JETRO and VentureOut Launch NYC Innovation Hot Spot to Help Japanese Startups Succeed in the U.S.A.
Aug 01, 2019
The Japan External Trade Organization (JETRO) and New York City-based tech accelerator VentureOut today announced the launch of the JETRO NYC Innovation Hot Spot (IHS), a project created to support Japanese startups looking to enter the U.S. market. The creation of IHS in New York follows the 2018 launch of JETRO’s Global Acceleration Hubs in Silicon Valley and Boston in the U.S.
JETRO, as a government agency under Japan’s Ministry of Economy, Trade and Industry (METI),
selected VentureOut as its partner for IHS based on the established working relationship as well as the accelerator’s extensive experience running innovation programs in partnership with foreign governments. To date, VentureOut has helped 28 foreign governments and supported over 1,000 companies with US expansion, resulting in more than $2 billion raised from U.S. investors and the creation of over 2,500 U.S. jobs.
VentureOut will provide Japanese startups selected for the IHS program with mentoring on the local business landscape, best practices in sales and marketing, as well as counsel on fundraising and introductions to key ecosystem players such as prospective customers and investors.
“Japan is a hotbed of technological innovation, but differences in language and the vast distance between us have kept Japanese innovators from expanding west,” stated Brian Frumberg, CEO & Founder of VentureOut. “Our mission is to support the most promising startups on their journey to U.S. market success and the IHS program is a big step in realizing that mission for one of the most thriving innovation ecosystems in the world.”
He continued, “We are honored to spearhead the Hot Spot in New York by JETRO, an organization with a 60-plus year history of nurturing innovation and investment globally. I hope our collaboration serves as a model for other development organizations, because great ideas should never be limited by geography or language.”
“After the success of our Acceleration Hubs, starting a similar program in New York, the epicenter of hyphen tech (-tech) industries like finance, fashion and media, was the next logical step,” said Issei Hatakeyama, President of JETRO New York. “We are confident that VentureOut is the right partner to help Japanese startups launch in the U.S. and learn what it takes to scale in the local market and beyond.”
VentureOut supports top technology companies from around to access new markets, raise capital and scale through equity-free accelerator programs combining education, mentorship and professional introductions to thought leaders, investors and successful entrepreneurs. Since inception in 2012, VentureOut has hosted more than 150 programs, supporting more than 1,000 startups from 25 countries who have collectively raised over $2 billion. In addition to regular immersion and accelerator programs, the company regularly designs custom programs to meet the needs of private sector and governmental concerns. The company was founded by CEO Brian Frumberg, a current board member of the NYC Innovation Collective and founding member of the Innovation Council for FWD.us, a Mark Zuckerberg-founded nonprofit focused on immigration reform, and is based in New York. For more information, visit www.ventureoutny.com.
JETRO is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. Originally established in 1958 to promote Japanese exports abroad, JETRO's core focus in the 21st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential, visit https://www.jetro.go.jp/en/.