The Expected Roles of Business Angels in Seed/Early Stage University Spin-offs in Japan: Can Business Angels act as Saviours?

摘要

University Spin-offs (USOs) have increasingly been sought after as a means of innovation breakthrough in Japanese academic society. To support their success, various financing options have been provided in their seed/early stages from institutional venture capital, governments and corporations. Non-financial support, however, is often limited in their early development stage when such support is most critical. This study reveals a 'gap' between the needs of Japanese USOs for non-financial support and the capacity of existing investors to supply such support. It argues that business angels in Japan, possessing similar characteristics and investment profiles to those in the USA, could play a critical role in filling such a gap and so better direct Japanese USOs to success. This paper concludes with the suggestion that an organizational approach towards matching universities and business angels is appropriate in the still traditional Japanese society.