On August 8, 2024, Kengo Suzuki, co-founder of Euglena Co., Ltd., had the privilege of participating in a session titled "Deep Tech: The Key to Japan's Innovation Strategy" as part of an event organized by Venture Café Tokyo. This session took place at the Toranomon Hills Mori Tower, and it brought together a diverse group of entrepreneurs, investors, researchers, and students—all united by a shared commitment to fostering innovation through deep tech.

Event Background

Venture Café Tokyo is a community that fosters innovation through a variety of programs, bringing together entrepreneurs, investors, researchers, students, and other innovators to connect and create social impact. This particular event was organized in the context of Japan's national strategy for revitalization, which identifies deep tech as a critical component. The Kishida administration's five-year plan for nurturing startups places significant emphasis on deep tech, recognizing its potential to address pressing economic and social challenges on a national and global scale.

According to the Ministry of Economy, Trade, and Industry (METI), deep tech is defined as technology based on scientific discoveries from specific natural science fields. These technologies have the potential to create significant social impact if successfully commercialized and implemented. Deep tech is currently drawing substantial attention across various sectors, including university and government research ventures, corporate spin-outs, and new business development within large corporations. The field is attracting significant resources, including capital, talent, and support programs, reflecting the critical role it is expected to play in Japan's future innovation landscape.

Discussion Summary

The session focused on why deep tech is vital for Japan's innovation strategy and explored whether Japan's current deep tech initiatives can compete on the global stage. The discussion also addressed what strategies Japan should adopt to ensure success in deep tech innovation, with a particular emphasis on collaboration between the private sector and government.

Panel Discussion Highlights

During the discussion, panelists emphasized that the environment for startups in Japan has significantly improved compared to the past. The rapid business development seen in fields like generative AI is a testament to this progress. However, panelists also highlighted the crucial role startups play in the development of new technologies such as blockchain. It was noted that successful social implementation of these technologies requires close collaboration between the private sector and the government. The discussion underscored the need for each player to clearly define their objectives and roles in this collaborative effort.

Kengo Suzuki’s Comment

In Kengo Suzuki's comment to the discussion, he shared insights on the financial aspects of founding Euglena Co., Ltd. Kengo Suzuki noted the increasing ease with which startups can be established today, compared to when Euglena was founded. He also emphasized Japan's potential to lead globally in industries related to molecular biology, such as businesses based on iPS cells and genome editing. Despite Japan's limited fossil-based resources, these areas offer significant opportunities for Japan to establish itself as a leader in international competitiveness.