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Top Unicorns in Japan
- Japan has a small number of successful startups compared to countries with a similar-sized economy.
- Despite being fourth in the world in terms of GDP, Japan has only seven unicorns.
- Factors making it difficult for new companies to succeed in Japan include lack of availability of venture capital, large established businesses dominating the economy, many regulations that slow down innovation, limited tech talent, and companies being too focused on domestic markets.
- Gokin Solar is the highest-valued unicorn in Japan, with a value of $2.88bn. The company develops technology that harnesses solar energy to generate electricity. It designs and manufactures products that can be used commercially and privately.
- Smart HR is the developer of a cloud-based human resources software, which automates employment insurance and social insurance procedures. It's valued at $2.6bn.
- Preferred Networks, valued at $2bn, develops deep technologies that integrate physical and digital data in order to enable autonomy in areas such as medical diagnoses and robotics.
- Smart News, valued at $2bn, uses machine learning algorithms to evaluate articles and social signals to deliver the latest trending news stories.
- Spiber, valued at $1.22bn and founded in 2007, is the developer of a synthetic, protein-based hybrid material used in the production of films, fibres and resins.
- Japan is notorious for its risk-averse culture, which deters entrepreneurs and investors alike from putting their money into startups.
- Japanese startups face competition from established businesses such as Toyota, making it tough for small, less-established companies to compete.
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