Started accepting applications for tenants of the Silicon Valley Business Center under the "Project for Implementation of Overseas Entrepreneurship Development Programs and Establishment of Business Centers"!

The key is to "develop innovative human resources" and "connect with cutting-edge regions around the world.

The Ministry of Economy, Trade and Industry (METI) solicited applications in FY2022 for the "Program to Implement Overseas Entrepreneurship Development Programs and Establish Centers" (hereafter referred to as "the Program") as part of the government's "Five-Year Startup Development Plan" (*1), which aims to accelerate innovation creation in Japan and create a startup ecosystem, In particular, the program aims to produce innovative human resources with a global-standard sense of behavior and network, and to strengthen the connection between global cutting-edge regions and the Japanese startup ecosystem.

It is said that the key to accelerating the creation of innovation and forming a startup ecosystem in Japan is the development of human resources who will be responsible for innovation and connections with Silicon Valley and other global cutting-edge regions.

One of the challenges for innovation creation in Japan is that few companies aim to develop their business on a global scale from a global perspective when they start up, making it difficult to create unicorn companies (*2). Even if a company tries to expand its business with a global perspective, the lack of networking with key people in Silicon Valley and other cutting-edge regions of the world makes it difficult to raise funds, secure human resources, and expand sales channels.

In order to resolve these issues, this project will simultaneously (1) implement entrepreneurship development programs on the U.S. West Coast, (2) implement entrepreneurship development programs and hold global events on the U.S. East Coast and around the world, and (3) establish a Silicon Valley business hub. Mori Building has been commissioned to establish the Silicon Valley Business Hub, and has begun accepting applications for office space and co-working space in preparation for opening in the fall of 2023 or later.

Strong support for Japanese startups to expand overseas

Palo Alto is located in Silicon Valley, close to Stanford University, a cutting-edge IT research center, and Sand Hill Road, a concentration of venture capitalists, as well as incubation facilities in other countries.

The center will be one of the venues for J-StarX, a human resource dispatch program promoted by the Ministry of Economy, Trade and Industry (METI), and will host Japanese entrepreneurs, students, and others. (JETRO), and other government agencies, to strongly support the overseas expansion of Japanese startups and the growth and development of the eco-system.

It also aims to realize open innovation in both the U.S. and Japan by creating opportunities for exchange between startups, companies, and investors in the U.S. and Japan.

1 Five-Year Startup Development Plan: Policy announced by the Kishida Cabinet on November 24, 2022 to strengthen startup development.
2 Unicorn companies: Unlisted venture companies that have been in business for less than 10 years, have an enterprise valuation of at least $1 billion, and are unlisted. Generally, they are considered technology companies.

Mori Building will continue to promote the creation of "places" and "mechanisms" for diverse players to gather, dialogue, and co-create, thereby contributing to the enhancement of the magnetism of Tokyo as an international city.