Yamanashi, a prefecture located two hours from Tokyo by train and best known for the scenic Mt. Fuji five lakes region, is making a small splash in the startup world. The prefecture, in association with a variety of local businesses, is establishing a JPY 319 million (US$ 2.92 million) fund. San-nichi, the daily paper of the prefecture reported the news.
According to San-nichi, the Fuji Kyuko railway company, the Fuji Yoshida Chamber of Commerce and Industry, the Central Bank of Yamanashi, and the Central Bank’s venture capital arm all joined forces with the prefecture to create the fund. Though established on August 26, Yamanashi only just made the official announcement.
The Central Bank confirmed that the fund will focus on startups operating in five key areas – medicine, agriculture, tourism, manufacturing, and the environment. Startups which receive funding will receive a variety of support, including introductions to new business partners or research institutes.
The proactive approach of Yamanashi prefecture is a welcome change from misguided plans proposed by local governments like Tokyo. There, US$30 million is available but only in the form of burdensome asset-based loans.
See: In Fukuoka, Japan’s most startup-focused mayor wants to turn his city into an entrepreneurial hub
Editing by Terence Lee; top image via Flickr user Scarlet Green
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
