm CB Insights.
No one can blame Goji. In 1997, he took the lead in writing Japan’s first legislation for venture capital investments while he worked at at the Ministry of Economy, Trade and Industry. He was only a couple of years out of the University of Tokyo, but no one else at METI was interested. The law, passed in 1998, limited the liability of investors in venture funds for the first time, but Japanese still shied away from early-stage startups. “I was very disappointed,” he says.
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