Myojo Waraku: Japan’s Answer for SXSW Showcases 8 Startups From Around Asia

Last weekend in Fukuoka, Japan, there was a three-day event called Myojo Waraku, featuring all things tech, douga (meaning online videos in Japanese), games, and music.

The name comes from the idea of connecting potential tech stars in the region and making new connections. The city is often considered as a gateway for Japan to other Asian countries because its geographical proximity is much closer to Seoul and Shanghai than to Tokyo.

Inspired by the concept of SXSW (South by Southwest) that happens annually in Austin, Texas, Masanori Hashimoto, the co-founder and CEO of Fukuoka-based tech company Nulab, wanted to hold such an event in Japan. His many friends and angel investor Taizo Son have joined forces to help, and the event finished with great success. There were more than 1,200 attendees, which is quite a remarkable number for the first-time event.

Panel discussion on Asian startup scene:

On day two of the event, I had an opportunity to moderate a 45-minute panel discussion with Taizo Son, Willis Wee (of our own Penn Olson), Serkan Toto (of TechCrunch), and Gang Lu (of Technode) who joined from Shanghai via Skype.

I asked the panel about Silicon Valley and whether they recommended Asian startups to go there, or anywhere else. In responding that, Willis noted “If we go to Silicon Valley, do we really know how the local market works? It requires a lot of time to learn it.” He added that “they should focus on the high potential of Asian market.”

Serkan explained most Japanese ‘techpreneurs’ would say they want to go abroad but that 99 percent will never do so. Willis says that Japan and China have big enough markets to feed them, so for 95 percent of local startups it’s not necessary to go abroad.  Gang and Willis agreed that startups should launch their business in Asia rather than in the U.S., because the region has a high potential.

The following videos were taken by Zenpre, which will give you an idea of what this event was like.

Pitches: