学会誌

At the present time, university startups in Japan are not considered to be successful. Bygoing back to the early times of the computer age and comparing the differences between U.S. and Japan, the purpose of this paper is to understand the eco-system of Japanese university ventures as per the commercialization of new technologies.
The first successful university startup in theUnited States is the igital Equipment Corporation (DEC) in 1957. At the same time, the Electronics Test Laboratory (ETL) by initiative of the Ministry of nternational Trade and Industry (MITI) promoted the transfer of technology to large firms, which gave irth to commercial computers in Japan.
In those days, computers were considered potential weapons due to their military application. Japan was then one of the recently defeated powers of WWII. As a result, Japanese universities could not aggressively develop electric computers. Now, many university startups are founded by university researchers in the U.S., but, university researchers in Japan
want to promote the transfer of technology to large firms as per the commercialization of new technologies.

Key words:university startups, technology transfer,eco-system, transistor computer

This article discusses the influence of work experience at corporations that have experienced　problematic events such as bankruptcy, on start-up success. Founders and board members of companies newly listed on the apanese stock exchange between 2001 and 2011 ("IPO companies") have been examined. The study found that there were significantly more board members who have work experience at "tosan" (i.e. "civil rehabilitation", "legal liquidation", "bankruptcy" and "voluntary liquidation") corporations compared to those who have no such experience. On the other hand, work experience at "restructuring", "merger", "scandal" or "transform to holding company" corporations was negatively correlated to the number of board members of IPO companies. Company age was also negatively correlated.
As for founders, it was found that corporations that have undergone "rehabilitation", "asset sale", "civil rehabilitation", "bankruptcy" or "absorption-type merger" produced more founders. No significant differences were identified among "merger" and "restructuring" corporations. These findings support the common belief that an exit from problematic companies encourages the birth of new companies.

Key words:IPO, failure, bankruptcy, entrepreneur, former employer

There are various hypotheses on why there is an increase in economic activities after a disaster. In this paper, I examine the phenomena and factors that contribute to the increase in the number of entrepreneurs in post-disaster struck areas. Why is there such a phenomenon areas after it has been struck by a natural disaster? I would study three major aspects of the mechanism that causes this phenomenon by using a case study of Sendai city which affected the Great East Japan Earthquake in 2011. First, I examine the economic factors that encourage entrepreneurial activities in Sendai city. Second, I would try to find out the cause of interests to start a business in post-disaster areas are motivated by prosocial behavior which often accompanies reactions to unexpected events such as a natural disaster. Finally, I observe that, following a disaster, the social network among potential entrepreneurs tend to improve and expand. It appears that, with a network of supporting groups which lend help to businesses, the rise in the value of the above-entioned social network consequently increases. In conclusion, this study indicates that disaster-struck areas do get an influx of businesses and that is mainly brought about by prosocial behavior. I conclude that economic factors, psychological factors as well as social factors can all contribute to the increases in entrepreneurial activities in major disaster-affected cities such as Sendai.

Key words:Disaster, City, Entrepreneur,Prosocial behavior, Social network

This paper investigates the relation between Venture Capital (VC) syndication and initial public offering (IPO) underpricing by using financial data from Japanese emerging markets over the period 2001-2009. In particular, we verify the certification hypothesis whether VC syndications ensure the IPO firm's quality.
We find that VC syndicate-backed ventures are less underpriced than VC single-backed ventures. Specifically, as the number of syndicate investment increases, IPO underpricing becomes lower. But, we can not present that the more the number of VC which consisted of 1st VC syndication, the lower IPO underpricing becomes. That is, we support the certification hypothesis that VC syndications ensure the IPO firm's quality. Therefore, VC syndication ensures the IPO firm's quality.

Key words:Venture capital, syndicate investment,　initial public offering (IPO),　underpricing

This study mainly discusses factors that cause small and medium-sized firms to join collaborative efforts between medical professionals and industry in Japan, and our research question is, "What kind of small and medium-sized firms participate in collaborative efforts?" The research framework of this study includes quantitative and qualitative approaches. For the quantitative approach, we conducted a quantitative analysis based on an original questionnaire. As a result, we found that firms that tend to join the collaborative efforts between medical professionals and industry are younger and smaller in terms of numbers of employees, and have much experience collaborating with other firms. However, our findings cannot be sufficiently explained by the resource based view theory. In the qualitative approach, we conducted interviews with some of the firms that replied to the questionnaire in order to explore intrinsic factors. As the result, we found out that small and medium-sized firms joining collaborative efforts between medical professionals and industry have an entrepreneurial orientation. Our findings suggest that firms should try aggressively to join collaborative efforts without worrying about one'sown lack of capabilities and the negative image ofthe Pharmaceutical Affairs Law.

Key words:Collaboration between Medical Professionals and Industry, Small and Medium-Sized Firms, Factors to Participate in Collaborative Efforts, Resource-Based View Theory, Entrepreneurial Orientation

The purpose of this paper is to present a new approach to comprehending the mechanism for developing the entrepreneurial spirit necessary to enterprise preservation. This paper rethinks the research into long-establish firms as it has been
discussed relative to preservation, indicating its problematic points, and aims to approach the core of the subject by way of a new chronological analysis using case studies of various firms. They are: Kongō, Takenaka and Matsui. Kongō was founded in 578, about 1400 years ago. Takenaka, and Matsui were respectively founded in 1610, and 1586, and they are all doing good business today. This paper is based on the results of interviews and documentation research.

Key words:Long-Establish Firms, Business Successor, Entrepreneurial Spirit, Survival Factors, Miyadaiku Carpentry

TEAR Corporation is the innovative funeral service company in Nagoya. In this paper, we try to make clear what is the difference of TEAR's business compared with already established funeral businesses.
TEAR didn't innovate funeral services, but TEAR has innovated the business system of funeral service business. By viewing transactions of goods (services), capital, labor, and information, we make clear the difference of business system of TEAR compared with already established funeral service businesses.
In the emergence of entrepreneurs and innovations, and the rate of acceptance and diffusion of innovations, there are many regional differences. In the region where innovations frequently emerge, innovations are promptly accepted and diffused, but few entrepreneurs appear, few innovations emerge, and innovations are hard to be accepted and diffused in most
regions in the present Japan.
In this paper, we suggest the possibility of the business system innovation in the region where innovations had been hard to be accepted and diffused after considering the case of TEAR`s innovation.

Key words:Innovation, Service, Business System, Transaction, Funeral Service Business

　This article examines the applicability of real options to the improvement of robustness of Research and Development (R&D) durability of biotech start-ups against the valley of deficits or the systemic risk like the financial crisis, because they have to endure more than 10 years to get approval of the medicine on the market subject to the resource constrains, if they could raise enough financial resources.
　The organization of this article is consisted of four components except introduction and conclusion. First component mentions the present analysis on investment environment for R&D durability of biotech start-ups. Second component examines the existing basic theory on the decision reserving functions of real options.
　Third component is attempting to make clear the flexibility value from a sequential compound switching option that is designed to select the optimal mode between the assumed drug development process as a benchmark and the cooperative development in strategic partnership on the way.
　And fourth component is also trying to mapping of selective decisions at the market and cooperative development risks (or potential) based on these data. Further it aims to support for decision making by creating 3 dimensional graphs on the Net Present Value and both risks and on these indices with market volatility.

Key words:Biotech Start-ups, Real Options, Financial Crisis, and R&D Durability

We suggest that the global strategy of high- tech startups is categorized into two types. One is a knowledge-based firm; the other is a knowledge-intensive firm. We present two propositions, which are related to debut to global market and resource acquisition, for each type and examine four case-studies in Cambridge, U.K.
Knowledge-based startups target global market from the beginning and challenge to penetrate into the market rapidly. They are highly globalized in acquiring core technology, financial and human resource.
On the other hand, knowledge-intensive startups start from the limited local market and their activities are also limited in acquiring core technology, financial and human resource. However, once those startups establish business models to offer high customers' convenience, they expand the business over the global market gradually.

Key words:High-Tech Startup, Entrepreneurship, Global　Strategy, Resources, Targeted　Market

Companies are faced with the need to actively promote innovation activities for the survival and growth of their aim, to expand into new business areas. As a method for successful innovation activities, corporate venturing (hereinafter CV) is one of useful technique for aiming to business growth business to survive.
This paper analyzes the promotion organization of CV from the perspectives　of investment style.
When viewed from investment style, they are classified into 'the investment in external corporate venturing' and 'the investment in internal corporate venturing', which is further categorized into (1) the organization that emphasizes developing new projects by utilizing business ideas emerging from its bottom members (i.e., bottom-up style) and (2) the organization that focuses on creating the central pillar of its future business by using the initiatives of managing members (i.e., top-down style).
The paper clarifies the promoter image classified by the types of the above bottom-up style and top-down style. Further, by comparing the promoter image of the CV promotion organization with the manager image of a conventional type organization, the paper clarifies the differences between them, exploring the necessary elements for the promoter appointment in the future CV promotion organization.

Key words:Corporate Venturing, Venture, Internal Corporate Venturing, External Corporate Venturing

The paper examines key success factors for new projects initiated by front line employees, and the legitimacy for resource mobilization by project branding. Under today's severe economic circumstances, it is critical for companies to increase their long term competitiveness by innovation and new project. Front line employees who interact with customers know customers' needs and wants very well. Thus, it is recommended that companies make use of front line employees as project leaders for new projects. For successes of projects initiated by front line employees, it is necessary that project leaders create the legitimacy of the project and the legitimacy for resources allocation into projects. The resources consist of managerial resource and talent project members. It is considered that those resources would be key success factors.
Firstly, the study examined previous works and conducted qualitative analyses for specifying key success factors, and then verified those factors by quantitative analyses.
The study confirmed that support from company executives and talent project members' involvements have impact on success of projects. The result revealed that project branding was an effective method for obtaining support from company executives and prompting talent employees' involvement into projects.

Key words:Corporate Venturing, Resource Mobilization, Project Branding