Entrepreneurship
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This event is presented in conjunction with the Japan Society of Northern California and the US-Asia Technology Management Center.

About the event

In recent remarks, President Obama has clearly linked our success at stimulating economic dynamism and science-based innovation abroad and our ability to clip the root causes of terrorism. The entrepreneur's optimistic vision is polar opposite of the terrorist's dark pessimism. By helping to grow entrepreneurial ecosystems abroad and link those ecosystems with their U.S. counterparts, we both fertilize broad-based future economic growth and strengthen a sense of self-determination, both potent antibodies to terrorist recruiters. This panel discussion will explore this concept.

About the speakers

Richard C. Boly is a national security affairs fellow for 2008-2009 at the Hoover Institution. Mr. Boly represents the U.S. Department of State.

Richard is a career member of the United States Foreign Service. He was an Economic Officer at the U.S. Embassy in Rome, Italy from 2004-2008 and worked in the office of European Union affairs at the State Department from 2002-2004. His other overseas tours include the Dominican Republic, Ecuador, and Paraguay. Richard is the most junior diplomat to win the Cobb Award for commercial diplomacy. Prior to joining the Foreign Service, Richard was the first Presidential Management Fellow with the Inter-American Foundation, was a consultant with the Inter-American Development Bank, and founded and ran a shrimp hatchery in coastal Ecuador. Richard is a native of Tacoma, Washington and a graduate of Stanford University and the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He plans to use his fellowship year to focus on promoting entrepreneurship abroad as a U.S. policy objective.

Richard Dasher has been with the US-Asia Technology Management Center at Stanford University since 1993, becoming USATMC Acting Director in 1994 and Director in 1996. In this capacity, Dr. Dasher holds consulting faculty appointments in the Department of Electrical Engineering (technology management) and the Department of Asian Languages (Japanese business), moving up from Consulting Associate Professor (1996 - 2003) to Consulting Professor since 2004. He has additionally served as Executive Director of Stanford's Center for Integrated Systems since 1998.

Dr. Dasher was the first non-Japanese person ever asked to join the senior governance of a Japanese national university, serving a one-year term on the Board of Directors of Tohoku University from April 2004. He continues to serve on the Management Steering Council of Tohoku University and as Special Advisor to the Tohoku University president. From 2001-2003, he was a member of the International Advisory Committee to the Japanese Minister of State for Science and Technology Policy in regard to the creation of the Okinawa Institute of Science and Technology. He is regularly called on to consult for local and regional governments in Japan, the U.S. and Asia in regard to innovation-based regional economic development and university-industry relations.

Dr. Dasher maintains an active business consulting practice on international strategy and planning, technology trend and opportunity analysis, and Japan market entry and performance improvement. In addition to projects for large firms, he serves as an outside board director of ZyCube Inc. in Japan and as advisor to several start-up companies in the U.S. and China. Since 2000, Dr. Dasher has been an advisor to the US-Japan Business Incubation Center in San Jose, California.

Dr. Dasher received the Ph.D. in Linguistics from Stanford University and is co-author with Prof. Elizabeth Traugott of the book "Regularity in Semantic Change" (Cambridge University Press, 2002). He is fluent in Japanese and directed the U.S. State Department's Foreign Service Institute training centers in Japan and Korea from 1986-90. From 1990-93, Dr. Dasher was a salaried board director of two Japanese companies in Tokyo, at which he expanded the companies' business lines to include international IP licensing. He taught clarinet and chamber music at the San Francisco Conservatory of Music from 1978-85 and maintains an active interest in performing and enjoying music.

Philippines Conference Room

Richard C. Boly Fellow Panelist Hoover Institution

U.S.-Asia Technology Management Center
School of Engineering
Stanford, CA

(650) 724-0096 (650) 725-9974
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Consulting Professor
richard-lg0001-200x300.jpg PhD

At Stanford University, Dr. Dasher has directed the US-Asia Technology Management Center since 1994, and he has been Executive Director of the Center for Integrated Systems since 1998. He holds Consulting Professor appointments at Stanford in the Departments of Electrical Engineering (technology management), Asian Languages and Cultures (Japanese business), and at the Asia-Pacific Research Center for his work with the Stanford Program on Regions of Innovation and Entrepreneurship. He is also faculty adviser to student-run organizations such as the Asia-Pacific Student Entrepreneurship Society and the Forum for American/Chinese Exchange at Stanford.

From 2004, Dr. Dasher became the first non-Japanese person ever asked to join the governance of a Japanese national university, serving a term as a Board Director (理事) of Tohoku University . He continued as a member of the Management Council (経営協議会) until March 2010, and he now serves as Senior Advisor to the President (総長顧問) of Tohoku University. Dr. Dasher has been a member of the high-profile Program Committee of the World Premier International Research Center Initiative (WPI) of the Japanese Ministry of Education (MEXT) since 2007. He has served on the Multidisciplinary Assessment Committee of the C$500 million Canada Foundation for Innovation Leading Edge Fund in 2007 and again in 2010, and as a member of the Phase I and Phase II Review Panels of the C$200 million Canada Excellence Research Chairs Program in 2008 and again in 2010. He was a distinguished reviewer of the Hong Kong S.A.R. study on innovation in 2008–09, and since 2007 he has been a member of the Foresight Panel of the German Ministry of Education and Research. From 2001–03, Dr. Dasher was on the International Planning Committee advising the Japanese Minister of State for Science and Technology Policy in regard to the formation of the Okinawa Institute of Science and Technology.

As allowed by Stanford policy, Dr. Dasher maintains an active management consulting practice, through which he is an advisor to start-up companies and large firms in the U.S., Japan, and China. He has been a board director of Tokyo-based ZyCube Inc. since 2006, and he is founder and chairman of Pearl Executive Shuttle in Valdosta, Georgia, U.S.A. In the non-profit sector, he is a Board Director of the Japan Society of Northern California and the Keizai Society U.S. – Japan Business Forum, and he is an advisor to organizations such as the Chinese Information and Networking Association, the Silicon Valley – China Wireless Technology Association, and the International Foundation for Entrepreneurship in Science and Technology (iFEST). In 2010 he served as a consultant to The Indus Entrepreneurs (TiE) in regard to their establishment of a worldwide remote mentoring program for entrepreneurs. Dr. Dasher frequently gives speeches and seminars throughout Japan and Asia, as well as in the U.S. Recent appearances include the Nikkei Shimbun Business Innovation Forum, the Foreign Correspondents Club of Japan, speaking tours of Japan co-sponsored by METI and the U.S. Embassy in Tokyo, and guest lectures at Chubu University, Kochi University of Technology, Ritsumeikan Asia Pacific University, and the University of Tokyo.

From 1990–93, Dr. Dasher was a board director of two privately-held Japanese companies in Tokyo, at which he developed new business in international licensing of media rights packages and other intellectual properties. From 1986–90, he was Director of the U.S. State Department’s Foreign Service Institute advanced field schools in Japan and Korea, which provide full-time language and area training to U.S. and select Commonwealth country diplomats assigned to those countries. He received M.A. and Ph.D. degrees in Linguistics from Stanford University and, along with Prof. Elizabeth Closs Traugott, he is co-author of the often-cited book Regularity in Semantic Change (Cambridge University Press, 2002). He received the Bachelor of Music degree in clarinet and orchestra conducting from the San Francisco Conservatory of Music, where he served on the faculty from 1978-85.

Richard Dasher Panelist
Seminars
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Japan's industrial landscape is characterized by hierarchical forms of industry organization that are increasingly inadequate in modern sectors, where innovation relies on platforms and horizontal ecosystems of firms producing complementary products. Using three case studies--software, animation and mobile telephony--two key sources of inefficiencies that this mismatch can create will be illustrated.

First, hierarchical industry organizations can "lock out" certain types of innovation indefinitely by perpetuating established business practices. Second, even when the vertical hierarchies produce highly innovative sectors in the domestic market, the exclusively domestic orientation of the "hierarchical industry leaders" can entail large missed opportunities for other members of the ecosystem, who are unable to fully exploit their potential in global markets.

Dr. Hagiu will argue that Japan has to adopt several key measures in order to address these inefficiencies and capitalize on its innovation: strengthening antitrust and intellectual property rights enforcement; improving the legal infrastructure (e.g. producing more business law attorneys); lowering barriers to entry for foreign investment and facilitating the development of the venture capital sector.

Andrei Hagiu is an Assistant Professor in the Strategy group at Harvard Business School. His research focuses on multi-sided markets, which feature platforms serving two or more distinct groups of customers, who value each other's participation. He is studying the business strategies used by such platforms and the structure of the industries in which they operate: payment systems, advertising supported media, personal computers, videogames, mobile devices, shopping malls, etc. Hagiu is using the insights derived from this research to advise a wide range of companies in all of these industries.

In addition, he is also involved in competition and industrial policy research and advisory projects, in Japan, China and in the United States. He graduated from the Ecole Polytechnique and the Ecole Nationale de la Statistique et Adminstration Economique in France with an MS in economics and statistics, before obtaining a PhD in economics from Princeton University in 2004. Prior to joining HBS, he spent 18 months in Tokyo as a fellow at the Research Institute of Economy Trade and Industry, an economic policy think-tank affiliated with the Japanese Ministry of Economy Trade and Industry.

This event is presented in conjunction with the Japan Society of Northern California.

Philippines Conference Room

Andrei Hagiu Assistant Professor, Strategy Unit Speaker Harvard Business School
Seminars
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About the seminar

Facebook, YouTube and Second Life are well known in the US, but what about MIXI, 2-Channel or Nico Nico Douga? The digital domain is transforming life and business in Japan: traditional business "fortresses" are being challenged and new models are developing from within the "cloud" of the digital world.

These technologies and the "digital life-style" provide a foundation for businesses and disruptive business models arising from new areas within the socio-economic infrastructure of Japan. This, combined with increasing pressure on the shrinking labor market, creates an opportunity for significant change in the entrepreneurial environment in Japan, including the rise of women entrepreneurs. This seminar explores the ongoing transformation of social and institutional logic in Japan at the edge of the new digital frontier.

About the speaker

Charla Griffy-Brown is Associate Professor of Information Systems and Technology Management and holds the Denny Endowed Chair at Pepperdine University's Graziadio School of Business and Management. Dr. Griffy-Brown's primary areas of research are information systems security and techno-economic development in the Asia-Pacific. She has written extensively on technology and business development in Japan and recently co-authored a book of global case studies entitled Women, Technology and Entrepreneurship. She is part of a global research team analyzing the transformation of institutional systems and techno-economic development with the International Institute of Applied Systems Analysis and Tokyo Institute of Technology.

Daniel and Nancy Okimoto Conference Room

Charla Griffy-Brown Associate Professor and Discipline Lead of Information Systems Speaker Pepperdine University
Seminars
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Patterns of technology development are changing. While once it was mainly large firms and multinational corporations that thrived globally, now many start-up firms here are engaged in technology development outside the United States. Some of these changing globalization patterns include offshore outsourcing of R&D, cross-border collaborations between researchers or technology providers, as well as contextual pressures like new government policies.

This panel, comprised both of American entrepreneurs operating in Japan and China and scholars of entrepreneurship here and in Japan, will discuss this growth of globalization in patterns of technology development and how entrepreneurs have figured in the process.

This event is presented in conjunction with the US-Asia Technology Management Center (US-ATMC) and features Shigeo Kagami, Professor, University of Tokyo; Michael Alfant, CEO, Fusion Systems KK; Robert Eberhart, SPRIE Researcher, Stanford University, and moderated by Richard Dasher, Director, US-ATMC & Consulting Professor, Shorenstein Asia-Pacific Research Center.

Skilling Auditorium

Shigeo Kagami Professor Speaker University of Tokyo
Robert Eberhart Speaker
Michael Alfant CEO Speaker Fusion Systems KK

U.S.-Asia Technology Management Center
School of Engineering
Stanford, CA

(650) 724-0096 (650) 725-9974
0
Consulting Professor
richard-lg0001-200x300.jpg PhD

At Stanford University, Dr. Dasher has directed the US-Asia Technology Management Center since 1994, and he has been Executive Director of the Center for Integrated Systems since 1998. He holds Consulting Professor appointments at Stanford in the Departments of Electrical Engineering (technology management), Asian Languages and Cultures (Japanese business), and at the Asia-Pacific Research Center for his work with the Stanford Program on Regions of Innovation and Entrepreneurship. He is also faculty adviser to student-run organizations such as the Asia-Pacific Student Entrepreneurship Society and the Forum for American/Chinese Exchange at Stanford.

From 2004, Dr. Dasher became the first non-Japanese person ever asked to join the governance of a Japanese national university, serving a term as a Board Director (理事) of Tohoku University . He continued as a member of the Management Council (経営協議会) until March 2010, and he now serves as Senior Advisor to the President (総長顧問) of Tohoku University. Dr. Dasher has been a member of the high-profile Program Committee of the World Premier International Research Center Initiative (WPI) of the Japanese Ministry of Education (MEXT) since 2007. He has served on the Multidisciplinary Assessment Committee of the C$500 million Canada Foundation for Innovation Leading Edge Fund in 2007 and again in 2010, and as a member of the Phase I and Phase II Review Panels of the C$200 million Canada Excellence Research Chairs Program in 2008 and again in 2010. He was a distinguished reviewer of the Hong Kong S.A.R. study on innovation in 2008–09, and since 2007 he has been a member of the Foresight Panel of the German Ministry of Education and Research. From 2001–03, Dr. Dasher was on the International Planning Committee advising the Japanese Minister of State for Science and Technology Policy in regard to the formation of the Okinawa Institute of Science and Technology.

As allowed by Stanford policy, Dr. Dasher maintains an active management consulting practice, through which he is an advisor to start-up companies and large firms in the U.S., Japan, and China. He has been a board director of Tokyo-based ZyCube Inc. since 2006, and he is founder and chairman of Pearl Executive Shuttle in Valdosta, Georgia, U.S.A. In the non-profit sector, he is a Board Director of the Japan Society of Northern California and the Keizai Society U.S. – Japan Business Forum, and he is an advisor to organizations such as the Chinese Information and Networking Association, the Silicon Valley – China Wireless Technology Association, and the International Foundation for Entrepreneurship in Science and Technology (iFEST). In 2010 he served as a consultant to The Indus Entrepreneurs (TiE) in regard to their establishment of a worldwide remote mentoring program for entrepreneurs. Dr. Dasher frequently gives speeches and seminars throughout Japan and Asia, as well as in the U.S. Recent appearances include the Nikkei Shimbun Business Innovation Forum, the Foreign Correspondents Club of Japan, speaking tours of Japan co-sponsored by METI and the U.S. Embassy in Tokyo, and guest lectures at Chubu University, Kochi University of Technology, Ritsumeikan Asia Pacific University, and the University of Tokyo.

From 1990–93, Dr. Dasher was a board director of two privately-held Japanese companies in Tokyo, at which he developed new business in international licensing of media rights packages and other intellectual properties. From 1986–90, he was Director of the U.S. State Department’s Foreign Service Institute advanced field schools in Japan and Korea, which provide full-time language and area training to U.S. and select Commonwealth country diplomats assigned to those countries. He received M.A. and Ph.D. degrees in Linguistics from Stanford University and, along with Prof. Elizabeth Closs Traugott, he is co-author of the often-cited book Regularity in Semantic Change (Cambridge University Press, 2002). He received the Bachelor of Music degree in clarinet and orchestra conducting from the San Francisco Conservatory of Music, where he served on the faculty from 1978-85.

Richard Dasher Moderator
Seminars
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Manana Aslamazyan, a media and television expert who has worked with Russian journalists for more than 15 years, is Executive Director of Internews Europe based in Paris.

Aslamazyan and Alexei K. Simonov launched Russia's first freedom of speech organization in 1991, the Glasnost Defense Foundation (GDF). In 1992, Aslamazyan began to work with Internews Network to organize events for newly formed independent TV stations around the former Soviet Union. She became its first foreign staff person and by 1994, was managing the Russian operation, which in 1997 registered as a fully independent Russian non-commercial organization. In 2006, in response to changing legislation and its increased focus on training, Internews Russia re-organized as the Educated Media Foundation (EMF).

As director, Aslamazyan led Internews Russia/EMF in the creation of numerous innovative and ambitious projects. Aslamazyan's constant drive to respond to the changing needs of Russian media led to the launch of Internews Russia/EMF's month-long Journalism School, the News Factory newsroom automation project, and the Russian-American Media Entrepreneurship Dialogue. Internews Russia/EMF was forced to shut down in 2007 following a raid on its Moscow headquarters and filing of criminal charges against EMF and Aslamazyan that were widely seen as politically motivated. In 2008, the Constitutional Court of Russia ruled that the charges against Aslamayan had no legal basis.

Aslamazyan has served as an expert to the Russian Duma Committee on Information Policy, and from 2000 to 2004, she was one of three representatives of civil society on the influential Federal Competition Commission of Ministry of Press, TV Broadcasting and Mass Media. She is a board member of the prestigious Academy of Russian Television and served for three years as a Vice-President of the National Association of TV and Radio Broadcasters (NAT).

Aslamazyan serves on the boards of several Russian nonprofit organizations, Internews Network, and Internews International, which unites local Internews organizations around the world.

Co-sponsored by CREES and Internews Network

CISAC Conference Room

Manana Aslamazyan Executive Director Speaker Internews Europe
Seminars
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Professor Schaede's seminar will focus on the themes of her new book, Choose and Focus: Japanese Business Strategies for the 21st Century (Cornell UP, 2008). She will argue that Japan has undergone a strategic inflection point so fundamental that relying on what we used to know about Japan from the 1980s is insufficient to understand the new Japanese competitiveness.

In addition to analyzing this recent shift away from diversification to focused, lean organizations among Japan's leading companies, Professor Schaede will also discuss the newly emerging takeover market in Japan, as well as the changing role of venture capital and startups in Japan's newly emerging open system of innovation.

Ulrike Schaede is Professor of Japanese Business at UC San Diego's School of International Relations and Pacific Studies. Schaede has written extensively on business organization and the financial system in Japan. Her recent working papers discuss changes in business groups and Japan's main bank system; investment funds, institutional investors and hostile takeovers; legal reform and "revitalization", as well as changing employment strategies and non-regular work. She is also an investigator for SPRIE's Japanese Entrepreneurship project.

Daniel and Nancy Okimoto Conference Room

Ulrike Schaede Professor of Japanese Business Speaker UC San Diego's School of International Relations and Pacific Studies
Seminars
Authors
News Type
News
Date
Paragraphs

For the past ten years, Japan has undergone aggressive, government-driven reforms aimed at changing its financial systems, labor markets, and corporate governance institutions. Faced with the challenges of globalization and an ageing population, Japan undertook these reforms to regain its former competitiveness. What remains uncertain, however, is whether these reforms will also be effective in creating an environment
that is more favorable to entrepreneurship and innovation. If the reforms are effective, at what pace, and in what shape will new firms emerge? Will Japan’s system mirror the institutions that have evolved in regions such as Silicon Valley, or will it develop into a new framework of innovation?

The persistent decline in Japanese asset values during the 1990s engendered many policy and legal responses. Among these was a series of business policy and associated legal reforms intended to foster the creation of new companies, new industries, and new financial institutions. Starting in 1997, these reforms included changes in how firms are formed. For example, the capital required to start a stock-issuing firm was reduced from ten million yen to a mere one yen. The yugen kaisha—a secondary form of Japanese company—was also abolished and the limited liability partnership created instead. Holding companies were allowed, mergers were deregulated, treasury shares were authorized, and the liability of company directors was limited.

Additional reforms were promulgated to encourage new forms of financial intermediation. Tax benefits created for “angel” investors, foreign venture capitalists, foreign private equity, and foreign lawyers became common. Purchase of shares with shares, triangular mergers, and repurchase of shares were all allowed. Moreover, several new stock exchanges were created expressly for relatively new companies.

Corporate governance laws were also revised. For one, Japanese firms may now use U.S.-style board of director committees, with an upper limit placed on directors’ liabilities. Japanese auditors are now required to be outsiders, and consolidated accounting is likewise compulsory, as well as “mark-to-market” rules for financial reporting. These are just a few of the changes, all of which combine to increase transparency in Japan’s markets.

The results were noticeable. By 2006, new companies were garnering price-to-earnings ratios of greater than 100 to 1 in the new markets; the number of IPOs per year was comparable to the rate during the U.S. Internet bubble; and the mergers and acquisition market was transformed from one of the most moribund in the world to one of the most dynamic. Venture capital firms proliferated, as did new law firms, private equity firms, and foreign banks. Existing Japanese banks merged, new banks formed, and money-lending began again. Some new companies even gained sufficient liquidity and stature to turn their founders into celebrities and some of the wealthiest people in Japan. Rakuten, Mixi, ValueCommerce, and Cybird are just a few of these success stories. Japan is currently in its seventy-first month of economic expansion—the longest of the postwar period.

The future, however, is unclear. As Professor Yoko Ishikura, of Hitotsubashi University, recently observed at a SPRIE seminar at Stanford, “Japan is at a turning point and it is uncertain which direction it will choose.” For 2008, IPO valuations have returned to levels more comparable to those in the United States, and the climate for startups has moderated somewhat. New company startup rates are flat and IPO rates have recently dipped significantly. Some prominent studies of the entrepreneurial climate in various countries rank Japan among the least favorable. Many observers are impatient for more evidence of results from the reforms. It remains an open question whether Japan is being affected by the U.S. slowdown and commodity price increases, or if the country is simply retreating from it entrepreneurial gains.

In light of these developments, scholars remain curious: Are the reforms permanently changing the Japanese economy? Are the reforms sufficient to meet the challenges that Japan faces? Will the reforms be effective? Alternatively, are these reforms even desirable? SPRIE and the U.S.-Asia Technology Management Center, in cooperation with selected experts and research organizations in Japan, are undertaking
a major project to study the seemingly contradictory corporate and social climate in Japan, which is at present stretched between entrepreneurial and more conservative forces.

Japan’s economic relationship with the countries of the Pacific Rim—and indeed with the rest of the world—is vital to all of the economies involved. If Japan is transforming into a new economic culture, an understanding of that transformation is relevant both to global economic development and to the study of entrepreneurial growth.

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