Tokyo Govt Boosting Aid for Startups

Society

Tokyo, Jan. 3 (Jiji Press)--The Tokyo metropolitan government is boosting support for startups in an effort to catch up with western countries and increase the number of firms capable of competing on the world stage.

Specifically, the Tokyo government plans to help companies aiming to grow exponentially through the research on and development of innovative technologies, by establishing a major hub for startups, universities and other organizations, as well as by making it easier for such new businesses to participate in public procurement by the metropolitan government.

"Japan's international competitiveness has continued to decline since the Heisei era (1989-2019)," Tokyo Governor Yuriko Koike said at an event last November to announce a new strategy for aiding startups. "Let's work together to resolve social issues with innovation and create game-changers from Tokyo."

The governor unveiled a goal of increasing the number of "unicorns," or unlisted companies valued at 1 billion dollars or more, in Tokyo 10-fold in the next five years and sending them out into the world from the Japanese capital.

The envisioned hub, which will be able to house some 1,000 institutions, is slated to open in fiscal 2024.

[Copyright The Jiji Press, Ltd.]

Jiji Press