{
  "title": "Riding Unicorns: Startups and Venture Capital in Japan",
  "publication": "IMF Working Papers, December 6, 2024",
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  "summary": "The startup ecosystem in Japan has seen gradual growth, supported by the government’s recent \"Startup Development Five-Year Plan\" and a significant interest from overseas venture capital.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The startup ecosystem in Japan has seen gradual growth, supported by the government’s \"Startup Development Five-Year Plan\" and significant interest from overseas venture capital.\n- The paper lays out the startup financing ecosystem in Japan, compares it to international peers, and studies potential drivers of startup financing and their relevance for startups’ performance.\n- Research is presented at both the country-level (aggregate analysis) and the firm-level."
    },
    {
      "heading": "Key findings (country-level aggregate analysis)",
      "content": "- Firm dynamism and entrepreneurship play a critical role in supporting capital investment and firm valuations.\n- Cross-country comparisons highlight Japan’s gradual ecosystem growth relative to international peers."
    },
    {
      "heading": "Key findings (firm-level analysis)",
      "content": "- Equity funding helps startups:\n  - innovate,\n  - grow,\n  - successfully exit.\n- The impact of funding on the likelihood of a successful exit appears to be higher in cultures that seem to reward risk taking."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Development, Development strategy, Financial markets, Initial public offering, Labor, Self-employment\n- Keywords: Development strategy, firm dynamics, funding affect startup performance, Global, helps startup, Initial public offering, Japan, Self-employment, startup ecosystem, startup financing, Startups, TengTeng xu, venture capital\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2024/12/06/riding-unicorns-startups-and-venture-capital-in-japan-559169"
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    "Authors: Salih Fendoglu, TengTeng Xu",
    "Published: December 6, 2024",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400294518.001",
    "The startup ecosystem in Japan has seen gradual growth, supported by the government’s \"Startup Development Five-Year Plan\" and significant interest from overseas venture capital.",
    "The paper lays out the startup financing ecosystem in Japan, compares it to international peers, and studies potential drivers of startup financing and their relevance for startups’ performance.",
    "Research is presented at both the country-level (aggregate analysis) and the firm-level.",
    "Firm dynamism and entrepreneurship play a critical role in supporting capital investment and firm valuations.",
    "Cross-country comparisons highlight Japan’s gradual ecosystem growth relative to international peers.",
    "Equity funding helps startups:",
    "The impact of funding on the likelihood of a successful exit appears to be higher in cultures that seem to reward risk taking.",
    "Subject: Development, Development strategy, Financial markets, Initial public offering, Labor, Self-employment",
    "Keywords: Development strategy, firm dynamics, funding affect startup performance, Global, helps startup, Initial public offering, Japan, Self-employment, startup ecosystem, startup financing, Startups, TengTeng xu, venture capital",
    "**Working Paper**"
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