On Monday, February 16, 2026, we held the "Global Strategy Talk: The Potential of the Greater Tokyo Area Startup Ecosystem from a Global Perspective" at Tokyo Innovation Base (TIB) as part of the official program for SusHi Tech Tokyo 2026 – Gathering Day.

Overview

In this session, we examined from multiple angles how the startup ecosystems in Japan and Tokyo are evaluated and what expectations are placed upon them, starting from the perspective of overseas venture capital firms and global corporate venture capital (CVC) firms. This panel discussion aimed to provide a strategic perspective for collaboration, partnership, and investment with overseas entities by discussing how Japan’s startup ecosystem has been viewed from the perspective of international investors and identifying potential barriers to future global expansion.

Speaker

Overseas venture capital

Serena Lewis (Investment Manager, Pegasus Tech Ventures)
As an Investment Manager at Pegasus Tech Ventures, she is responsible for startup analysis and portfolio management. In addition to her experience in venture debt and VC investments, she has co-founded a startup in the women’s healthcare sector.

Michael Phillips (Board Secretary, Alumni Ventures)
Board Secretary at Alumni Ventures. With over 25 years of experience in both legal and business fields, he contributed to business growth at TIAA/Nuveen before co-founding an infrastructure investment platform. He has practical experience at major law firms and financial institutions and holds the CFA designation.

CVC

Prashant K. Bothra (Principal, Woven Capital)
As a Principal at Woven Capital, which manages Toyota’s growth-stage investments, he leads investments focused on mobility, robotics, supply chain, and industrial AI. He has extensive experience in investment and research at global financial institutions and has spearheaded venture capital and private equity investments in EN and North America.

Moderator

Ryusuke Komura (Head of Venture Café Japan | Executive Director, Venture Café Tokyo) Head of Venture Café Japan and Executive Director of Venture Café Tokyo. He worked at Globis on talent development, organizational development, and the creation of educational materials for entrepreneurship, and has been leading the launch of Venture Café’s Japan operations since 2018. He has held his current position since 2024.

Key topics discussed on the day (talk themes)

・Why Focus on Japan’s/Tokyo’s Startup Ecosystem Now?

・Criteria for investment decisions (What to look for / How to evaluate)

・What kind of startups are selected globally, and what kind of collaborative approach is expected of established companies?

1) “Why Japan/Tokyo Now?”

From the perspective of overseas investors, key discussion points included the market potential of the Tokyo metropolitan area, its industrial clusters, the depth of its R&D capabilities, the breadth of support provided by the government, corporate venture capital (CVC) firms, and large corporations, as well as the potential for future commercialization and global expansion. The discussion also covered expectations from an overseas perspective and areas that require further improvement. Regarding Japan, Mr. Prashant noted that while research capabilities are strong, challenges remain in commercialization and accelerating proof-of-concept (PoC) processes.

2) "Criteria for Investment Decisions"

When discussing the criteria investors use to evaluate startups, the conversation focused not only on the strengths of the technology and product, but also on specific factors such as the clarity of the problem to be solved, the scalability of the business, financial returns, global ambitions, potential for collaboration with Japanese companies, and the prospects for commercialization following a proof of concept (PoC). Regarding investment decisions, Serena emphasized the importance of opportunities for business collaboration with major Japanese corporations. For the participants, this session provided many insights into how to reevaluate assessment criteria from the investor’s perspective.

3) "Post-investment Support and Global Expansion"

Regarding post-investment support, specific ways to engage in a multifaceted manner were discussed, including fundraising, facilitating connections with customers, investors, and corporate partners, management support, and assistance with global expansion. Michael emphasized the importance of providing a network that connects customers, board members, and VCs for subsequent funding rounds, and stressed his role in providing support when needed. For the participants, this segment offered many insights into how post-investment support goes beyond mere capital provision to actively drive business growth and global expansion.

Post-event survey

The survey (respondent pool) showed that the vast majority of respondents were “very satisfied” or “satisfied,” confirming a high level of satisfaction. Furthermore, the topics participants cited as “useful” included “Why Japan/Tokyo now?”, “Criteria for investment decisions,” and “Conditions for being chosen globally,” among others, indicating a need to re-evaluate their company’s strategies and preparations from an international perspective.Furthermore, beyond simply gaining knowledge, there were also calls for networking and relationship-building with overseas investors, suggesting a concrete need for connections.

Summary

Global Strategy Talk provided an opportunity to analyze the Tokyo metropolitan area’s startup ecosystem and its potential from the perspective of international investors and corporate venture capital (CVC) firms, while also identifying practical considerations for moving forward with investment and collaboration. For participants, the session not only offered a strategic perspective on international partnerships but also provided insights for taking concrete next steps—such as building relationships, exploring collaboration opportunities, and designing validation processes.

Following the event, we introduced individual consortium members to the participating venture capitalists, continuing our efforts to strengthen connections with the global community.

The Tokyo Consortium will continue to actively pursue initiatives aimed at achieving results.