U.S.-Japan Dialogue: Innovation, Entrepreneurship, and Job Creation
On February 23, John Roos, U.S. Ambassador to Japan, Robert Hormats, U.S. Under Secretary of State, and Norihiko Ishiguro, Director-General of Japan's Ministry of Economy, Trade, and Industry, will join the Walter H. Shorenstein Asia-Pacific Research Center's Michael H. Armacost, William F. Miller, and Robert Eberhart, as well as prominent Japanese and American business leaders, academic experts, and government officials, will meet at Stanford for a roundtable dialogue on entrepreneurship and innovation in Japan. Larry Sonsini, Chairman of Wilson, Sonsini, Goodrich, and Rosati, will give the keynote address.
After the first Dialogue on Japanese Entrepreneurship held in February 2010, representatives from the U.S. and Japanese governments met in Tokyo on May 27, 2010, to consider ways to foster an environment that would promote new businesses and job creation. Utilizing data from the Stanford Project on Japanese Entrepreneurship (STAJE) and the American Chamber of Commerce of Japan, business representatives shared their views with officials of both governments on policies and practices that would encourage such growth. On November 13, 2010, the White House and the Prime Minister's Office formally launched the U.S.-Japan Dialogue to Promote Innovation, Entrepreneurship, and Job Creation, elevating it to a policy-level dialogue, with SPRIE-STAJE providing academic expertise. The February 23 event aims to build on the conversation about how to foster innovation through entrepreneurship.
The event will consist of a roundtable discussion on policies and ecologies to promote entrepreneurship and job growth. Following the keynote address, a panel discussion on smart grid technologies will take place with representatives from Cisco Systems, Toshiba, GE, Panasonic, Toyota, IBM, and officials of the U.S. and Japanese governments.
This event will be held closed session to facilitate more open dialogue and will involve Stanford students and scholars, business leaders, and government officials.
Students learn real-world policy skills
How do you effectively
advise senior-level policymakers when a political crisis emerges? Stanford
students taking the course U.S. Policy
Towards Northeast Asia (IPS 244), sponsored by the Walter H. Shorenstein
Asia-Pacific Research Center (Shorenstein APARC), are learning and putting into
practice these very skills. Over the ten weeks of the 2011 winter quarter,
students will learn about contemporary U.S. policy towards Japan, China, and
Korea, and about how to write and present policy-style memoranda to top-level
government decision makers. They will also take part in an in-class simulation
of a Six-Party meeting to negotiate North Korea's nuclear program.
Students cover a great deal of content in a short amount of time. "Ten weeks
goes by pretty quickly," says course leader Michael H. Armacost, the Shorenstein
Fellow at FSI and a former U.S. Ambassador to Japan and the Philippines. The
real-world approach to the course is similar to what you would find in a
professional international relations school, he explains. In previous years,
Armacost has taught the course both alone and as part of a team with other
former U.S. senior-level policy officials. The current course has been offered in the Ford Dorsey Program in International Policy Studies (IPS) for the last
three years. It is co-taught with Daniel C. Sneider, the associate director for
research at Shorenstein APARC and a former long-time foreign correspondent in
Asia; David Straub, the associate director of the Stanford Korean Studies
Program and a former U.S. senior foreign service officer; and Thomas Fingar,
the Oksenberg/Rohlen Distinguished Fellow at FSI and a former Chairman of the
National Intelligence Council.
In addition to providing a strong understanding of the U.S. foreign
policymaking process, each week of the course is dedicated to a different
aspect of the relationship of the United States with the countries of Northeast
Asia, including Taiwan and the Russian Federation. Students will closely
examine the history and dynamics between the great powers of the region; U.S.
security relations with Japan and China; East Asian regionalism;
democratization in South Korea; the North Korean nuclear crisis; and economics
and human rights in China.
Although the case studies that the policy-writing exercises are based upon are
hypothetical, they are closely tied to real-world issues and events. A previous
year's case study dealt with tensions between China and Japan over rival claims
to the Senkaku/Diaoyu Islands, anticipating the September 2010 conflict between
Japan and China in the waters around these islands. The simulation exercise,
another highlight of the course when students have the opportunity to
collaborate with one another, is also closely tied to current regional events.
In addition to the rich content of the course and the expertise of its
instructors, the diverse background of the students lends itself to the overall
learning experience. Some of the students are pursuing a master's degree
through IPS or the Center for East Asian Studies, while others come from the
Graduate School of Business and various other Stanford units. Each year, there
are always a few undergraduate students, who Armacost describes as "very
strong," as well as early-career foreign affairs and military officials from
Northeast Asia.
Interest in the course remains strong each year, and Shorenstein APARC will
continue to offer it in order to provide solid, real-world policy training for
the next generation of scholars and government officials.
SPRIE's Entrepreneurship Week special event featured Tim Draper
Rafiq Dossani emphasizes the importance of acknowledging Gujarat's past as it looks to the future
Why Did Japan Stop Growing?
The Japanese economy has been stagnating for almost two decades. During this event, Takeo Hoshi will describe the findings of a report that he co-authored with Anil Kashyap of the Booth School of Business at the University of Chicago, the National Bureau of Economic Research (NBER), and the Federal Reserve Bank of Chicago. In the report, Hoshi and Kashyap utilized the neoclassical growth model in order to try to explain the causes of this stagnation and to identify policy choices that might help restore growth. Their focus was intentionally on longer-term issues, rather than the immediate challenges that are associated with the fallout from the global recession.
Looking at financial globalization and the collapse of the fixed exchange rate regime they found that by the end of the 1970s Japan could not rely on an undervalued currency to boost its exports. It had to rearrange its production system and other economic institutions to cope with globalization to reduce its reliance on external demand.
Japan's population structure was shifting and becoming increasingly elderly. Aging meant slower growth of the labor force. Declining fertility combined with aging eventually reduced the domestic saving that supported economic expansion during the rapid economic growth period.
Finally, monetary and fiscal policy performed poorly. The Bank of Japan consistently undershot its inflation objective. The government pursued massive fiscal stimulus during the 1990s and 2000s, so much so that Japan went from having the best debt position amongst advanced economies to the worst.
Hoshi is a Pacific Economic Cooperation Professor in international economic relations at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He is also a research associate at the Tokyo Center for Economic Research, and is on the board of directors for Union Bank. His major research area is the study of the financial aspects of the Japanese economy, especially corporate finance and governance.
He is a recipient of the 2011 Reischauer International Education award, the 2006 Enjoji Jiro Memorial Prize, and the 2005 JEA-Nakahara Prize. Among his many publications is Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001), which received the Nikkei Award for the Best Economics Books in 2002.
Philippines Conference Room
Takeo Hoshi
Takeo Hoshi was Henri and Tomoye Takahashi Senior Fellow at the Freeman Spogli Institute for International Studies (FSI), Professor of Finance (by courtesy) at the Graduate School of Business, and Director of the Japan Program at the Shorenstein Asia-Pacific Research Center (APARC), all at Stanford University. He served in these roles until August 2019.
Before he joined Stanford in 2012, he was Pacific Economic Cooperation Professor in International Economic Relations at the Graduate School of International Relations and Pacific Studies (IR/PS) at University of California, San Diego (UCSD), where he conducted research and taught since 1988.
Hoshi is also Visiting Scholar at Federal Reserve Bank of San Francisco, Research Associate at the National Bureau of Economic Research (NBER) and at the Tokyo Center for Economic Research (TCER), and Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). His main research interest includes corporate finance, banking, monetary policy and the Japanese economy.
He received 2015 Japanese Bankers Academic Research Promotion Foundation Award, 2011 Reischauer International Education Award of Japan Society of San Diego and Tijuana, 2006 Enjoji Jiro Memorial Prize of Nihon Keizai Shimbun-sha, and 2005 Japan Economic Association-Nakahara Prize. His book titled Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001) co-authored with Anil Kashyap (Booth School of Business, University of Chicago) received the Nikkei Award for the Best Economics Books in 2002. Other publications include “Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience” (Joint with Anil K Kashyap), IMF Economic Review, 2015, “Japan’s Financial Regulatory Responses to the Global Financial Crisis” (Joint with Kimie Harada, Masami Imai, Satoshi Koibuchi, and Ayako Yasuda), Journal of Financial Economic Policy, 2015, “Defying Gravity: Can Japanese sovereign debt continue to increase without a crisis?” (Joint with Takatoshi Ito) Economic Policy, 2014, “Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan” (with Anil Kashyap), Journal of Financial Economics, 2010, and “Zombie Lending and Depressed Restructuring in Japan” (Joint with Ricardo Caballero and Anil Kashyap), American Economic Review, December 2008.
Hoshi received his B.A. in Social Sciences from the University of Tokyo in 1983, and a Ph.D. in Economics from the Massachusetts Institute of Technology in 1988.
Entrepreneurship in the Global Marketplace
About the event
On Tuesday, March 1, SPRIE and Alibaba.com hosted “Entrepreneurship in the Global Marketplace,” a seminar featuring noted venture capitalists, entrepreneurs and executives. The seminar was the first in a series being conducted at several California universities under the auspices of the Schwarzenegger Emerging Entrepreneur Initiative.
Famed venture capitalist Tim Draper kicked off the event, sharing his insight on trends and strategies relevant to global business. Multiple facets of China’s role in supporting and enabling entrepreneurial ventures were spotlighted, including the presentation of new research on the rise and global impact of Chinese e-commerce, a talk by an executive from Chinese e-commerce giant Alibaba.com, and lessons from a diverse set of entrepreneurs whose businesses depend on international trade. Additional perspectives were shared by China- and U.S.-based VCs.
This event was one of many being held at Stanford University during Entrepreneurship Week 2011, including compelling lectures, workshops, mentoring sessions, a job fair, and more. See full details at the Stanford Entrepreneurship Week website.
About the hosts
The Stanford Program on Regions of Innovation and Entrepreneurship (SPRIE) is dedicated to advancing the understanding and practice of innovation and entrepreneurship in leading high technology regions in the global economy. Through and international and interdisciplinary research, publications, executive education, and conferences, SPRIE impacts the arenas of academia, policy, and business.
The Schwarzenegger Emerging Entrepreneur Initiative is a program to spur entrepreneurship and stimulate job growth in California, created by Alibaba.com in partnership with former Governor Arnold Schwarzenegger. Through a series of interactive events, the initiative aims to provide 3,000 California university students with guidance, skills and entrepreneurial know-how to start their own businesses and participate successfully in the knowledge-based networked economy.
Bechtel Conference Center
Duncan Clark
BDA China Ltd
#2908 North Tower, Kerry Centre
1 Guanghua Road
Beijing 100020, China
Duncan Clark is Chairman of BDA China, a consultancy he founded in Beijing in 1994 after four years as an investment banker with Morgan Stanley in London and Hong Kong. Over the past 19 years, Duncan has guided BDA to become the leading investment advisory firm in China specialized in China's technology, internet and e-commerce sectors.
An angel investor in mobile game app developer Happy Latte and digital content metrics company App Annie Duncan has also served on the Advisory Board of Chinese internet company Netease.com (Nasdaq: NTES) and serves on the Advisory Board of the Digital Communication Fund of Geneva-based bank Pictet & Cie.
A UK citizen, Duncan was raised in England, the United States and France. A graduate of the London School of Economics & Political Science, Duncan is a Senior Advisor to the ‘China 2.0' initiative at the Stanford Graduate School of Business’s Stanford Program on Regions of Innovation and Entrepreneurship, where he was invited as a Visiting Scholar in 2010 and 2011.
Duncan is partner in a Beijing-based film production company CIB Productions, and Executive Producer of two China-themed television documentaries including ‘My Beijing Birthday’.
Duncan was appointed Officer of the Order of the British Empire (OBE) in the 2013 New Year Honours for services to British commercial interests in China.
U.S. - Japan Dialogue to Promote Innovation, Entrepreneurship and Job Creation
Using research from the SPRIE-Project on Japanese Entrepreneurship (SPRIE-STAJE), representatives from the U.S. and Japanese governments met initially in Tokyo on May 27, 2010 to consider ways to foster an environment to promote new businesses and job creation. On November 13, 2010, the White House and the Prime Minister's Office formally launched the U.S.-Japan Dialogue to Promote Innovation, Entrepreneurship and Job Creation, elevating it to a policy-level dialogue in cooperation with SPRIE-STAJE. This dialogue aims to build on the conversation among Stanford's academic experts, prominent business people, and government officials about how to foster innovation through entrepreneurship. A roundtable discussion features the importance of innovation and entrepreneurship with leading Stanford academic experts, government officials, and business leaders. This will be followed by a panel discussion by experts from the U.S. and Japan on collaborative opportunities in pioneering smart grids for energy production, transmission, and distribution.
Featured speakers include:
- John Roos, US Ambassador to Japan
- Robert Hormats, Under Secretary for Economic, Energy and Agricultural Affairs, U.S. Department of State
- William Miller, Co-Director, SPRIE, Shorenstein Asia-Pacific Research Center, Stanford Univeristy
- Michael Armacost, Shorenstein Distinguished Fellow, Shorenstein Asia-Pacific Research Center, Stanford University and Former Ambassador to Japan
- Norihiko Ishiguro, Director General, Ministry of Economy, Trade and Industry
- Larry W. Sonsini, Chairman, Wilson Sonsini Goodrich & Rosati
- Daniel I. Okimoto, Professor Emeritus, Department of Political Science & Director Emeritus, Shorenstein Asia-Pacific Research Center, Stanford University
- Kathleen Eisenhardt, Professor, School of Engineering, Stanford University
- Robert Eberhart, SPRIE Researcher, SPRIE, Shorenstsein Asia-Pacific Research Center, Stanford Univeristy
- Nobuyori Kodaira, Senior Managing Director, Toyota Motor Corporation,
- Donald Wood, Managing Director, Draper Fisher Jurvetson
- Richard Dasher, Director, US-Asia Technology Management Center
Jen-Hsun Huang Engineering Center
Mackenzie Conference Room
3rd Floor