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The Coral Capital Podcast
Coral Capital
30 episodes
6 days ago
Welcome to the Coral Capital podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan. For updates on our future content and in-person events, follow our newsletter here: http://eepurl.com/gjed2T
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All content for The Coral Capital Podcast is the property of Coral Capital and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Welcome to the Coral Capital podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan. For updates on our future content and in-person events, follow our newsletter here: http://eepurl.com/gjed2T
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Business
Episodes (20/30)
The Coral Capital Podcast
Designing the Future of Neighborhoods | Devon Zuegel on Esmeralda

Devon Zuegel, founder and CEO of the Esmeralda Institute, joins us on the latest episode of The Coral Capital Podcast.


After building online communities, scaling open-source programs at GitHub, and hosting Notion’s Pioneers series, Devon Zuegel is now bringing her expertise offline to create a family focused village north of San Francisco.


In this episode, she shares the challenges of shaping a people centered village, from navigating complex land use regulations to balancing environmental realities.


Topics explored:

- How San Francisco’s housing shortages inspired Devon to create Esmeralda

- Why California’s CEQA further fueled Devon’s passion for urban planning

- Designing multi-generational, walkable communities with a balance of density and nature

- The concept of “traveling neighborhoods” and fostering connection through shared experiences

- The hardware and software of building a physical community

- Integrating seniors, families, and diverse age groups into a cohesive community

- Creating lasting culture and connection through deliberate programming and shared experiences


If you're working on something ambitious, we’d love to hear from you at Coral Capital!

Get in touch with us here: bit.ly/contactcoral


Connect with Devon:

X: https://x.com/devonzuegel

LinkedIn: https://www.linkedin.com/in/devonzuegel/


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/


Connect with Alexandra Silverman:

X: https://x.com/AlexandraFayeS

LinkedIn: https://www.linkedin.com/in/afsilverman/


00:00 Intro

00:46 Meet Devin

08:19 Placemaking and Traveling Neighborhoods

16:51 Building Esmeralda

31:12 Supporting Families in Northern California

33:23 Incorporating the Elderly in Community Planning

38:17 Learning from Other Towns and Cities

47:09 Building a New Town

Show more...
1 month ago
1 hour 3 minutes 45 seconds

The Coral Capital Podcast
How Palantir Won Japan | Koichi Narasaki

Koichi Narasaki, former Chief Digital Officer of SOMPO and the architect behind Palantir Japan, joins us on the latest episode of The Coral Capital Podcast.


From his early days at Mitsubishi Corporation investing in Silicon Valley startups during the dotcom boom, to leading one of Japan’s most successful joint ventures with Palantir, Narasaki has been at the intersection of global tech and Japanese enterprise for decades.


He shares stories from passing on PayPal in 1998, to convincing SOMPO’s leadership to invest $500M into Palantir, and lessons on how foreign companies can succeed in Japan.


Topics explored:

• Why Mitsubishi’s early CVC efforts in Silicon Valley clashed with Tokyo HQ

• Meeting Peter Thiel, Elon Musk, and Marc Benioff in the 1990s

• The cultural gap between fast-moving Silicon Valley and conservative Japan

• Why he left Mitsubishi after nearly 20 years to join startups on the other side of the table

• How he became SOMPO’s first Chief Digital Officer and redefined “DX” in insurance

• The story of Palantir’s failed solo Japan entry, and how the SOMPO JV turned it around

• What convinced SOMPO’s CEO to greenlight a 50/50 joint venture with Palantir

• How “dogfooding” Foundry inside SOMPO unlocked trust with Japanese clients

• The legendary $500M Palantir investment during the pandemic, and the debates behind it

• What global B2B software founders need to know before entering Japan

• His perspective on culture, trust, and speed inside a 135-year-old Japanese giant


Connect with Narasaki:

LinkedIn: https://www.linkedin.com/in/koichi-narasaki-5969b/


Connect with James:

X: https://x.com/james_riney

LinkedIn: https://www.linkedin.com/in/jamesriney


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Get in touch with us here: https://bit.ly/contactcoral


(00:00) Trailer(01:00) Intro(05:16) Leaving Mitsubishi & the dot-com crash
(14:34) Early startup journey (Allyno → Access)
(17:02) Becoming Chief Digital Officer at SOMPO
(20:20) Discovering Palantir & messy data realities
(26:18) The meeting with Alex Karp that changed everything
(35:00) Why the SOMPO–Palantir JV happened
(43:56) Growing in Japan: revenue, culture, challenges
(55:42) Advice for foreign SaaS entering Japan

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2 months ago
1 hour 9 minutes 11 seconds

The Coral Capital Podcast
Ayao Komatsu on Haas x Toyota, Japanese Motorsport & Formula One Leadership | Haas F1

Ayao Komatsu, the team principal of Haas F1, joins us on the latest episode of The Coral Capital Podcast.


As the first Japanese team principal (leading a non-Japanese F1 team), Komatsu offers a unique perspective on leadership in Formula 1.


Ayao shares insights on Haas F1's new technical partnership with Toyota and the challenges of competing with limited resources as the team looks ahead to the 2026 rule changes.


Topics explored:

• How Ayao navigated an unconventional route into Formula One

• Lessons from growing up in a politically and culturally unique household

• What it’s like managing a lean, global team across continents

• The mindset shifts required to lead in high-performance environments

• How Haas F1 is approaching its partnership with Toyota

• Insights into the upcoming 2026 regulation overhaul—and why it matters

• Why communication and culture are now top priorities at Haas

• What Japanese teams can learn from international motorsport organizations

• Ayao’s take on long-term strategy vs. short-term pressure in F1

• How he defines success beyond the podium


Connect with Ayao:

LinkedIn: https://www.linkedin.com/in/ayao-komatsu-828a8587/

X: https://x.com/AyaoKomatsu


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Get in touch with us here: https://bit.ly/contactcoral


00:00 Trailer

00:54 Introduction

01:17 Fascinating upbringing

05:58 Unique parenting style

11:09 “…Until I met F1”

13:59 Being Japanese in the industry

20:25 Different environments

25:51 The technical partnership

32:07 Life as an engineer

39:33 Improving team capability

43:26 Starting from scratch

47:53 Engineering at the heart of management

51:39 Alignment gaps

58:23 What’s new in Formula One

1:01:09 The ideal goal

1:03:53 Reasonably determined

1:08:12 Outro

Show more...
2 months ago
1 hour 8 minutes 32 seconds

The Coral Capital Podcast
Inside VERBAL’s Creative Empire: AMBUSH®, SŌMATŌ, and the Music That Started It All

At Coral Capital’s Tokyo HQ, artist–entrepreneur VERBAL (m-flo rapper and producer, AMBUSH® Co-Founder, and SŌMATŌ sake founder) sits down with James Riney and Tiffany Kayo to unpack how Japan’s next cultural wave is being built at the intersection of streetwear, music, and frontier tech.


They explore why a Tokyo mindset still captivates tastemakers from Pharrell to Prada, and what has to change for Japan’s creators to capture Silicon-Valley-level scale.


The conversation dives into:

• Streetwear’s original “soft-power” playbook — how Nigo, Pharrell, and a Harajuku network turned Japanese design into hip-hop currency and seeded brands like AMBUSH®.

• Two SKUs and a Paris runway — why VERBAL and Yoon Ahn sold a majority stake in AMBUSH®, what they learned inside New Guards Group / Farfetch, and why they just bought it all back.

• Craft sake, misunderstood luxury — the cold-chain, labeling, and pricing gaps keeping nihon-shu under-valued abroad, and how SŌMATŌ plans to rebrand the category for Michelin tables.

• AI, Web3, and VTubers — a realist’s take on Suno-generated melodies, token-gated superfans, and the virtual-idol economy Japan is quietly leading.

• Lessons from K-Pop’s public-private machine — what Japan can borrow (and what it shouldn’t) to export its own IP at scale.


If you're working on something ambitious, we’d love to hear from you at Coral Capital!

Get in touch with us here: bit.ly/contactcoral


Connect with VERBAL:

X: https://x.com/VERBAL_AMBUSH


Connect with James:

X: https://x.com/james_riney

LinkedIn: https://www.linkedin.com/in/jamesriney


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/

Show more...
3 months ago
52 minutes 59 seconds

The Coral Capital Podcast
The Untold Story of Japan’s Boldest Billionaire with Lionel Barber

In this episode of The Coral Capital Podcast former Financial Times editor and author of Gambling Man, joins Tiffany Kayo and James Riney for a conversation about one of Japan’s most enigmatic figures: Masayoshi Son.


Barber shares what it was like sitting across from Masa, why his story is more than a business saga, and how SoftBank’s founder became a symbol of Japan’s global ambitions and contradictions.


We get into:

• The early years: Pachinko, pseudonyms, and SoftBank before Silicon Valley

• Behind-the-scenes stories of his deal with Donald Trump

• The $500B Stargate Project with Sam Altman and Larry Ellison of OpenAI

• Personal stories from Lionel’s interviews with Masa, his family, and the unlikely figures who shaped his journey—including Steve Jobs

 

Lionel’s book: https://www.amazon.co.jp/-/en/Gambling-Man-Wild-Japan’s-Masayoshi/dp/0241582725 


The Japanese edition of the book will be launched soon.


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Get in touch with us here: bit.ly/contactcoral


Connect with Lionel:

LinkedIn: https://www.linkedin.com/in/lionel-barber-473826135/

X: https://x.com/lionelbarber


Connect with James:

X: https://x.com/james_riney

LinkedIn: https://www.linkedin.com/in/jamesriney


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/

Show more...
4 months ago
35 minutes 35 seconds

The Coral Capital Podcast
Growth, Grit, and Grace: Guy Kawasaki on Building a Remarkable Life

On this episode of The Coral Capital Podcast, we were joined by the Chief Evangelist of Canva for a candid conversation about grit, growth, and the unfiltered story behind his remarkable career.


Also in the conversation:

  • The Silicon Valley myth that keeps getting mistaken for strategy
  • What Apple got right (and still gets wrong) about AI
  • How Canva is spreading design literacy globally
  • Why your ikigai doesn’t need to be world-changing to be real

Plus: Guy opens up about fainting on hospital rounds, quitting law school after two weeks, and how a ride in a Porsche 911 lit a fire under him to work hard and aim higher.


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Connect with Guy:

LinkedIn: https://www.linkedin.com/in/guykawasaki/

X: https://x.com/GuyKawasaki


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/


Get in touch with us here: bit.ly/contactcoral


00:00 Trailer

00:58 Introduction

01:41 Hawaii

02:40 Childhood and upbringing

06:49 Ohana, aloha and motivation

10:41 Working at Apple

15:01 Bringing the good news

19:28 The ecosystem VC

21:26 Evangelism in marketing

27:13 Growth, grit, grace

36:38 Artificial intelligence

42:19 Cutting through the noise

44:09 Book updates

46:23 What is your ikigai?

47:42 Outro


Mentioned in this episode: Kalihi Elementary School, Apple, Standford Medical Center, University of California Los Angeles (UCLA), World War 2, Porsche 1911, OpenAI ChatGPT, Canva, Adobe Photoshop, Guy Kawasaki’s Remarkable People, Jane Goodall, Neil deGrasse Tyson, Stephen Wolfram, Mark Manson, Signal, Anthropic Claude, Perplexity, Apple Intelligence, TikTok

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4 months ago
47 minutes 48 seconds

The Coral Capital Podcast
How This VC Brought Coinbase, Square & Palantir Into Japan | Phil Wickham

On this episode of The Coral Capital Podcast, Founding Partner James Riney and Investor Tiffany Kayo were joined by Phil Wickham, co-founder of Sozo Ventures—a globally-minded VC firm that’s backed breakout U.S. companies expanding into Japan, including the likes of Coinbase, Square & Palantir.


Philip shares rare, behind-the-scenes insights from decades spent bridging Silicon Valley and Tokyo, explaining why Japan is suddenly hot again for global startups—and how to navigate its famously complex corporate and cultural terrain.


Topics explored:

  • The four pillars that make Japan a high-margin & high-loyalty market worth cracking
  • Lessons from backing companies like Palantir, Square, Coinbase, and Need in Japan
  • Why corporate money on your cap table can be more risk than reward—especially in Japan
  • What founders consistently get wrong when entering Japan, and how to avoid wasting years


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Get in touch with us here


Phil's Book: https://www.amazon.co.jp/2032年、日本がスタートアップのハブになる:世界を動かす才能を解放せよ-フィル・ウィックハム/dp/4910487042?tag=googhydr-22&source=dsa&hvcampaign=books&gad_source=1


00:00 Trailer

00:48 Introduction

03:06 Selling Japan to Startups

06:21 The Challenges of Entering Japan

09:01 First Steps for Expanding into Japan

13:02 Case Studies: Coinbase & NEED

16:06 Palantir’s Unique Approach to Japan

20:03 The Role of Corporates in Startup Growth

23:42 Targeting the Right Partners in Japan

28:06 Joint Ventures vs Independent Expansion

39:12 Keeping Options Open in Japan

51:05 Japan’s Global Competitive Edge


Connect with Phil: https://www.linkedin.com/in/pwickham/


Connect with James:

X: https://x.com/james_riney

LinkedIn: https://www.linkedin.com/in/jamesriney


Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/


Learn more about Coral Capital


This episode was produced & distributed with the help of our friends at Atomik Growth.

Show more...
5 months ago
59 minutes 17 seconds

The Coral Capital Podcast
Japan's Weeb Economy Explained: Where Anime, AI, and FDI Collide | Noah Smith

At Coral Capital’s Tokyo HQ, economist and writer Noah Smith joins James Riney, Founding Partner and CEO of Coral Capital, to explore how Japan is uniquely positioned for a global resurgence.


They discuss how the country can convert its global fascination into a strategic advantage, and why Japan is increasingly on the radar of institutional capital and high-net-worth investors.


The conversation dives into:

• The rise of the “weeb” economy” (think anime, fashion, subculture, and Japan’s growing soft power on the global stage)

• Why Japan is primed for greenfield FDI in AI, semiconductors, and deep tech

• How Tokyo is rivaling Austin and Paris as a global tech & startup hub

• Japan’s untapped operational MOAT for builders and investors


If you're working on something ambitious, we’d love to hear from you at Coral Capital!


Get in touch with us here


Chapters:

00:00 Trailer

00:52 "Weebs" and Japanese tourism

05:48 Rule by law and economic factors

14:22 GDP and exports

17:19 Cultural mindshare and diasporas

24:51 Enterprise value creation

30:29 Small businesses

34:46 Financial policy

39:35 Immigration, fluency, zero-tolerance

47:54 Exports need improvement

49:35 Untapped demand

50:00 Plaza Accord

54:50 Book plug and outro


Mentioned in this episode: Battle Royale, Ruth Benedict, Sakana AI, Taiwan Semiconductor Manufacturing Company Limited (TSMC), Apple iPhone, Taro Kono, Mijoté San Francisco, The Boeing Company, Christopher Poole a.k.a. moot, Jack Ma, Silicon Valley, Dell Inc., Donald Trump, WeChat (Weixin)


Connect with Noah: https://x.com/Noahpinion

Noah’s Substack: https://www.noahpinion.blog/


Connect with James:

  • X: https://x.com/james_riney
  • LinkedIn: https://www.linkedin.com/in/jamesriney


Learn more about Coral Capital


This episode was produced & distributed with the help of our friends at Atomik Growth.

Show more...
6 months ago
55 minutes 41 seconds

The Coral Capital Podcast
#22: Jesper Koll on MAGAnomics: Trump 2.0’s Impact on Japan

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

In this episode, economist and long-time Japan optimist Jesper Koll breaks down how Japan is faring amid rising global protectionism, demographic shifts, and geopolitical uncertainty. A resident of Japan since 1986, Jesper has spent decades at the forefront of Japan analysis and investment, having served as chief strategist and head of research for JP Morgan and Merrill Lynch. He currently advises Monex Group, sits on the Japan Catalyst Fund’s investment committee, and serves on multiple high-level advisory boards, including Governor Yuriko Koike’s.

Jesper warns that a Trump 2.0 presidency could trigger a double whammy for Japan: a weaker dollar slashing Japanese corporate profits and an aggressive U.S. tariff regime pushing China to dump exports into Southeast Asia—hurting Japan’s industrial giants in the process. But he's still bullish on Japan.

Why? Jesper sees Japan as “capitalism that works”—a system quietly modernizing under the radar. From record M&A and MBO activity to a younger generation of CEOs open to change, Japan is entering a new phase of productivity and openness. He highlights the ongoing shift to performance-based pay, increased immigration, and growing startup dynamism as key signs of this transformation.

  • Why a weaker dollar is Japan’s silent earnings risk: With two-thirds of Japanese listed company profits coming from overseas, a 10-yen appreciation can slash earnings by 8%. If Trump 2.0 weakens the dollar, Japan takes a hit—fast.
  • Japan isn’t insular—it’s hyper-globalized: Despite its reputation, Japan generates a higher percentage of corporate profits overseas than the U.S. or Germany. From Daichi Life to Toyota, Japan’s biggest firms are already global players.
  • The real threat of Trump’s China policy is deflation via the Global South: U.S. tariffs could force China to dump excess goods into Southeast Asia, undercutting Japanese firms not just on price, but now on quality too.
  • Made in Japan = 30~40% price premium: Companies like Shiseido are relocating production to Japan not for politics, but for branding. “Brand-shoring” is about value, not alliances.
  • Why energy—not labor—is Japan’s factory hurdle: Labor can be automated. The real constraint on manufacturing in Japan may be uncertainty around energy costs and nuclear policy.
  • Japan’s brain gain is real—and measurable: While the population shrinks, immigration is quietly surging. Every day, 1,200 people get 3-year work permits. Companies are adapting with performance-based pay, not seniority resulting in higher talent liquidity.
  • Record M&A and MBOs aren’t a coincidence: As Japan’s CEOs get younger and legacy-heavy firms face succession issues, a wave of corporate transformation is underway. “Metabolism,” Jesper says, is up.
  • What Japan needs most is inheritance tax reform: MacArthur’s anti-zaibatsu policies made sense post-WWII. But now, without reform, Japan risks losing its $4.5T+ generational wealth transfer to debt paydown instead of innovation.
  • Japan ‘s “capitalism that works”: A system that’s democratic, fair, globally integrated, and quietly undergoing a transformation from within.

-----

For founders building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup, join our talent network here: https://coralcap.co/coral-careers/

Show more...
7 months ago
52 minutes 32 seconds

The Coral Capital Podcast
#21: Inside the Secret BizOps Team Behind Stripe’s Success | Claire Hughes Johnson

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

In this episode, we’re joined by Claire Hughes Johnson, Corporate Officer and Advisor at Stripe, and the company’s former Chief Operating Officer. From 2014 to 2021, Claire played a pivotal role in scaling Stripe’s operations, growing the team from under 200 to over 7,000 employees while leading a wide range of functions including sales, marketing, customer support, HR, and risk. Prior to joining Stripe, Claire spent 10 years at Google, where she led several business teams, including Consumer Operations, AdWords Online Sales & Operations, Google Offers, and served as VP of Google’s self-driving car project.

Claire is also the author of Scaling People: Tactics for Management and Company Building, a Wall Street Journal bestseller that has quickly become a must-read for startup founders and operators. The book is now available in Japanese, and we cover key topics from it, including:

  • Why title inflation is a ticking time bomb: Offering inflated titles early on might help close a hire—but it almost always backfires later.
  • Self-awareness as a leadership foundation: The most effective leaders deeply understand their strengths and blind spots. Without that baseline, building a truly complementary team—or scaling yourself—is nearly impossible.
  • Scaling culture across borders: Going global means more than just localization. Stripe built a culture understanding program that mapped national differences against company values—allowing local teams to adapt while staying aligned.
  • How defensive processes kill velocity: Startups often overcorrect after mistakes by layering on rigid processes. The better approach is to build a process that creates repeatable excellence.
  • Navigating team transitions with empathy: Not everyone grows at the same pace as the company. Having tough conversations early—framed as shared observations rather than judgments—can turn painful exits into respectful transitions.
  • AI is reshaping company building: With AI amplifying productivity in roles like engineering and support, teams can stay smaller—but the talent bar rises. That makes hiring, management, and retention more critical than ever.

-----

For founders building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup, join our talent network here: https://coralcap.co/coral-careers/

Show more...
7 months ago
1 hour 6 minutes 2 seconds

The Coral Capital Podcast
#20: Gen Isayama on How WiL is Unlocking Japan’s Corporate Powerhouse to Build and Scale Global Companies

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

In this episode, we’re joined by Gen Isayama, General Partner & CEO of WiL—a venture capital firm that’s redefining how innovation happens in Japan. Unlike traditional VCs, WiL doesn’t just invest—they educate, incubate, and leverage the power of their corporate-based LP network to accelerate the growth of their companies as they expand globally, with a particular focus on Japan.

Before launching WiL in 2013, Gen spent a decade investing at DCM. But when he looked at Japan, he saw a broken system—where startups struggled to scale, corporates hesitated to embrace change, and innovation lagged behind. Instead of copying the Silicon Valley model, he built something new: a VC firm designed to unlock Japan’s vast corporate resources—capital, talent, and technology—by pushing enterprises toward entrepreneurship.

WiL has since backed startups in Japan like Mercari, Raksul, and Retty, as well as Wise, Asana, and Canva in the US, with a team operating across Tokyo and Silicon Valley.

Below are highlights from this episode:

  • WiL operates on three pillars:
    • Business Creation: Helping large Japanese corporations spin out or incubate startups internally.
    • Education: Training corporates to adopt a startup mindset and providing connectivity between startups and the corporate ecosystem.
    • Investment: Backing startups at various stages, with a focus on Japanese startups and global startups expanding into the Japan market.
  • Ten years ago, Japanese corporates were hesitant to engage with startups, but today they have become increasingly open to partnering with and acquiring them.
  • Large corporations compete with one another in adopting new technologies, creating a domino effect in innovation.
  • The success of a corporate spinout depends on its leadership, not just the technology.
  • WiL leverages its U.S. investments for faster scaling and greater liquidity, while Japan is still evolving toward a more liquid market with larger, multi-billion-dollar exits.
  • Instead of competing for early-stage deals, WiL co-invests with leading global firms at the mid- to growth-stage, offering support for expansion into Japan.
  • WiL conducts market testing through corporate pitch events for global startups, identifying strong local demand before committing to an investment.
  • Emerging Opportunities in Japan: The aging society is driving demand for healthtech and elderly care, while AI integration in manufacturing and robotics presents a major growth area. Additionally, Japan’s rich IP assets (anime, manga, food) offer untapped potential for global monetization beyond traditional licensing.

-----

For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

Show more...
8 months ago
49 minutes 30 seconds

The Coral Capital Podcast
#19: Sasuke Shimomura of Brave group on VTubing: The Japan-Born Interactive Entertainment Industry Generating Hundreds of Millions In Revenue

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

VTubing, or virtual YouTubing, is a form of digital content creation where anime-style avatars—powered by motion capture and voice acting—engage audiences through livestreams, gaming, and interactive entertainment. This industry has rapidly evolved from niche internet culture into a multi-billion-dollar market, blurring the lines between content creation, technology, and intellectual property (IP).

In this episode, we are joined by Sasuke Shimomura, Chief Strategy Officer of Brave group, one of Japan’s leading VTuber production companies. Brave group is a global digital IP company which mainly consists of 3 business segments: IP Production which mainly focuses on VTuber production, IP Platform and IP Solution which focus on distribution and enhancing the monetization of digital IP.

After graduating from Waseda University, Sasuke started his career in the Equity Research Division at Goldman Sachs Japan. He then played a key role in corporate planning, creator strategy, and M&A at UUUM Co., Ltd., Japan’s largest influencer management company. He was also CFO of SoVa Inc., where he oversaw fundraising efforts from the company’s founding. Sasuke later joined Eight Roads Ventures Japan, focusing on investments in Entertainment and Media, while also conducting M&A exits for several portfolio companies. In June 2024, he joined Brave group as CSO.

In today’s episode we break down everything about the VTuber industry

  • The VTubing movement began in 2016 with the debut of Kizuna AI, widely considered the industry’s first VTuber.
  • By 2018, major production companies like Anycolor (Nijisanji) and Cover (Hololive) emerged, professionalizing the space and scaling VTuber operations.
  • Different styles of VTubing:
    • 2D VTubing: An animated illustration that syncs with the talent’s real-time movements.
    • 3D VTubing: Uses motion capture technology to replicate full-body movement in a 3D virtual space.
    • 2.5D Hybrid: A mix of virtual and real-world performances, where VTubers also appear in person
  • The VTuber industry operates much like traditional entertainment businesses, with diverse monetization strategies: live streaming revenue, merchandising, advertisement tie-ups, direct fan monetization (ex. fan clubs), and IP expansion (ex. anime adaptations).
  • While similar to a typical talent agency like K-pop’s YG group, VTubing agencies like Brave group hold the rights to all of their IP, allowing for greater revenue diversification.
  • VTubing is a rapidly growing market with the potential to reach anime’s $20B+ industry size.
  • Emerging technologies like AI, Virtual Reality (VR), Augmented Reality (AR), and Blockchain will diversify and expand revenue opportunities.
  • AI is already being leveraged in processes like illustration, but larger shifts such as 24/7 AI streaming or “AITuber” are likely coming in the near future.
  • Being a globally successful IP powerhouse requires 1. A deep understanding of content 2. The right technology 3. A cultural understanding to bring the content to the global market 4. A strong financial strategy to execute.

-----

For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

Show more...
8 months ago
38 minutes 4 seconds

The Coral Capital Podcast
#18: Andrew Schoen of NEA on How to Raise from U.S. Investors

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

Today’s guest is Andrew Schoen, Partner at NEA (New Enterprise Associates) . Established in 1977, NEA has served as a partner to the founders and teams behind some of the most transformational innovations in healthcare and technology over the past five decades including Cloudflare, Databricks, Coursera, Perplexity, Plaid, and Robinhood. The firm manages over $25B in AUM and invests across the early to post IPO stages.

Andrew joined NEA in 2014 and invests in founders innovating in AI/ML, fintech, frontier tech, infrastructure software, technically differentiated SaaS and security. Prior to NEA, he was a member of Blackstone’s M&A Group. Prior to Blackstone, he founded Flicstart. Andrew serves on the Cornell University Council, the Advisory Council for Entrepreneurship at Cornell, and is President Emeritus of the Cornell Venture Capital Club. He earned his master’s degree as a Schwarzman Scholar and his bachelor’s degree in economics and science of earth systems in engineering at Cornell.

We’ve highlighted some insights from the conversation below:

  • While NEA has had Japanese LPs for over 40 years, the firm only recently began actively investing in Japan.
  • Talent is a leading indicator for the health of a startup ecosystem, and Japan has a high caliber of talent.
  • Japan’s startup ecosystem has key ingredients for success: A large GDP, strong technology base, quality education, and increasing enterprise demand for software and tech solutions.
  • How Japanese founders pitch differently from US founders:
    • Some Japanese founders are more modest about their vision, but overall, there’s more similarity than difference in how founders pitch between Japan and the U.S.
    • One major difference is that Japanese founders often set specific IPO dates early, whereas U.S. startups typically stay flexible based on market conditions.
  • Japanese LPs often expect faster exits, but longer time horizons can lead to bigger and more successful outcomes.
  • How to raise money from U.S. VCs:
    • The first meeting is only about securing a second meeting — don’t disqualify yourself early by making common mistakes like overstating valuation.
    • Japanese startups should leverage local investors to get warm introductions.
  • What NEA looks for in Japan:
    • Mid to growth-stage, high-velocity, high-margin, software-driven businesses.
    • Growth benchmarks also matter:
      • $10M–$20M ARR → 100% growth
      • $20M–$30M ARR → 50~100% growth
      • $100M ARR → 30~40% growth
    • Key metrics such as LTV/CAC, net revenue retention, and burn multiples are important—but potential future growth trumps past numbers.
  • Longer term sheets = fewer surprises. Short-term sheets can leave room for bad terms later.

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For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

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9 months ago
37 minutes 56 seconds

The Coral Capital Podcast
#17: Brian Yun of Woodstock on How Social Trading is Shaping the Future of Wealth Generation

Welcome to another episode of The Coral Capital Podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan.

In this episode we are joined by Brian Yun, Co-founder and CEO of Woodstock, a Coral portfolio company building a social trading app with the mission to empower the next generation to create a better financial future. Brian has a phenomenal career leading up to Woodstock. While in college, he  began working as a hardware design engineer at AMD. After graduation, he took on roles in equities trading at Barclays, Merrill Lynch, and Morgan Stanley. He later led the  sales finance and strategy at Twitter (now X) for Japan and Korea, then transitioned to Coinbase to drive their Japan expansion.

A graduate of the University of Waterloo in Computer Engineering and an MBA honors graduate from the University of Chicago Booth School of Business, Brian combines deep expertise in technology and finance. We’re excited to share his insights on entrepreneurship, Woodstock’s journey, and the future of investing.

Below are some of the highlights from the episode:

  • Brian’s first investment experience was buying Nvidia stock back in 2003
  • Building an "Oceans Eight" team with co-founders Daisuke Kawamoto and Min Ju
  • Brian’s experience at Twitter (now X) and Coinbase taught him about leveraging the internet and navigating complex regulatory markets
  • Woodstock’s user base: half are under the age of 29, and over 70% are first-time investors
  • The Woodstock Index, weighted by community ownership, has more than doubled since its inception in April 2023, outperforming both the S&P and NASDAQ by a large margin
  • Social media has leveled the playing field for financial information, reducing reliance on traditional equity research reports
  • Young Japanese are embracing risks instead of relying on pensions
  • How Woodstock is complementing government efforts to raise investment awareness by promoting financial literacy
  • Heavy Japanese users of X average 4–5 accounts, often under pseudonyms
  • Woodstock’s vision: becoming the go-to platform for all things finance

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For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

If you're interested in joining a Coral startup join our talent network here: https://coralcap.co/coral-careers/

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10 months ago
38 minutes 29 seconds

The Coral Capital Podcast
#16: Globis Capital Partners' Shinichi Takamiya on Building the Shohei Ohtani of Startups

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.

Our guest today is Shinichi Takamiya, Managing Partner at Globis Capital Partners. Takamiya-san was ranked first in Forbes Japan’s Midas List in 2018, seventh in 2015, and tenth in 2020. He joined Globis Capital Partners after managing consulting projects at Arthur D. Little. His venture capital track record includes iStyle, Aucfan, Kayac, Pixta, Mercari, and Lancers; M&A Shimauma Print System, nanapi, and Coubic etc. He holds a BA in economics from the University of Tokyo, and an MBA from Harvard Business School.

Here are some takeaways from today’s episode:

  • The evolution of “Venture Businesses (VB)” into “Startups” and what it signifies for the ecosystem
  • The next wave of startups is driven by global and serial entrepreneurs
  • Building the Shohei Ohtani of startups
  • Over 10 industries in Japan boast market sizes exceeding ¥10 trillion (~$100 billion).
  • The three business models for global expansion: 1) Universal Fit: A single model that works across regions (e.g., Toyota) 2) Niche Subverticals: Specific segments adaptable across markets (e.g., pixiv) 3) Localized Approach: Tailored strategies for each region (e.g., Mercari)
  • How Josys is tackling the global market from day one, leveraging Japan’s advantages like low cost, high-quality operation centers
  • Globis’s ¥72.7 billion (~$500 million) fund aims for 1–3 investments in companies with $5B~$10B outcomes, maintaining 10–20% ownership
  • Investing in consumer services that address critical needs, such as FastDoctor
  • Exploring consumer businesses pursuing parallel strategies: co-pilot models alongside R&D and autonomous solutions
  • Succession planning in the venture capital industry

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For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

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10 months ago
46 minutes 45 seconds

The Coral Capital Podcast
#15: Richard Katz on The Contest for Japan’s Economic Future: Entrepreneurs Vs. Corporate Giants

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.

Today, we're joined by Richard Katz, NYC correspondent for the Weekly Toyo Keizai and the author of several books, including his latest, “The Contest for Japan’s Economic Future: Entrepreneurs vs. Corporate Giants”. In this episode, we'll take a step back to dive into the historical and macroeconomic context of Japan and examine the role of startups in this environment. We'll cover a range of topics including:

  • The healthy and necessary role of firm mortality in economic growth
  • The barriers to entry and exit in Japan
  • Debunking the myth of Japan's risk-averse culture and uncovering the real issues in its risk vs. reward system
  • Insights Japan can gain from french startup policies
  • Japan’s strength and history in invention and re-invention
  • How job mobility, women, and the new generation are reshaping the workforce
  • How a change in the LDP's political dominance can open doors for change

Richard's book, "The Contest for Japan’s Economic Future: Entrepreneurs vs. Corporate Giants," is available for purchase ⁠⁠here⁠⁠, and his Substack, Japan Economy Watch, can be subscribed to ⁠⁠here⁠⁠.

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For founder's building Japan's next legendary companies, reach out to us here: https://coralcap.co/contact-startups/

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11 months ago
56 minutes 44 seconds

The Coral Capital Podcast
#14: Jonathan Shih of Keyrock Capital Management on Finding Growth in Japan

Welcome to another episode of The Coral Capital Podcast, where we delve into the world of startups, technology, and venture capital with a focus on Japan and the broader Asia region.

Our guest today is Jonathan Shih, Managing Partner at Keyrock Capital Management, a Hong Kong-based investment management firm specializing in emerging growth companies in the Asia-Pacific region. Keyrock is an active investor in Japan, with portfolio companies such as LayerX, Zeroboard, Nealle, and Timee, alongside public investments in companies like MoneyForward. Jonathan brings a wealth of experience in finance, having started his career at Lehman Brothers before moving on to roles at TVG Capital Partners, McKinsey, Ward Ferry, and Tybourne Capital.

In this episode, we discuss:

  • The history of Keyrock Capital Management
  • Keyrock’s investment into Timee
  • How Keyrock initially identified growth opportunity in the Japanese market
  • Whether companies should raise in the private markets or IPO
  • Best practices for managing investor expectations and IR for private vs. public companies
  • Contrasts in management communication styles between Japan and the US
  • Key questions startups should address before going global
  • Keyrock’s investment thesis and strategy
  • Japan’s overlooked growth potential

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For founders building Japan's next legendary companies, reach out to us here:

⁠https://coralcap.co/contact-startups/⁠

Coral Capital is also hiring on the investment team! Details can be found here:

⁠https://coralcap.co/careers/

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1 year ago
34 minutes 15 seconds

The Coral Capital Podcast
#13: Kaizen in the Digital Era: How Kaminashi is Empowering Japan’s 39 Million Frontline Workers

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.

In this episode, we chat with Jumpei Yoshida, CFO at Kaminashi - one of Japan’s most closely watched startups. Kaminashi provides a one-stop, cloud-based solution to manage workflows for “deskless workers” in industries like manufacturing, food services, and retail. Despite 60% of Japan’s workforce being frontline employees, many still rely on outdated processes and lag behind in tech adoption.

Japan is known for its operational excellence, particularly the Kaizen philosophy, with Toyota’s production lines often cited as an example. However, many frontline workers still operate with pen and paper—imagine clipboards with messy handwriting and employees spending valuable time finding a manager just for sign-offs. These industries have missed out on advancements in tech and AI, but that also means the market is still ripe for change.

In this episode, we explore:

  • The current state of Kaizen in Japan
  • How Kaminashi is empowering frontline operations through innovative software and hardware solutions
  • A comparison between Kaminashi and Samsara
  • How founder Hiroto Morooka’s firsthand experience on the frontlines inspired the creation of Kaminashi
  • Forces pushing traditional frontline industries towards digitization
  • How AI is transforming Kaminashi’s product offerings
  • Kaminashi’s customer-centric approach to product development

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For founders building Japan's next legendary companies, reach out to us here:

https://coralcap.co/contact-startups/

Coral Capital is also hiring on the investment team! Details can be found here:

https://coralcap.co/careers/

Show more...
1 year ago
23 minutes 15 seconds

The Coral Capital Podcast
#12: Upfront Ventures' Mark Suster on Overrated Unicorns and Other Startup Truths

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.

In this episode, we chat with Mark Suster, a Partner at Upfront Ventures. Upfront is one of LA’s most prominent venture capital firms, renowned for backing companies like Ring, GOAT, Overture, and even Starbucks back in the day. Mark was previously the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com. Prior to being a founder, Mark was a software developer at Accenture where he lived and worked in Europe, Japan and the U.S. 

In this episode we discuss:

  • How Japanese startups can win globally
  • Uncovering the truth about unicorn companies
  • Top VC firms reducing the size of their funds
  • 50% of seed funds disappearing
  • Advice for startups considering fundraising
  • Love decay - how entrepreneurs and investors can nurture "love"


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1 year ago
41 minutes 29 seconds

The Coral Capital Podcast
#11: Grab President Ming Maa on Mission, Growth and Hyper-localization

Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.


This episode is a fireside chat with Ming Maa, the Group President of Grab. Initially established as a taxi-hailing app in Malaysia back in 2012, Grab has evolved into the leading super app in Southeast Asia and the region's first decacorn. It empowers the region's economy through a diverse range of services, including transportation, delivery, and finance. As President, Ming is responsible for corporate development activities, such as strategic partnerships and investment opportunities at Grab. Ming has over 12 years of experience in private equity investment at Softbank Group, Ancora Capital Management, and Goldman Sachs. During his tenure at Softbank, based in Tokyo, he oversaw investments in the ridesharing and e-commerce sectors, including Softbank’s Series D and Series F investments into Grab. 


In this episode, we discuss:

  • How Grab started as a for-profit, social enterprise
  • What is a super app and how Grab approached its super app strategy
  • What differentiated Grab from Kuaidi Dache and OlaCabs
  • How hyper-localization wins customers and markets
  • How Grab hyper localized to beat Uber
  • Experimenting and measuring platform success
  • Concentrating on the North Star
  • Strategic investments through Grab Ventures

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2 years ago
27 minutes 30 seconds

The Coral Capital Podcast
Welcome to the Coral Capital podcast, a show where we bring on guests from tech, business, politics, and culture to talk about all things Japan. For updates on our future content and in-person events, follow our newsletter here: http://eepurl.com/gjed2T