Open Innovation Challenge TSUBASA 2021
The “Open Innovation Challenge TSUBASA 2021”, co-chaired by JICA and IDB Lab, has been successful beyond expectations “with a framework built to systematically source Japanese innovative social solutions,” said Toshitaka Takeuchi, Principal Advisor to IDB Lab’s CEO. The program’s primary focus is to embrace the adoption of services and products delivered by Japanese startups that can significantly impact the countries in Latin America and the Caribbean (“LAC”), both economically and socially, through JICA and IDB Lab’s support to bring business ideas to life, create a roadmap toward social impact, and foster relationships with local stakeholders.
In an interview with Forbes Japan, JICA’s Senior Vice President Sachiko Imoto said, “As social problems become increasingly diverse, it’s time to look for new solutions that involve the private sector alongside traditional government service delivery.” Startups driven by a pioneering spirit are on a constant quest to unlock new possibilities with flexibility and speed – the abilities that enable them to change and adapt effectively to unexpected challenges as they arise – what big companies could learn a lot from them.
“In 2021, venture capital investment in LAC totaled $19.5 billion, more than tripled versus 2020. A big surge of innovation is happening not only in developed countries but also in developing countries. Startups play a key role in driving innovation. Riding this tailwind, Japanese startups are propelled to reach new heights of social transformation in high-growth potential developing countries,” said Toshitaka Takeuchi.
The LAC is considered attractive to Japanese impact-driven startups due to its market size with a population of over 600 million. The LAC market group, with many linguistic and cultural commonalities, is also home to over 2 million overseas Japanese descendants. Positive image associated with Japanese brands in many countries of the region is a good start for any startup considering a move there and partnership with local businesses. The region’s high-quality human resources are also a plus which enables collaborative efforts to co-create innovative ideas and solutions with local players as partners.
“Startups have interesting technologies and business models. However, what matters to us is in the answer to the questions: How much social impact could they generate? What scenarios could they envisage toward the achievement of their social goals? Formulating a hypothesis based on a technology-to-output-to-outcome approach is crucial,” said Toshitaka Takeuchi.
Sachiko Imoto said, ”A mind that is stretched by breaking out of the old shell, stepping away from the norm, breaking the status quo, and connecting with people from halfway across the world with new ideas and fresh ways of doing things is a valuable asset. There are many heights that can only be achieved with that mindset.”
Source: Forbes Japan
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