[Event Report] Innovation Leaders Summit -Japan, the Innovation Accelerator-

The Innovation Leaders Summit (ILS) is Asia's largest open innovation matching event, established in 2014 with the support of Japan's Ministry of Economy, Trade and Industry (METI). Renowned for its signature Power Matching program, ILS connects large Japanese enterprises and innovative startups to drive the creation of new technologies.

The 12th ILS, held from December 2 to 5, 2024, continued to boost startups from all over the world in fields such as AI, robotics, and decarbonization, showcase cutting-edge technologies, accelerate open innovation, and capitalize on the advantageous conditions of the Japanese startup market. From 20 countries, 777 startups joined forces with 133 major Japanese corporations and VCs, resulting in about 3,500 business meetings.

The Italian Embassy in Japan sponsored the event and supported the participation of 15 Italian startups. Gianpaolo Bruno, Head of the Embassy's Trade Promotion Section, said that Japan's ability to implement innovative solutions on a large scale, its strong manufacturing base, and very effective and efficient government support to develop innovation are among its unique strengths.

"All these factors make Japan one of the most advanced countries in the world. The Japanese market is extremely attractive for startups in part due to its openness to frontier technologies such as artificial intelligence, robotics, and decarbonization solutions," detailed Bruno.

He continued, "In addition, Japan offers an ecosystem of large companies with a strong propensity for collaboration with startups, especially in strategic areas such as sustainability and digitalization. This creates fertile ground for specialized Italian startups where they can find partners willing to co-develop and implement advanced technological solutions. The Japanese example really represents a benchmark of public support for developing innovation."

Naoki Kobayashi is a chief officer at the Startup Support Department of the New Energy and Industrial Technology Development Organization (NEDO), a Japanese governmental agency for research and development towards a sustainable society. Kobayashi shared how support from the government and organizations like NEDO is boosting innovation while growing Japan's startup ecosystem.

"NEDO is one of Japan's largest funding agencies. We assist the growth of a wide range of technological fields by supporting startups with our Deep-Tech Startups Support Fund of about 650 million USD (100 billion JPY) and with resources such as facilitated networking and talent matching. Our goal is to grow businesses and their markets thereby solving social issues, and strengthening Japan's competitiveness," explained Kobayashi.

As Japan's startup ecosystem grows, so will opportunities and support for foreign businesses in Japan. JETRO is also providing support for foreign companies setting up businesses and collaborating with Japanese companies. Contact JETRO today to find out how we can support you with intelligence, networking opportunities, and more.