2005年度（2005.4～2006.3）　ワークショップ講演

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Entrepreneurship Workshop I (April 21, 2005)

Theme: Role of independent venture capital - my entrepreneurial experience and what I want to do in the future
Guest Speaker: Mr. Yoji Kawake, President and Representative Director of Future Venture
Capital Co., Ltd.

1. Personal profile
Mr. Kawake was born in May 1953 in Hikone City, Shiga Prefecture. He graduated from the Faculty of Law at Kyoto University and started work at the Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) in 1977. In 1989, he joined the Japan ASEAN Investment Co., Ltd. (now the Japan Asia Investment Co., Ltd.), where he was appointed company director in June 1997. In September 1998, he founded Future Venture Capital Co. Ltd., assuming the post of president.

2. Summary of speech
(1) Finding his calling - starting point of his venture business
After working at a Japanese commercial bank, Mr. Kawake joined the Japan ASEAN Investment Co., Ltd. This was his first exposure to a venture capital (VC) business, and he came to realize that knowledge is power. He was sure that VC suited his personality perfectly. However, at the company he had to submit every potential investment decision to the board of managing directors for approval, which frustrated him because it held him back. Six and half years ago, when the winds started to favor venture capital - evidenced by the enactment of VC-related laws, the creation of stock markets for start-up companies, and the growing availability of funds from pensions and overseas investors - he found some angels to back him and founded his own venture capital firm, Future Venture Capital Co., Ltd. (FVC). The company followed a traditional adage of the Ohmi merchants: all three parties in a business deal, the merchant (seller), the customer (buyer), and the community, should receive their fair share of the benefits of doing business (profit), and happily coexist. Through his experience with a variety of businesses, he had learned what was essential for a VC business, and was confident he would succeed. The company broke even in its second year, even though he had difficulty procuring the funds the business needed during its first year. Since operating results are everything in venture capital, he wanted to achieve good results and expand his investments quickly. From the beginning, he worked to list the company on the stock market to secure a strong credit standing, and succeeded in listing on the Nasdaq Japan (now the Hercules section of the Osaka Stock Exchange) in October 2001, three years after incorporation.

(2) How did he succeed in getting his company listed so quickly?
We must satisfy two requirements to list a company. The first is to obtain an independent auditor’s opinion that the company accounts have been properly managed for two consecutive fiscal years, demonstrating an accurate grasp of the company’s finances in figures monthly. The second requirement is recruitment and training. The focus should be on college graduates recruited to be future corporate executives, with on-the-job training that allows them to experience the excitement of the business in order to build motivation and cultivate talent. In addition, there must be close communication among all company personnel on both business and private levels, where the direction, objectives and targets of the company are shared. The main reasons the company succeeded in being listed were that it secured stable income sources and could demonstrate growth potential. The company received both consulting fees from companies in which it invested and management fees from investment funds.

A deciding factor in getting a company listed is that the leader never give up. Success has its roots in the leader’s passion and desire to see the company listed. Even so, the leader must have a flexible attitude and listen to other people’s opinions.

To sum up, the keys to corporate success are: clear business content, with certainty on the part of the leader that the business will contribute to society; sales posted from early on; and investment in human resources as a priority.

(3) His message to the graduate students in the Entrepreneurship Course
The Japanese stock market is one of the easiest in the world to get listed on. Thus, he hopes listing is one of the goals of entrepreneurs. It can be accomplished in a short period of time with the right approach.

3. Comments on the speech
We had the impression that he is an ideal sort of business leader, with a cool head and burning heart. We learned the basics of corporate management: how to create a business that contributes to society; how to achieve sales expeditiously; not to hesitate to invest in human capital.

Reported by: Toshio Uesugi
Yasuyuki Murayama
Graduate students in charge of minutes

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