Research Programs: Innovation

Entrepreneurship in high-tech and high-growth start-ups

Project Leader/Sub-Leader


HONJO Yuji (Faculty Fellow)



The emergence of high-growth start-ups is expected to stimulate the stagnant economy and play a critical role in spurring economic growth in Japan. However, the number of unicorns (i.e., privately held firms with market value of one billion USD or more) in Japan is much lower than in other countries; thus, there is concern about the lack of players who can contribute to future economic growth. In our research project shedding light on high-growth start-ups, we investigate how to combine resources, such as human capital (i.e., entrepreneurs and/or founding teams), financial capital, and technological capital. We also examine how to raise risk capital from existing corporations, venture capital firms, and investors,and how to generate innovations through technologies from universities and existing corporations.

May 8, 2023 - October 31, 2025

(During the research project period, the research activity period is set from May 8, 2023 to April 30, 2025, and the data usage reporting period is set from May 1, 2025 to October 31, 2025.)

Major Research Results


RIETI Discussion Papers