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Creating an Ecosystem that Connects Shibuya with the World! For this article, we interviewed Shiho Watabe, Chairperson of Shibuya Startups KK, who participated in our company’s Venture Ecosystem Summit 2025 as a speaker. (This interview was conducted in November 2025.) This is the latter part of the interview. To read the first part, click the link below. https://d-pops-group.co.jp/en/column/shibuya-startups-interview-first-part/ ◆ Why She Chose Startup Support Sugihara: Let’s turn back the clock a bit. You started your career as an analyst at Morgan Stanley and built a brilliant career at Google Japan, followed by periods at premier startup corporations like Mercari and ELSA Speak. Why would someone like you choose the path of supporting entrepreneurs? Watabe: To be honest, I feel like a big part of it was simply fate, but other than that, I think there were two main reasons. The first was a desire to somehow return the favor to Shibuya, the city that got me to where I am. I gained so much experience at foreign firms and startups here, and after I reflected on my origins, I had the sense that I’d be coming home, and the urge to give back something to this city naturally welled up inside of me. The second was a spirit of “non-conformity”, which has been an ever-present keyword in my life. In a mainstream Silicon Valley career, people generally work for a unicorn or start their own companies and later become investors. However, in my lifetime, there are many times when I’ve found myself choosing the road less traveled without intending to, and this case was no exception. For example, as a recent graduate looking to change jobs in 2008 (before the Lehman shock), I moved from the Investment Banking Division at Morgan Stanley to Google Japan. At that time, the tech industry’s recognition in Japan wasn’t nearly as established as investment banking. In addition, I studied journalism in university and had a dream of getting to use that degree, and I actually received an offer to be an economic reporter for a foreign TV station. Nevertheless, I chose Google. It wasn’t so much a calculated decision, but more like a hunch. Jumping into an unknown industry seems difficult on the surface, but it’s exciting, too. I also remember being impressed by how much the people who interviewed me at Google seemed to enjoy their work. There is definitely risk in choosing the path that 9 out of 10 people won’t take, but I believe it leads to countless insights and might even lead to an unexpected new stage in one’s career. While it goes without saying that my skills are useful at this workplace, this choice to support startups is also probably an extension of my “non-conformative” lifestyle. ◆ The Appeal Factor of Shibuya Sugihara: Thank you for sharing. Speaking of Shibuya, as the leader of Shibuya Startups, what do you feel are this city’s charms? Watabe: It might be easier to understand using the Bohemian Index. Proposed by sociologist Richard Florida, it measures the concentration of artists and creators relative to the population. Cities with a high index are said to be rich in diversity and tolerance, making economic development and innovation more likely. Shibuya is exactly that: a city with an extremely high Bohemian Index that is open to change. That is its greatest charm. ◆ Japan’s Strengths and Challenges Sugihara: That makes sense, Japan’s highest location on that index must be Shibuya. From your global perspective, what are Japan’s strengths and what do you see as its challenges? Watabe: Ironically, as a Japanese person, I don’t see Japan’s strengths very easily. However, once you go abroad, you clearly realize the high level of standards we expect of our food quality, public safety, craftsmanship, and hospitality in this country. On the other hand, there is something that isn’t a problem as much as a characteristic, where the Japanese business world places extreme importance on consideration for stakeholders. Our unique culture of “reading the room” is a virtue, but in terms of making decisions quickly, it can be a weakness. For example, China works fast under their state leadership; the US pursues freedom and profit through libertarianism; and Europe has many regulations but clear roles for the public and private sectors. Japan is different from all of these, instead relying on peer pressure or unspoken understandings, where the whole team moves things forward flexibly and cautiously while in sync. While this has its merits, such systems and rules easily break down when an outsider enters the organization. Furthermore, Japanese people will at times resign themselves to a certain status quo because it’s considered the only option, when in reality, there may be massive business opportunities hiding underneath. For example, if there was a method to streamline Japan’s unique multi-layered brokerage structures, excessive bureaucratic processes, or analog-based workflows that cause unfairly high costs and low efficiency, that could become a viable business. An outside perspective can call into question what we Japanese consider normal and discover something new and valuable. Sugihara: Japan’s unique consensus-based system takes time to find a decision that satisfies everyone, but it has the merit of incurring fewer reversals later on. However, in the modern era, the downside of slow response to change is becoming prominent. While these “invisible walls” have functioned as a barrier to entry, they may also be a factor making it difficult for Japanese people to succeed globally. Watabe: That’s true. However, Japan should be proud of the culture, creativity, and safety nurtured inside those “walls” that are unique in the world. Another thing I feel poignantly while living in the US is the richness of Japan’s social security. When you aspire to start a business in Japan, you don’t have to worry about arranging health insurance for employees. This is a powerful advantage for taking on challenges fearlessly. Sugihara: Exactly! Right after I joined Google and attended training in the US, the first thing all participants asked in the first session was, “Are there insurance benefits?” After seeing our HR promote the quality of our insurance, I realized that what we take for granted in Japan is a privilege elsewhere. Watabe: It’s really true. In the US, simply getting a ride in an ambulance can cost hundreds of thousands of yen, and that’s not including the cost of treatment! In Japan, there are safety nets even if you fail. That’s how I can confidently tell people, “You should start your business in Japan.” ◆ Growth Markets in Japan Sugihara: I’d like to ask about your outlook for the future. From the perspective of entrepreneurship and new business, which growth markets do you consider particularly promising in Japan? Watabe: Without a doubt, the fields related to our nation’s super-aging society and declining birthrate. There is huge potential not just in elderly care itself, but in any of the businesses surrounding that, whether they be SaaS for optimizing operations, robotics, AI, etc. I’m sure the approaches will vary, but solutions in this domain will become increasingly important. For example, one of the companies we support is a startup developing an app that can detect early-stage dementia in users just by playing AI-powered games. With early detection, memory regression can be dramatically slowed through proper treatment. Such technology will definitely be in demand. Japan is facing the problem of a population that is aging more rapidly than any other country, but conversely, that means we are at the forefront of a market that can present solutions to the rest of the world. Furthermore, Japan has an accumulation of hardware technology in deep tech, edge AI, and quantum computing. I am convinced that a very strong growth sector will emerge at the intersection of this cutting-edge hardware and software that solves social issues. Sugihara: I completely agree. By having Shibuya Startups and D-POPS GROUP collaborate to support such innovation, even greater possibilities will open up. By the way, the rapid penetration of AI is fundamentally changing the business environment. There are various discussions about disappearing jobs, newly created jobs, and doubts regarding human capability itself. How do you personally view the current situation? Watabe: I believe that while technology changes at a dizzying rate, and trends come and go, the civilization at the root of humanity does not change so easily. Of course, the potential of AI is extremely high, and if used well, efficiency will increase and certain occupations will certainly disappear. However, it is also true that we have no choice but to find a way to coexist with AI. AI has the power to instantaneously perform processing tasks impossible for humans, so the key is how we master it. In the coming era, the field of education will surely change. Instead of competing on the ability to provide answers as students have done, the ability to ask questions—that is, how to formulate highly precise AI prompts—will become more important. However, I don’t think the world will suddenly become a completely different place tomorrow. As long as humans continue to have the will to allow and control it, I don’t think technology will leave humans behind and go on a rampage. Sugihara: Based on those societal changes you predict for the future, how do you think entrepreneurs and Shibuya Startups itself will be impacted? Will it be a great opportunity or a big obstacle? Watabe: I definitely see it as an opportunity. Currently, over 70% of the companies we support are AI-utilizing companies, but this is becoming normal for us. Just as every startup in the previous generation assumed they would utilize the internet, using AI will become commonplace in the next. What’s important here is that AI is a means, not the end. For example, Uber is a ride-dispatching company at its core, and technology is merely the infrastructure for that. They simply utilize technology thoroughly to run the service at maximum efficiency. Startups of the future will be the same. Even without calling themselves an “AI company”, they will use AI as a matter of course to achieve their mission with the utmost efficiency. I believe companies with such practical utility will become the mainstream, and infinite business opportunities are opening up there. ◆ What “startup ecosystem” means to Shibuya Startups Sugihara: According to Shibuya Startups, what is the definition of a startup ecosystem? Watabe: I believe a startup ecosystem is not just about the existence of startups, but a state where mature businesses become the customers and supporters for the next generation of companies, along with investors, and the cycle of growth is completed within that framework. Currently, while Japan has resources to provide support, I feel we still lack the sheer number of startups and the human resources themselves. That is why we’re trying to invite excellent talent from overseas who are interested in Japan to improve the Japanese startup ecosystem. We’ve gathered 52 different “superstars” into our community, including startups founded by the co-founder of the Polygon blockchain and the co-founder of Xoogler (a network for Google alumni). They are a truly capable bunch, raising funds from even the top American VCs. Why invite such talent to Shibuya? Because if your friends are building unicorn companies, that route becomes the obvious choice for you, too. Conversely, if you are in an environment where small-scale IPOs are the norm, then your goals become that much lower. My role is like a conductor of an orchestra. I don’t play the instruments—in other words, start the companies—myself. Instead, I gather players who can give the best performance and create an environment where they can perform at their peak. That is the kind of ecosystem we aim for. ◆ “Realizing a Venture Ecosystem” Sugihara: D-POPS GROUP has a vision of “realizing a Venture Ecosystem”. Where can you relate to this vision or see opportunities for collaboration? Watabe: I see the potential for collaboration in the area of diverse talent. The overseas entrepreneurs we currently support have high technical skills but are not familiar with Japan. I believe the strongest startups in the future will be multinational teams, just like celebrity groups. Having members from various countries allows a team to immediately grasp local sales networks and needs during global expansion. I don’t think there is any benefit to Japanese-only or non-Japanese-only teams. I find it interesting that foreigners are part of the founding teams developing AI models that bear the national strategy of Japan, such as Sakana AI or Shisa AI. Since Google and OpenAI are US companies, it’s possible that we could suddenly lose access to their AI infrastructure during an emergency, so developing our own AI models is a vital pursuit for Japan. Furthermore, developing our own LLMs will lead to preserving the fine details of Japanese culture—which might not remain on the internet—in the AI era. And in this field of building Japan’s infrastructure, foreigners are participating actively. There are many Japanese issues and values that can only be brought to our attention by the presence of diversity. I would love to collaborate on building mechanisms that support diverse teams and increase talent mobility by bringing together excellent personnel with an outside perspective and companies with solid foundations within Japan. Interview conducted by D-POPS GROUP’s advisor Genta Sugihara. Shibuya Startups KK Company Representative and Chairperson: Shiho Watabe Company CEO: Yoshiro Tasaka Address: Shibuya Bridge Building B, 1-29-3 Higashi, Shibuya-ku, Tokyo Established: February 2023 Website: https://upshibuya.com/en/

Creating an Ecosystem that Connects Shibuya with the World! For this article, we interviewed Shiho Watabe, Chairperson of Shibuya Startups KK, who participated in our company’s Venture Ecosystem Summit 2025 as a speaker. (This interview was conducted in November 2025.) ◆ Regarding Venture Ecosystem Summit 2025 Sugihara: Today, we are interviewing Shiho Watabe, Chairperson of Shibuya Startups KK. Thank you for your time! I also want to say how much I appreciated you taking the stage with me at Venture Ecosystem Summit 2025 on October 2, 2025. Thanks to you, our joint panel and the event as a whole were a great success. You participated in the main event as well as the second-part networking reception, so I was hoping you could share your honest impressions of that day. Watabe: The pleasure was mine, really! The summit was full of energy, and I personally had a lot of fun. My greatest impression from participating in this event was a sense of family-like unity that was unlike anywhere else. I speak at many events regularly, but it’s rare for me to feel such a warm atmosphere. I was really moved by the sense of solidarity and the hand-crafted feel that transcended the usual organizational boundaries, from seeing legends like Dr. Semmoto and former Ambassador Fujisaki, President Goto’s own family in attendance, and even employees from within D-POPS GROUP acting as event staff and distributing lunch boxes. Also, a major takeaway for me was being able to directly experience the passion of Japanese entrepreneurs. I normally focus on attracting overseas entrepreneurs, so I don’t have as many opportunities to interact deeply with the domestic Japanese ecosystem. It gave me a fresh jolt and made me think, “There are so many interesting startups in Japan, too!” Another surprise to me was the diversity of the participants. Even though the summit was held only in Japanese, I bumped into an acquaintance of mine who is a foreign entrepreneur living in Japan, and he exclaimed, “Watabe, why are you in such a Japanese place like this?!”, which made me laugh, ha ha. Despite being framed as a Venture Ecosystem within Japan, it was actually quite open and rich in diversity. Seeing that, I had the firm realization that the underlying spirit is the same one we’re trying to create at Shibuya Startups. Sugihara: That’s exactly right. The fact that it was a hand-crafted event prepared over the course of an entire year by President Goto and our company’s staff, without the use of any external event production, is likely what led to that sense of unity. Actually, we received many comments from participants saying things like, “Despite her brilliant career, Chairperson Watabe is surprisingly natural and approachable” and “She is so radiant, I admire her”. Many people were drawn to your personality in addition to the content of the discussion. How do you feel about this feedback? Watabe: I feel totally honored to hear that. But I also don’t think of myself as anything even close to “radiant”, ha ha. I might seem that way on the outside, but the truth is, I rush through each day with a sense of desperation, as if I am constantly on the edge of a cliff. It’s more like the other way around: when I see all the entrepreneurs who keep taking on challenges, they look dazzling to me, and sometimes I even feel envious of them. I believe the main characters of your Venture Ecosystem are the entrepreneurs who are challenging themselves to their very limits. It’s the same in the community we manage. So, while I am humbled by such gracious personal evaluations of me, I’ll honestly be happier if people simply felt something when seeing my natural self. It reaffirmed my desire to continue supporting the protagonist entrepreneurs from behind the scenes so they can shine their brightest. Sugihara: Conversely, as a member of the audience, were there any sessions that inspired you or provided new insights? I saw in another article that you are interested in calligraphy. What did you think of the calligraphy performance at this event? Watabe: Having practiced calligraphy myself when I was young, it was deeply emotional. In the modern era, we are surrounded by the internet and technology, and everyone leads busy lives. In such a context, worldviews that place value on slow, methodical actions such as calligraphy, tea ceremony, or Pilates, calm the mind so well that it’s surprising. I felt once again that such quiet moments, in contrast to the speed of digital life, are crucial in this day and age. Also, looking back on the event as a whole, being able to dialogue with so many people was a great stimulus. An extraordinary benefit for me was seeing entrepreneurs passionately talk about their businesses, coincidentally reuniting with entrepreneurs at the venue, and hearing the stories from leaders who represent Japan, and through those interactions, seeing that there is a next-generation innovation community in Japan. Sugihara: Since President Goto himself has a very global perspective, one can see that he invited excellent individuals from among the network he has already cultivated. D-POPS GROUP is seriously considering investing in overseas entrepreneurs in the future, so we can expect this circle to expand even further. Once again, thank you very much for speaking at our summit. ◆ About Shibuya Startups Sugihara: Now, I would like to ask what Shibuya Startups does. Could you share with us the kinds of initiatives you undertake? Watabe: Shibuya Startups is a public-private startup support organization (accelerator) formed by Shibuya City and leading Japanese corporations. In addition to supporting domestic startups, we attract talented entrepreneurs from overseas to Japan. Along with growth support, we provide assistance with visa applications and opening bank accounts. Currently, over 80% of the founders participating in our organization are from overseas, making it a very international community. We are pouring our efforts into the discovery of companies that possess technology to solve Japan’s social issues. For example, fields such as age-tech and longevity to address the declining birthrate and aging society, solving labor shortages in the logistics industry. We are also looking at an area where Japan actually has a global advantage: the so-called “Fandom Economy” surrounding anime, video games, and VTubers. Our distinctive undertaking is that we directly scout talent from all over the world who find these Japanese market characteristics attractive. We provide side-by-side support so they can operate smoothly when they aspire to do business in Japan. We seek them out even before they come to Japan, so that by the time they land, we’ve already established a partner relationship. Now, we are expanding our activities with that kind of idea in mind. Sugihara: Is the majority of your support currently focused on startups with bases that are overseas when they enter the Japanese market? Watabe: Yes, that is the case for most companies in our community. Some teams set up a branch in Japan, while others decide to move their headquarters to Japan, but many are companies with a global perspective that are already active across multiple locations. The domain we are particularly focused on supporting is what you could call the “global niche”. Take the anime industry as an example: anime fans exist in every country, but as single communities within those respective countries, they are still considered a small population. However, because those niche groups have a presence around the world, we can combine them to form a massive global-scale market. I believe we can apply the same scheme to the markets adjacent to declining birthrates, aging societies, and elderly care. In this way, startups that have deep expertise in a specific field yet hold the potential to compete on a larger scale—we prioritize discovering these companies with global niche brilliance and connecting them to the Japanese market. Sugihara: Do companies supported by Shibuya Startups actually have to be based within Shibuya City? Watabe: No, they don’t…in fact, it doesn’t matter if they’re in another of the 23 Tokyo wards, or even outside of Tokyo entirely. Originally, even before this company was formed, Shibuya City had a support desk called the Startup Welcome Service which provided a comprehensive one-stop support system, ranging from complicated administrative procedures like obtaining visas to aspects of daily life in Japan. Now, through our organization’s “Shibuya Startup Support”, we are actively working to openly disseminate information regarding startup support. At our core is the desire to fully support entrepreneurs who come to Shibuya with the ambition of wanting to do business in Japan. While we are using Shibuya as the entrance, we ultimately aim to contribute to the ecosystem of Japan as a whole. Sugihara: I see. This is a wonderful project that transcends regions and borders to open a wide door into Japan. By the way, how many startups are you currently supporting? Watabe: Currently, we are supporting 52 companies. The lineup is very broad, ranging from age-tech and “creator-tech” to logistics and robotics, but what remains consistent throughout them all is the sense that they hold value precisely because they’re doing business in Japan. Our direct recruiting methods are focused on areas that lead to solving Japan’s social issues or areas where Japan’s strengths can be utilized. For 7 out of the 52 companies mentioned, our support is also taking the form of capital investment. ◆ Specifics of Support for Startups Sugihara: Could you give some specific examples of the sort of support and accompaniment you provide for startups? What kind of experience and knowledge from you and your staff is reflected in that? Watabe: Our support is broadly divided into two main aspects. The first is helping to build the foundation for launching a business in Japan. This includes visa support and providing a base of operations. One example of this is Shibuya Bridge—where we are conducting this interview—which is a coworking space in Shibuya City. We design and operate this community space together with the city government as a place where people are able to interact with supporting companies from Shibuya City and companies participating in the UP program (our accelerator), and attend events where entrepreneurs and supporters can mingle. Also, opening a bank account can be a real hurdle for overseas entrepreneurs. Under some circumstances, this can take up to nearly a year, but we aim to provide a support system where an account can be opened in as little as two weeks. In addition, we also connect them to assistance for business registration, accounting, and so on. The second is accelerating business growth. We support everything from strategic planning for market development to research, and the design and execution of Proof of Concept (PoC). In terms of fundraising, we connect entrepreneurs with investors from Asia, North America, and Japan in a way that is optimal for that specific startup. We want to be like a Swiss Army Knife, so to speak, offering the necessary tools to respond to every sort of issue that entrepreneurs have. As such an all-purpose concierge, we provide multi-faceted advice and practical support. Sugihara: This wide-ranging support isn’t handled by you alone, is it? Watabe: The work is divided into roles according to area. For example, regarding the procedures and administrative support I first mentioned, we proceed in close coordination with a specialized team. Meanwhile, I personally take charge as the main lead in the second aspect, growth support. Sugihara: Having someone like you running alongside them must be very reassuring for those on the receiving side of that support! Watabe: Hands-on support is very profound, and there are also complicating factors that make it not so straightforward. However, I feel my career to-date is most utilized in this particular way, since I’ve also experienced the same hardships of starting up a company, so I can really empathize with the difficulties they face. For that reason, running with them doesn’t feel like a burden at all. Rather than simply offering advice, at times I find myself working with entrepreneurs to craft their fundraising stories, introduce them to the media, and create opportunities for pitches. I go at it with an attitude of literally doing everything I can. When I come that close to them, sometimes I even end up having jealous thoughts, like “Now, I want to go back to my old startup days”, ha ha! Sugihara: Yeah, ha ha…when you were a player yourself, coming into contact with their passion makes you feel that way, doesn’t it? But even so, 52 supported companies is an incredible number! How did you manage to gather so many companies? Watabe: Actually, after founding this company, I was working by myself for a while and didn’t conduct PR activities overseas. (Especially since overseas media doesn’t report on it anyway, so word of it wouldn’t spread.) As a result, most of the startups we selected were found through word-of-mouth or recommendations from my network. When I became CEO around 2023, the pandemic had ended and the world was largely moving on, and technologies like AI and blockchain were spreading rapidly. Combined with these changes in the global situation, there was a rising momentum that started in the US, and then among other overseas entrepreneurs, towards tackling the Japanese market. Thankfully, when I told people I had started this job in the midst of such an environment, friends and acquaintances from all over the world reached out to me. Introductions started pouring in, such as “Here’s an interesting company perfect for Japan” or “This business is a bit different from our VC’s investment criteria, but it would definitely shine in the Japanese market”. Also, we got a lot of connections from the community of my hard-working former colleagues from my time at Google Japan. The fact that the friends I spent my 20s and 30s with are now entrepreneurs and we are in a relationship where we can help each other is a great asset. Furthermore, Dr. Richard Dasher—my mentor from the Stanford Graduate School and a venture capitalist himself—joined us as an advisor, which had a great impact on improving the reputation of the community. Looking back, I am filled with gratitude as I feel like the connections I formed around the world are living on in my current work. Note: Richard Dasher is a researcher in Asian studies and innovation at Stanford University. In 2025, he received the Foreign Minister’s Commendation award from the Japanese government for his long-standing contributions to Japanese-American exchange and educational research. He was an advisor at the time of Shibuya Startups’s establishment, but has since stepped down. Sugihara: It’s quite significant to have someone like Dr. Richard Dasher at your back. Like how at D-POPS GROUP, we have figures like KDDI co-founder Dr. Sachio Semmoto as our chairman and former ambassador to the US Ichiro Fujisaki as our corporate advisor. The presence of such heavyweights is not only an encouragement to the entrepreneurs in our Ecosystem, but also serves as a testament to our business reputation. Of course, it is critical to have ambitious initiatives that make those among society’s elite want to support you. Now, as a result of all of this, do you want to share any specific examples of startups that have been able to make the leap successfully? Watabe: One case is where we were able to attract talent to Japan who originally had no intention of entering the Japanese market at all. Two founders of the Xoogler community (made up of former Google employees) started a company called Key.ai, inspired by a platform for people facing large-scale temporary layoffs in the tech industry. Initially, they weren’t thinking about Japan at all, but now with our investment and accompaniment, we are trying to open a path into Japan together. I feel that inviting such people to our ecosystem, who would never have even considered Japan, is exactly why we exist in the first place. Also, there is another impressive startup that is producing anime using AI. The Japanese anime industry—especially outside of the major players—faces challenges such as labor shortages and harsh environments. In fact, the UN even called attention to these working conditions in 2023! In the midst of that, a founder from overseas who loves Japanese anime is striving with the goal of supporting creators with Generative AI. Our position could be described as an “industrial producer”. We work hand-in-hand with entrepreneurs to craft broad strategies for products, services, marketing, PR, market entry, and fundraising. When I can help even a little at the moment a company’s destiny changes, I deeply feel the significance of this work. That is why I am thoroughly committed to the quality of our support. ~ To be continued in Part 2 ~ Interview conducted by D-POPS GROUP’s advisor Genta Sugihara. Shibuya Startups KK Company Representative and Chairperson: Shiho Watabe Company CEO: Yoshiro Tasaka Address: Shibuya Bridge Building B, 1-29-3 Higashi, Shibuya-ku, Tokyo Established: February 2023 Website: https://upshibuya.com/en/   In the next part of the interview: ・Why she chose startup support ・The appeal factors of Shibuya and Japan ・What “startup ecosystem” means to Shibuya Startups ・“Realizing a Venture Ecosystem” ・And other topics Please be sure to check out Part 2!

D-POPS GROUP is a collective of companies that integrates actual businesses and technology together, a concept that we denote as “Real Business x Technology x Group Synergy”, aiming to realize a Venture Ecosystem that will continue to be indispensable to society even 100 years from now. Measuring the efficiency and profitability of a store location is indispensable for managing physical stores, which is at the heart of “Real Business”. In this article, we will explore sales per tsubo※, which is a critical metric used in Japan for this very purpose. ※The Japanese unit of measurement tsubo is defined as an area approximately equal to 3.3 square meters. The principle of ‘sales per tsubo’ can be considered as directly equivalent to sales density (in either sales/m2 or sales/ft2) with a simple conversion factor. Sales per tsubo refers to the amount of sales generated per tsubo, which will vary by industry. For example, supermarkets with high foot traffic and department stores or electronics retailers dealing in more expensive items will usually generate higher sales per tsubo. In explaining how this metric functions in practice, we will focus on the consumer electronics industry, for the sake of consistency in comparison with our previous articles on Inventory Turnover and Revenue per Employee. 1. One of the Three Key Elements of Store Management We previously looked at examples of inventory turnover (which affects cash flow and, in turn, a company’s balance sheet) as well as revenue per employee (which mainly relates to personnel expenses, and thus impacts P&L). Sales per tsubo primarily relates to rent and, like personnel expenses, is a vital indicator for P&L. Together, inventory, personnel expenses, and rent form the three essential elements of physical store management. If you haven’t read the previous installments on inventory turnover or revenue per employee, I encourage you to do so to see the full picture. 2. Calculating Sales per Tsubo Simply put, sales per tsubo is an indicator of a store’s productivity. The higher the figure, the better. It is generally calculated by dividing annual sales by the total sales floor area (in tsubo). For example: ・A store with ¥50 billion in annual proceeds and a sales floor of 4,000 tsubo earns ¥12.5 million per tsubo. ・A store with ¥1.5 billion in annual proceeds and a sales floor of 1,000 tsubo earns ¥1.5 million per tsubo. ・A store with ¥400 million in annual proceeds and a sales floor of 80 tsubo earns ¥5.0 million per tsubo. ・A store with ¥400 million in annual proceeds and a sales floor of 80 tsubo earns ¥4.0 million per tsubo. Averages vary widely according to areas and types of business. In the suburbs, an electronics store might earn around ¥1.5 million and a hardware store only ¥500,000, while a convenience store and a drug store could reach ¥5 million and ¥4 million, respectively. Factors include how frequently a product gets purchased, unit prices, the size of the products sold, and whether the location is urban or suburban. Notably, while suburban stores may have lower efficiency, their rent is also significantly lower. Therefore, one cannot simply compare sales per tsubo in isolation, but rather view it in the context of local real estate costs. 3. Why is Sales per Tsubo Important? To explain why sales density is critical, let’s look at the following example. As explained above, comparing companies in different locations (urban vs. suburban) or with different product categories is not an effective comparison because rent and unit prices differ too greatly. Therefore, just as we did in the previous article regarding sales per employee, we will use two rival electronics retailers as examples. They sell the same products and are both located in urban areas. (While these model cases are fictitious companies, the numbers are based on actual companies.) Metric Company B Company C Store Count 24 45 Sales Floor Area 75,000 tsubo 74,000 tsubo Sales Per Tsubo ¥10.09 million ¥6.00 million Total Sales ¥750 billion ¥440 billion Ordinary Profit ¥50 billion (6.7% margin) ¥4 billion (0.9% margin) The Company B featured here is the same one from our previous discussion on sales per employee. Company C is a group-managed company with many franchises; for this example, we have extracted only the data for their urban store brands. The figures have been aligned with the fiscal year of the sales per tsubo data, and the floor area has been reverse-calculated from the sales and efficiency figures. These two are known competitors, both operating in urban centers and often opening stores adjacent to one another in major hubs like Shinjuku. Here, I want to draw attention to floor area versus the sales per tsubo. Company B uses 75,000 tsubo to generate approximately ¥750 billion in sales, whereas Company C uses 74,000 tsubo to generate approximately ¥440 billion. When converted to sales per tsubo, Company B stands at ¥10.093 million and Company C at ¥6.002 million. While both companies boast very high efficiency, their total floor areas are nearly identical (around 75,000 tsubo). If you take the difference in their sales per tsubo (¥4.091 million) and multiply it by that 75,000 tsubo of sales floor, you see a difference of over ¥300 billion in total sales. This gap represents the difference in revenue. If we calculate the gross profit for both companies using the industry average of 30%, the gap in gross profit alone is nearly ¥90 billion. It would be quite complicated to calculate their exact costs of rent, so we won’t do that here. However, both are urban retailers in similar locations, so if we assume their rent is roughly the same, this difference in gross profit translates directly into a difference in bottom-line profit. There is a ¥46 billion gap in ordinary profit and a 5.8% difference in profit margin between Company B and Company C, and it should be clear that sales per tsubo is one major factor driving this disparity. As mentioned in the previous article, even with minor differences, the gross profit margin in the electronics retail industry—regardless of the company—generally hovers around 30%. Whether in this industry or any other, when companies handle the same products at a similar scale, there will seldom be any large discrepancies in gross profit margin. In this comparison, as stated, a ¥90 billion gap arises from sales per tsubo. When competing companies sell the same products, in similar locations, using similar floor space, I believe that inventory turnover and sales per employee are the only other metrics that could account for such a massive difference in management efficiency. This is not unique to our model case. In restaurants, apparel stores, supermarkets, or any brick-and-mortar locations, there is no escaping sales per tsubo. Achieving a sales per tsubo that significantly outperforms competitors in similar locations leads directly to a major advantage in the unavoidable competition of business. 4. Key Strategies to Increase Efficiency By now, I suppose you recognize the importance of sales per tsubo, but the next question is how to increase it. There are several key strategies, and I would like to highlight the most representative examples below. ① Focus on purchase frequency or unit price Even if unit prices are low, like groceries or daily necessities, high purchase frequency makes it easier to drive up sales per tsubo. Conversely, for high-unit-price items like luxury brands, the high price per transaction compensates for lower frequency, allowing for high efficiency. From this perspective, it is perfectly logical for community-based drugstores to carry food and daily goods that are bought more frequently than medicine. Similarly, it is a sound strategy for electronics retailers to expand their lineup to include a mix of high-purchase-frequency consumables and high-unit-price hardware. ② Optimize product size and eliminate wasted space In short, this means displaying small products without leaving any gaps. This is plainly visible if you look at Don Quijote, convenience stores, drugstores, or urban electronics retailers. While some stores carry large items, the focus is on smaller goods packed tightly together all the way to the ceiling. From the perspective of sales per tsubo, this is a highly rational display strategy. Take electronics retailers as an example: urban stores are often branded as “　　　 Camera”, like Yodobashi Camera, while suburban stores are “　　　 Denki” (i.e., electronics), like Yamada Denki. There is a reason for this. In the past, urban stores were so small that if they stocked refrigerators and washing machines, they would have no room for anything else. Consequently, urban stores focused on cameras, watches, portable devices, beauty appliances, and small office equipment. Suburban stores, benefiting from lower rent, could afford the lower efficiency of large appliances. This specialization was an inevitable result of optimizing for sales per tsubo. Historically, there used to be a number of urban stores that did focus on large appliances. Just by looking at Akihabara today, one can see that these have mostly been consolidated into the most powerful stores, and only a few of those remain. This, too, was an inescapable outcome driven by sales per tsubo. ③ Master cross-selling and up-selling Cross-selling and up-selling can lead to significant improvement through store-wide effort. When you go to buy a suit, most stores will suggest a matching shirt or tie (i.e., cross-selling). When you look at PCs, many stores will suggest one with a high-performance i-series core processor rather than a cheaper model (i.e., up-selling). Up-selling changes the unit price per item, and as the price goes up, so does sales per tsubo. Cross-selling increases the number of items purchased per customer, which raises the total transaction value per person and, by extension, the sales per tsubo. The examples above are the primary ways to increase efficiency. While there are other factors, the ultimate key—as with inventory turnover and sales per employee—is ensuring employees are educated on the importance of this metric. Success comes from management with a human touch, where the company and staff constantly innovate in procurement, product display, and customer service to boost efficiency, supported by technology that can visualize inventory and sales data. Ultimately, the leap in management efficiency through improving sales per tsubo is also built upon the intersection of “People × Technology × Management Strategy”. 5. Conclusion In this article, we discussed sales per tsubo. In the industry of physical stores, there is no business that does not occupy space. Optimization of space is quantified in Japan as sales per tsubo, which leads to the maximization of operating profit and provides a major competitive advantage over rivals in similar locations. Sales per tsubo is strongly affected by product characteristics (price, size, sale frequency), product assortment and display techniques (filling gaps), and customer service techniques (cross-selling/up-selling). In other words, the catalyst for increasing efficiency lies in the constant ingenuity of both the company that defines the product concept, and the employees who actually perform the procurement, display, and service mentioned above. With this discussion of sales per tsubo, we have now covered the three essential elements of store management: inventory, personnel expenses, and rent. By reading this series—including the previous articles “Inventory Turnover” and “Sales per Employee”—the key points of store management should become much clearer. What we at D-POPS GROUP want to convey through this three-part series is that business is built by people. The customers who purchase products are people, and those who devise strategies and utilize technology are also people. While it is impossible to win in competition without mastering technologies like AI, technological skills alone cannot ensure survival. We believe that business success is not just about good technology or a good strategy; it is about the intersection of “People × Technology × Management Strategy”. Based on this philosophy, D-POPS GROUP aims to realize a Venture Ecosystem by supporting startup companies in order to solve societal problems. We hope that you enjoyed this article and look forward to working with you in the future. D-POPS GROUP Managing Executive Officer Tetsuya Watanabe

The Japanese-published English newspaper The Japan Times featured articles by D-POPS GROUP in a special supplement entitled “Japan’s startup revolution”. In addition to covering the efforts of D-POPS GROUP, this publication also included short, informative pieces written by three of our investment partners: M&A Cloud (page in Japanese only), Payke, Inc., and Adora Inc. The CEOs of these three companies also took the stage at different points during our Venture Ecosystem Summit 2025 (page in Japanese only) that we hosted in October. The purpose of this featurette in The Japan Times was to inform both domestic and international investors, companies, and media about the startups that are driving Japan’s innovation ecosystem. Printed versions of this publication will also be distributed at the CES 2026 venue, which will be held in Las Vegas, USA, starting on January 6th. Please give it a read! 〇 D-POPS GROUP’s articles: https://www.japantimes.co.jp/2025/12/25/special-supplements/creating-indispensable-venture-ecosystem-d-pops-group/ 〇 “Japan’s startup revolution” special supplement on The Japan Times website: https://www.japantimes.co.jp/category/special-supplements/japans-startup-revolution/

In this busy, year-end season, only a few short days remain in 2025. This year, as we pursued our vision of “realizing a Venture Ecosystem”, together with the partners in our group, we pushed ourselves to the utmost limit. From our company’s founding in 1998 until achieving a value of 10 billion yen, we concentrated most management resources on our two original companies to expand our business. However, on our 20th anniversary, we transitioned to full-scale group company management. Since then, we have poured all our efforts into “realizing a Venture Ecosystem” (i.e., ecosystem management). Currently, we operate with 25 group companies and 35 investment companies. I believe that we have finally reached the starting line for our vision of realizing a Venture Ecosystem. One year ago, we made a pivotal decision: to share our group’s initiatives and our Venture Ecosystem with the world. Our goal was to host a life-changing event where entrepreneurs and executives could find the inspiration to grow and change the future. After an extensive period of preparation, we held Venture Ecosystem Summit 2025 on October 2nd, at the Sheraton Miyako Hotel Tokyo. We were relieved and deeply gratified to welcome 270 participants, whose feedback (which came in overwhelming amounts) has been truly heartening. I look forward with great anticipation to seeing the future unicorn companies that will emerge from this group of attendees. The management of a startup company is never straightforward; it is a complex and highly demanding endeavor. Only a handful of startups successfully go public and scale to become 10-billion-yen enterprises or 100-billion-yen unicorns. This is precisely why one of our Venture Ecosystem’s biggest missions is to provide a robust support system for and walk alongside entrepreneurs, offering the logistical backing they need to overcome significant hurdles. Moving forward, we aim to welcome even more ambitious, high-potential entrepreneurs and startups that have established sophisticated business models in our focus fields. Our five-year goal is to expand our network to a sum of 100 companies (including group companies, investment firms, and capital/business alliance partners). By doing so, we will realize a startup support platform that is truly indispensable to the world, thereby contributing to society. In the past year alone, we have welcomed nine new partners through branching off of our existing group companies, CVC initiatives, and strategic capital and business alliances. Half of these are AI companies or firms that fully utilize AI, while the other half have established innovative business models that respond to the rapidly changing needs of our era. Whether looking at the entrepreneurs themselves, their business models, or their management strategies, every one of these companies shows magnificent potential. By further developing an environment and platform where the youth of future generations can easily take on challenges, we aim to spread a culture of doing so, and realize a society with the depth to embrace and encourage these efforts. Furthermore, as in previous years, through our involvement in the Walking Together Hand-in-Hand with Children Foundation, we were able to donate to 27 children’s psychiatric treatment facilities across the country. We also supported seven other children’s homes and organizations, including Lights On Children, Bond Project, and the Frances and Sachio Semmoto Foundation. Every year, we receive significant donations from many supportive entrepreneurs and executives. Just at Venture Ecosystem Summit 2025, participants contributed a total of 2.56 million yen. I would like to take this opportunity to express my sincere gratitude for your generosity. Moving forward, we will continue to strengthen our support for the children who will lead Japan’s future. At D-POPS GROUP, together with our partners in the Venture Ecosystem, we remain dedicated to our vision with unwavering focus and high aspirations. We ask for your continued support and cooperation. I sincerely wish all of you a prosperous and happy new year in 2026. D-POPS GROUP President and CEO Kazuhiro Goto

“One Tech World”, a Development Alliance Formed by Three IT Companies “We lack engineers.” “One company alone can’t handle enterprise-scale projects.” These are the recurring problems in an IT industry facing severe labor shortages and increasingly complex project requirements. To address these challenges, three IT companies within D-POPS GROUP joined forces in May 2024 to form “One Tech World”, a strategic development alliance designed to leverage their collective strengths. The alliance consists of techbeans inc., an AI-leading company specializing in system development and AI solutions; @SOLUTION, the founding architect of this alliance, and a powerhouse in system development, infrastructure, mobile apps, and consulting; and idealump Co., Ltd, experts in web service development, UI/UX design, and other creative productions. This article explores how these three companies generate group synergy to secure large-scale enterprise contracts that would be unfeasible for any of them to obtain individually. 1. The “Wall” for Small to Mid-Sized IT Firms Certain areas of business are inaccessible for individual IT companies except for larger ones due to three main factors. ①Chronic Talent Shortages Large-scale projects require a massive headcount. Many firms must decline lucrative opportunities simply because they lack the internal resources. ②The Jack-of-All-Trades Trap Modern projects require a diverse elite skill set—PMs, designers, frontend/backend specialists, and infrastructure engineers. High-level mastery of every field within one company is rare. ③Ceiling on Internal Education Relying solely on internal projects limits a junior engineer’s growth. There are not many opportunities to learn from veteran engineers at other companies, so from an educational standpoint, they cannot overcome the limitations of in-house-only training. 2. The “Three Arrows” Concept: Unbreakable When Bundled There is a Japanese parable about “Three Arrows”, where a single arrow is easily broken but three held together are not. ①Exceeding the Limits of One To solve the challenges mentioned above, we arrived at a clear conclusion. By forming an alliance between the three IT companies within our group, we could flexibly handle large-scale projects that would be impossible for a single company to manage alone. Just like the Three Arrows—where a project that might snap a single firm’s resources can be successfully supported when three firms are bundled together—this vision was set into motion by a call to action from our organizer, @SOLUTION. ②The Right Talent, at the Right Time By forming this alliance, we can assign engineers across company lines, making it possible to take on project scales that a single firm simply could not accept. In an era where the shortage of IT talent is a major social issue, our ability to mobilize a large workforce all at once whenever necessary is a significant competitive advantage. ③Bringing Together Our Strong Points We are able to demonstrate our synergistic strength by combining the specific expertises of each company, including project management and direction, design, creative, frontend, backend, AI implementation, etc. Furthermore, skill sets that are difficult to assemble within a single organization can be fully covered when our three companies collaborate, vastly expanding the technical domains we can handle. ④Cultivating Talent Across Company Borders When veterans from one company work together with junior engineers from another on the same project, it creates growth opportunities that cannot be found within a single firm. Exposure to the different corporate cultures and technical approaches of other companies provides engineers with invaluable professional experience that accelerates their development. 3. The Three Coming Together: The Birth of “One Tech World” ①Why We Chose the Alliance Model We chose this system over a simple outsourcing relationship to ensure speed and quality by collaborating on a daily basis, rather than searching for new partners for every individual project. We believed that by teaming up with trusted colleagues who understand each other’s strengths and weaknesses, we could provide significantly higher value to our clients. ②Agility Through a Horizontal Structure By accepting projects as a horizontal alliance of three equals, we are able to keep the commercial flow simple and costs low while maintaining a flexible team structure. We have established a system where the primary contractor serves as the single point of contact while the alliance as a whole manages the project. ③Speed and Simplicity of Communication We utilize tools such as Slack to ensure smooth communication between our three companies. We also place a heavy emphasis on creating systems for information sharing and problem-solving through regular meetings. This commitment to open communication has been the key to increasing our collaborative speed. ④Development Rules as a Common Language We are actively developing standardized development rules for the alliance, clarifying the boundaries of responsibility and standardizing project management protocols. When different companies work together, keeping a set of rules that we have in common is essential for guaranteeing high-quality output. ⑤Keeping Everyone Up-to-date with AI Led by techbeans, we hold AI-related study sessions to create an environment where employees from all three companies can acquire AI utilization skills. As an AI-leading company, techbeans also actively publishes blogs and interviews, helping to drive AI adoption across the entire alliance. 4.The Journey to Launching: Inevitability, Rather than Coincidence Pre-2020 (Laying the Groundwork for Collaboration) The birth of One Tech World was preceded by a history of collaboration within the group. Around 2020, techbeans and @SOLUTION participated in the development of “DAMO”, the proprietary CRM system for D-POPS. This period allowed us to accumulate a track record of successful joint projects, cultivating the fertile ground necessary for a deep-seated partnership. December 2023 (Adding the Power of Creativity) idealump, a firm with significant strengths in design and creative production, joined D-POPS GROUP. This expanded the group’s IT capabilities into a three-company system, completing a lineup that could cover everything from technical development to high-end design. May 2024 (The Alliance Starts Moving) Following a call to action by @SOLUTION, the One Tech World development alliance was formally established between the three companies. Group synergy was demonstrated immediately, with idealump taking charge of renewing D-POPS GROUP’s corporate website during the same period. 2024–2025 (Expanding to Over 20 Collaborative Projects in 18 Months) In the year and a half or so since the alliance’s inception, the number of collaborative projects within the group reached approximately 20. By establishing a solid communication infrastructure, we have realized a higher speed of collaboration than we ever had before. Honestly, the sense of momentum we are experiencing is unlike anything any of us felt in the past. November 2025 (Stepping Outward: DXPO Exhibition) One Tech World made its debut as a unified entity by co-exhibiting at a major IT seminar event series in Japan called DXPO. By highlighting our strengths as an alliance—such as our AI-integrated products and our deep pool of talented engineers—we are working to increase our appeal among external clients. 5. Future Challenges: Racing Through the AI Era as a Unified Trio ①Overcoming the “Turning Point” in Development Since the launch of the alliance, we have successfully driven more than 20 collaborative projects within the group. Through continuous efforts to streamline communication, we have achieved a level of collaborative speed that we’ve never experienced before. This has made it possible for us to handle projects of a scale and scope that would have been impossible for a single company to manage alone. ②Accelerating Development with AI The development landscape is currently at a major crossroads. As the industry shifts toward accelerating development speeds through AI, techbeans—as an AI-leading company—is spearheading this movement by publishing AI-related blogs and interviews and hosting internal study sessions for the alliance. By supporting the employees of all three companies in mastering AI, we are significantly strengthening the collective development power of the entire alliance. ③Becoming the “Preferred Choice” through Creative Excellence Among the three companies, idealump possesses particularly strong design and creative capabilities, serving as a powerful asset when approaching external clients. While it comes a bit later than our initial launch a year and a half ago, we plan to significantly strengthen our inbound marketing strategy in 2026. We aim to capture new markets by fully utilizing the unique strengths of our three-member partnership. ④Opening the Door to Enterprise-Level Projects The alliance was brought together by the vision of the originator, @SOLUTION. Much like the bundling of three arrows, this partnership has turned the dream of approaching major corporations—once impossible for a single firm—into a reality. In an era of chronic IT talent shortages, the ability to mobilize a large, skilled workforce the moment it is needed serves as a massive competitive advantage. ⑤Expanding Collaboration with External Partners Moving forward, we plan to invite partner companies from outside D-POPS GROUP to participate in our projects. However, this will not be open to everyone. We will only admit partners who meet the specific high standards set by One Tech World. Our goal is not simply to become a large IT organization, but to be a collective of highly skilled IT talent and, above all, a group of companies that clients can trust implicitly. We will continue to increase the value of this alliance by balancing the expansion of our scale with strict quality assurance. 6. Summary: Choosing to “Bundle Together” In this article, we have summarized the initiatives of One Tech World, the development alliance formed by three IT companies within D-POPS GROUP. In this era when IT is accelerating faster and faster, issues that a single company cannot solve alone are increasing. Just as in the Three Arrows parable, by leveraging group synergy and mutually complementing each other’s resources, expertise, and talent cultivation, One Tech World represents a new collaborative model that IT companies in the future will be pursuing desperately. D-POPS GROUP will continue to harness the potential of our Venture Ecosystem, striving to make new, valuable contributions to society through the sharing and nurturing of exceptional IT talent. techbeans inc. Kazuhiro Maekawa

The corporate mission of D-POPS GROUP Co., Ltd. (Shibuya, Tokyo; CEO: Kazuhiko Goto; referred to as “our group” from here on), is to multiply the number of growth companies (so-called “unicorn companies”) that will revolutionize society. In accordance with this, our group has made an investment in SpeakBUDDY Ltd. (Chuo, Tokyo; CEO: Takeshi Tateishi; https://www.speakbuddy.com/en), the developer and operator of the AI-driven English conversation tool “AI SpeakBuddy”. Background Since 2017, our group has actively promoted the business strategies of mergers and acquisitions (M&A) and corporate venture capital (CVC) with the intention of realizing a Venture Ecosystem. We have now grown into a conglomerate with 25 group companies and 35 investment companies (at the time of publishing), resulting in an expansion of our ability to support venture companies (i.e., startup companies). The corporate mission of SpeakBUDDY Ltd. is to “Open a world of opportunities by achieving true language acquisition”. Accordingly, they develop and operate the online language learning and coaching services “AI SpeakBuddy” and “CoachBuddy”. By combining Second Language Acquisition (SLA) theory with the latest technological advances in generative AI, “AI SpeakBuddy” offers an unprecedented, groundbreaking learning experience. The app has surpassed 5 million cumulative downloads and is (at the time of publication) ranked number 1 in the education category on the Japanese App Store. Our group prioritizes investment activities that value the intersection of “Real Business × Technology × Group Synergy” and, most foundationally, “ × People”. We deeply resonate with SpeakBUDDY’s business of increasing educational opportunities through technology and believe it will generate significant synergies within our Venture Ecosystem. Furthermore, we wish to support President Tateishi—who possesses extensive international experience and a passion for English education in Japan—as well as his team of diverse and talented individuals from around the world. Comment from Takeshi Tateishi, President and CEO of SpeakBUDDY Ltd. I am deeply honored and encouraged to receive this investment from everyone at D-POPS GROUP. I have always believed that our investors should be individuals I truly respect from the heart, but after having the pleasure of conversing multiple times with President Goto and Advisor Sugihara, I definitely hoped they would become our shareholders. President Goto has experience studying in the UK, and Advisor Sugihara has long been active in foreign-affiliated companies like Google. Their deep understanding and empathy for our mission of increasing the potential of individuals through language acquisition have become a great source of encouragement. I am also strongly drawn to D-POPS GROUP’s exceptional sense of branding, represented by their unicorn symbolism and office design. This has further solidified our firm resolve to seriously aim for becoming a 100-billion-yen company. As a business owner, I have much to learn from President Goto’s thoughts and perspectives. Through the chance we have obtained by receiving this investment, I am committed to accelerating our business to meet everyone’s high expectations. Comment from Kazuhiro Goto, President and CEO of D-POPS GROUP Co., Ltd. We are delighted to invest in SpeakBuddy Ltd. and welcome another promising partner into the Venture Ecosystem we are promoting. While our group operates various businesses in the ICT industry, my long-standing involvement in our founding businesses in shops and human resources has taught me the vital importance of personnel education and training. For that reason, our investment policy of “Real Business × Technology × Group Synergy” has come to include the concept that “ × People” is at the foundation of where those other three intersect. When I first met President Tateishi and heard his vision of using technology to create learning opportunities, I was deeply impressed and felt an empathetic connection at the same instant. While online English conversation has spread rapidly since the pandemic, it is still evolving. Having studied abroad myself, I know how difficult it is to master English, and also understand that no matter what English level someone reaches, without opportunities to use it in one’s daily life, it will be forgotten after a few years. Therefore, an AI-driven English conversation app that allows someone to practice speaking anytime, even if one is unable to meet with a native-level English speaker on a daily basis, can certainly be considered a revolutionary learning method and business model. Meeting President Tateishi and hearing how he mastered professional-level English through his own effort without living abroad was astonishing, but at the same time, I could easily picture him utilizing that experience to guide SpeakBUDDY into growing in leaps and bounds, which is why I decided to cheer on his company with our investment. The vision our company is promoting, of “realizing a Venture Ecosystem”, is to support the growth of startups by providing the stage and environment that serves as the fertile soil where startups can thrive and flourish, and in so doing, to make a lasting contribution to society. Moving forward, we will grow together with SpeakBUDDY and work to enhance the value of both our companies. Comment from Genta Sugihara, Advisor to D-POPS GROUP Co., Ltd. I personally feel that my global career was made possible because I was able to become somewhat capable of using English. As a result, I am very glad to invest in SpeakBUDDY Ltd. With increasing globalization and inbound tourism, we have entered an era where the need for English skills is rising—not only for business professionals, but for ordinary people working in sight-seeing areas and business districts. In particular, rather than reading and writing, speaking and listening (i.e., conversational skills) are going to become more and more crucial. While translation devices are certainly popular, no form of communication is better than a conversation by means of a living human’s voice. Since SpeakBUDDY’s app is utilizing technology for the purpose of enhancing human capability, I was definitely pleased for them to become a member of our Venture Ecosystem. There are several similar growing companies that originated in the US. However, SpeakBUDDY stands out from the competition with its systematic curriculum optimized for Japanese learners and its meticulous AI feedback on pronunciation that feels very typical of Japan. I was also drawn to the intellectual clarity, integrity, and humility of President Tateishi and his management team through our conversations. No matter what changes in the environment or hurdles they encounter, I am convinced they will overcome them through relentless effort. I am grateful for companies like SpeakBUDDY to be added to our Venture Ecosystem, and I look forward to creating synergies that contribute to their continued success as much as I can. Company Name: SpeakBUDDY Ltd. Company President and CEO: Takeshi Tateishi Address: 5F COREDO Nihonbashi, 1-4-1 Nihonbashi, Chuo, Tokyo Established: May 2013 Company Website: https://www.speakbuddy.com/en

“From this day forth, change the future and achieve breakthroughs!” Venture Ecosystem Summit 2025 was held on Thursday, October 2, 2025. The idea for the summit started with a strong desire to provide a day of inspiration and learning that would transform entrepreneurs, with a vision of “From this day forth, change the future and achieve breakthroughs!” Over time, that concept evolved into a one-of-a-kind event that brought together top leaders from various fields, including Dr. Sachio Semmoto, co-founder of KDDI, and Ichiro Fujisaki, former Japanese Ambassador to the U.S. This article covers the social gathering that was hosted after the seminar portion. (See our previous articles about the seminar presentations here and here.) First, we invited founder and chairman of WILL GROUP, INC., Ryosuke Ikeda, and the founder of Positive dream persons inc., Takamasa Sugimoto, to offer the opening toast. Their well-coordinated and entertaining dialogue set a fantastic tone for the rest of the evening. Our host, President Goto, prepared a special selection of premium sake and spirits for the guests, who received it with great delight and enthusiasm. The hotel catering featured a full buffet alongside sushi and tempura counters, where professional chefs prepared fresh dishes on the spot. The energy reached its peak with a DJ performance and a live set by a well-known guest artist who was secretly invited to play! We want to offer a huge thank you to all the Venture Ecosystem Summit staff members for their hard work! We would also like to express our sincere gratitude to the Sheraton Miyako Hotel Tokyo for providing the venue and for their generous flexibility in accommodating our detailed requests. Venture Ecosystem Summit 2025 was held with the underlying concept, “From this day forth, change the future and achieve breakthroughs!” We truly hope this day served as a catalyst for all those who participated to “jump into the future with ambition”. To all our attendees, speakers, and partners: thank you so much for making this event possible!

“From this day forth, change the future and achieve breakthroughs!” Venture Ecosystem Summit 2025 was held on Thursday, October 2, 2025. The idea for the summit started with a strong desire to provide a day of inspiration and learning that would transform entrepreneurs, with a vision of “From this day forth, change the future and achieve breakthroughs!” Over time, that concept evolved into a one-of-a-kind event that brought together top leaders from various fields, including Dr. Sachio Semmoto, co-founder of KDDI, and Ichiro Fujisaki, former Japanese Ambassador to the U.S. This article summarizes the second half of the lecture portion.(See the previous article about the first half here.) Following a short break for lunch, the summit continued with a high-energy pitch session entitled “Next Breakthrough: Young Entrepreneurs Carving Out the Future”, featuring three speakers. First was the president and CEO of Adora Inc., Naoto Tomita. His company operates “Kodomamo”, which is a parental control app designed to keep children safe during smartphone use. Next was the president and CEO of Payke, Inc., Keisuke Furuta. His company operates the Payke app, which allows users to scan product barcodes with their smartphones to receive product information in their preferred language. The third speaker was the president and CEO of M&A Cloud, Atsuhiro Oikawa. His company operates the first M&A matching platform in Japan where the faces of potential buyers are visible. All of the summit attendees were incredibly inspired by the pitches from these three entrepreneurs in their 20s and 30s, who are each scaling services that solve societal issues. This was followed by a panel discussion entitled “Why Support Startups Now?” featuring the chairperson of Shibuya Startups KK, Shiho Watabe, and advisor to D-POPS GROUP Co., Ltd., Genta Sugihara. Both of them have worked at Google Japan in the past, and both are currently supporting startups in Shibuya. Drawing on their extensive global experience, they held an impassioned discussion about the appeal of Japanese startups and their shared desire to revitalize Japan. Next, a panel session entitled “Next Billion: The Challenge of Reaching 100 Billion Yen in Sales” featured Yasushi Kobayashi (president and CEO of MarketEnterprise Co., Ltd.), Kiyoshi Shoji (president and CEO of Dive Inc.), Hiroaki Kabashima (president and CEO of LTS., Inc.), and Toru Saito (president and CEO of NEXT ONE Inc.). They discussed key factors for reaching 10 billion yen in sales, the hurdles they faced, and their future visions, all while incorporating market analysis. Having overcome numerous challenges, they shared invaluable insights regarding what matters most to a business leader. Following this, Executive Vice President of NTT DOCOMO BUSINESS, Inc., Shoichi Motodaka, took the stage. Mototaka has been involved with operating “docomo shops” since before the establishment of D-POPS Corp., so he has ended up working together with us for a long time. At present, he is involved in various business ventures as a leader within the NTT Group, including AI and regional revitalization in Japan. At this summit for entrepreneurs, Motodaka delivered a presentation aimed at sparking collaboration with NTT DOCOMO BUSINESS. It turned out to be such a highly successful networking opportunity that he reportedly went through an entire box of business cards during the after-party. Next, former Japanese ambassador to the U.S. and current president of The America-Japan Society, Inc., Ichiro Fujisaki, spoke on the topic of “How Will Japan Survive the Trump Era?” With his typical brilliant humor sprinkled throughout, Ambassador Fujisaki provided an easy-to-understand presentation on the dynamics of the relationship between Japan and the United States. At first glance, it might seem strange for a diplomat to speak at a seminar for entrepreneurs, but there was a lot for business leaders to learn from his methods of negotiating with superpowers and his meticulous analytical skills. Furthermore, Ambassador Fujisaki’s unique perspective on Japan’s current situation—including insights that cannot be gained from only reading the news—contained invaluable lessons for business owners with overseas operations to consider in their future planning. Finally, co-founder of KDDI and serial entrepreneur, Dr. Sachio Semmoto, took the stage. His opening words ignited a fire in the hearts of the participants: “I believe that less than 0.1% of people in Japan have the ambition to tackle new things…and everyone here today is part of that 0.1%. The thirty years of stagnation in Japan are over. The next thirty years will be a period of total recovery and growth.” He told the story of KDDI’s founding, spoke on the current global situation, and the importance of taking risks in facing new challenges. His talk resonated deeply with the business leaders in attendance, as evidenced by the numerous comments that participants shared afterward, such as “My soul was profoundly stirred” and “I was so deeply moved, there were tears in my eyes”. To conclude, a raffle was held, and the lucky winner was given the “ambition” (志) calligraphy panel created by artist Yuuna Okanishi earlier that day! As a whole, the seminar was so full of learning opportunities, it was almost like drinking water from a firehose. Our final article is a report on the social gathering that took place after the seminar, which was also a huge success!

“From this day forth, change the future and achieve breakthroughs!” Venture Ecosystem Summit 2025 was held on Thursday, October 2, 2025. The idea for the summit started with a strong desire to provide a day of inspiration and learning that would transform entrepreneurs, with a vision of “From this day forth, change the future and achieve breakthroughs!” Over time, that concept evolved into a one-of-a-kind event that brought together top leaders from various fields, including Dr. Sachio Semmoto, co-founder of KDDI, and Ichiro Fujisaki, former Japanese Ambassador to the U.S. This article summarizes the first half of the lecture portion. The seminar kicked off with a performance by calligrapher Yuuna Okanishi. To the sound of traditional music, she presented a choreographed calligraphy inspired by the painting of a unicorn which we use as a symbol of our Venture Ecosystem. Reflecting the aspiration to “jump into the future with ambition”, she chose to paint the two Japanese characters 志 (ambition) and 飛躍 (a flying leap) for her dance-like performance. The seminar’s emcee was Kaori Hida, President and CEO of Talk Navi Inc. She built a career as an announcer before founding Talk Navi to create second career opportunities for other announcers. The seminar began after the calligraphy performance. First, Kazuhiro Goto, CEO of D-POPS GROUP Co., Ltd., and the organizer of Venture Ecosystem Summit 2025, took the stage. In a presentation entitled “The Key Points That Breakthrough Entrepreneurs Defend to the Death”, he shared 20 critical strategies he discovered through analyzing numerous founders who built billion- or trillion-yen scale companies. Among those in attendance were some members of “Goto School”, a study group led by President Goto. While some of the lessons President Goto shared here may have been review for them, he also shared the crazy roller coaster ride that he experienced as the founder of a startup, which he has not shared elsewhere. Next to speak was Shinichiro Naito, President and CEO of Findstar GROUP Co., Ltd. President Naito also serves as D-POPS GROUP’s Non-Executive Director.  In his talk, “Turning Points on the Path to Building a 40 Billion Yen Business”, he revealed key points for profit generation that are not usually disclosed, allowing attendees to learn the secret foundation of Findstar GROUP’s strength. Many companies in the audience likely reflected on their own businesses, after realizing the underlying philosophy behind the guidance President Naito always provides. Following him was Tetsuya Watanabe, D-POPS GROUP’s Senior Managing Executive Officer. Mr. Watanabe served as the head of purchasing for telecommunications and IT products at Yodobashi Camera for over 15 years, eventually becoming an Executive Officer and General Manager of the Business Division at Yodobashi Camera. His presentation, “Retail Empire Yodobashi Camera’s Business Strategies and Their Amazing Founder Fujisawa”, was packed with fundamental business principles and strategies for maximizing profit. These insights into Yodobashi Camera’s greatness—understood only by someone like Watanabe, who consistently supported the founder—offered significant learning not just for CEOs but also for the executive officers in the audience. Our next article features more priceless talks, the likes of which could never be heard anywhere except for this event, including those by KDDI co-founder Dr. Sachio Semmoto and former U.S. Ambassador Ichiro Fujisaki. So, please be sure to check out Seminar Review – Part 2!