2004年度（2004.4～2005.3）　ワークショップ講演

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Entrepreneurship Workshop II
(November 4, 2004)

Theme: Offering suggestions to entrepreneurs related to my experience of `Angel business`.
Guest Speaker: Mr. Yukio Iura, Representative Director of a limited liability intermediary corporation, NAF (Nippon Angels Forum)

1. Personal profile
Mr. Iura was born in March 1942 in Tokyo. After graduating from Aoyama Gakuin University, College of Economics, he entered the BOJ (the Bank of Japan) in 1965. At the BOJ, he initially worked in the Business Department, Okayama Branch and the Research Department. In 1971 he was seconded to the ETR (Exchange and Trade Relations) section of the IMF (International Monetary Fund) in Washington D.C. and remained in the U.S until 1975. After returning to Japan, he again worked in the BOJ’s Research Department and Hiroshima and Nagoya Branches.

Mr. Iura worked for the IIF (Institute of International Finance) from 1985-1988 and the banking department of the BIS (Bank for International Settlements) in Basel, Switzerland from 1989-1999. Upon completion of his stint at the BIS in the autumn of 1999, he went on to found the NAF (The name was registered as a trademark in 2001) on the net. In June 2000, Nippon Angels Investment Co. Ltd. was incorporated by the main members of the NAF and Mr. Iura was nominated as president and CEO of the company. The company invests in and supports new and venture businesses. He organized The Federation of Angels Forum in Japan in January 2002 and also acts as its representative. Member forums are located in approximately twenty regions throughout Japan.

2. Summary of Mr. Iura’s Speech
(1) Outline of the NAF
In order to revitalize the Japanese economy, it has become vitally important to increase the number of competitive start-up companies. The NAF was established as a venue for the exchange of information, in order to support the start-up of venture businesses and provide financial assistance to seed-stage and early-stage start-up companies that often suffer funding problems. The NAF is an organization that supports venture businesses and is operated by `angel` investors. It provides opportunities for ambitious entrepreneurs to meet investors and other supporters who are ready to support start-up companies through funding and other activities. The NAF’s activities include the `Match-Making Session` and a mailing list.

(2) Major Activities
More than one thousand people currently exchange information about venture business, using an e-mail mailing list. Entrepreneurs make presentations in the bi-monthly `Match-making Session` that introduces entrepreneurs to `angel` investors.

(3) Some Suggestions to Assist Entrepreneurs
a. A more flexible response to changes in the business environment.
b. A higher awareness of the need to earn cash for daily operations and the importance of cutting costs in order to survive.
c. Analyze your competitors and complete a review of risk factors. Plot measures to deal with identified risks.
d. The essential requirements of business expansion and financing.
e. Develop your talents and capabilities in order to operate as top management.
f. Meeting the continued challenges of new themes

3. Comments on the Speech
One of the reasons Mr. Iura became an entrepreneur was that during the period he worked in Europe (1989-1999), people often asked him “What happened to the Japanese economy?” It seems that he was seriously concerned about a decline in the Japanese position in the world. If we are successful in creating many young entrepreneurs in Japan now, they can and will become the `angel` investors of the next generation. In the past, Osaka has a tradition of “Tanimachi” (wealthy people who support talented young people financially). Recently, this sentimental tradition that is unique to Osaka has faded away. We must produce more `angel` investors, as a kind of “Tanimachi” for the new age. Mr Iura said “We will be able to regenerate “Tanimachi” culture in Osaka, because it has a long history. However, in order to do this, the government must accelerate its tax and other reforms.” This was a very impressive comment. We, the members of this workshop want to be more actively involved in this issue as reformers.

Reported by: Shinichi Ishizaki / Mikiyo Ogata
Graduate students in charge of minutes

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