How to Start a Business

Establishment of a Japanese Corporation and Partnership Process [Entry into Japan] 4

Kyumin Na
April 15, 2024

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Partnership can be considered the most crucial area in entering Japan

However, partnership does not simply mean utilizing an agency. Creating new businesses based on relationships with companies that have a solid footing in Japan and finding a direction that can generate synergies between both parties become the most important.

Datarize is always working towards creating new business models with key partners such as Mizuho, MUFG, Stripe, and Sagawa Express(佐川急便株式会社).

How were we able to establish connections with major Japanese and global corporations and build our business? 

The reason is simple. It was because we could provide exactly what they needed, when they needed it, in the way they needed it, with precise results. Conversely, it was because each of these partners strongly possessed what Datarize needed.

In other words, we were able to find the PMF (Product-Market Fit) for our business relationship, and by building on smaller transactions, we were able to engage in larger transactions, thereby deepening our relationships. At the same time, this allowed Datarize to draw a more concrete picture of its business in Japan.

(Source : illustAC)

The Essence of 'Value Proposition' in the Japanese Market

Are you familiar with the Japanese folk tale "The Straw Millionaire," where the protagonist becomes a wealthy merchant through a series of barter trades starting with a single piece of straw? 

As the story unfolds, the protagonist makes timely and appropriate trades with the right counterparts, providing them with what they needed most at that time.

Business operates in much the same way. It's crucial to understand what you have, what the other party needs, what you can and cannot do. Understanding and preparing for these interests is paramount. This is why Datarize has been able to move swiftly and effectively in the Japanese market.

Ultimately, in any country, the most important thing is to provide what is needed, in the way it's needed. This holds true regardless of whether it's B2B or B2C, and it's no different from the process of finding a product's PMF (Product-Market Fit). 

In essence, focusing on solving problems and concentrating on the fundamental values is paramount. And Datarize has focused on the essence of business from the start.

(Source : Datarize)

Build Trust by Participating in the Local Business Ecosystem in Japan

Datarize was fortunate to meet good partners from the early stages of our business in Japan.

Through events hosted by the Global Digital Innovation Network, we had the opportunity to seek advice and opinions from early on in our Japanese venture from directors such as Jackson Bae of Salesforc and Salesforce Ventures, Ken Asada, and Handong Lee , the Korea and APAC General Manager at Stripe.

We were also able to engage in extensive discussions about the central points and directions of our business in Japan with ChulHo Kang, the representative of Wanted Japan; gain insight into the policies and current tasks of the Japanese financial market through Ayaka S, an IPO specialist at MUFG, Younsun Ko and hyanna kim, division managers at Mizuho, and Tomomichi Takao of the Fintech Association of Japan.

At the same time, we were guided into the depths of the Japanese startup industry and given advice on how to collaborate with many as we became more renowned in the Japanese market through interactions with yui kamikawa and Hiromi Okayama, managers at CIC Tokyo, Tak Umezawa, the chairman, Ryusuke Komura, the director at Venture Café Tokyo, and Akiho Adachi.

As a result, by building relationships and trust with the aforementioned partners and approaching them on a personal level, Datarize has established a foundation in the Japanese market that allows us to tackle anything. Simultaneously, we did not forget to explore partners in specialized fields for the practical acquisition of customers.

(Refer to : Time to Change? Director of the most vibrant startup community in Japan reveals signs of Japanese venture trends)

(Credit : Kyumin Na)

Laying the Foundation and Building Channels for Customer Acquisition in Overseas Expansion

Datarize has secured a variety of channels that can structure and actually bring in customer acquisition. This has allowed us to complete the overall picture, enabling us to finalize a strategy for steadily acquiring customers as we progress with our business in Japan.

The remaining task is the management of each channel and the acquisition of customers. We have truly moved into the practical phase. Above all, we are currently researching ways to lock in the customers we have acquired.

This effort is being further reinforced by giju Lee, who has joined us as an expert in our Japan business operations, and we are continuously grateful for the trust and support of Minsung Park, the head of our Japan office.

Global business cannot proceed with a single viewpoint. It needs to be structural. A comprehensive and meticulous arrangement is required. 

Therefore, the business must be diversified. If one approach fails, another must be prepared to succeed. Giving up after a failure is not an option. We must drive forward meticulously, fiercely, and intensely until the business succeeds.

Datarize also looks forward to greater success through cooperation with all of you. We request your continued collaboration and partnership. Thank you!

Written by Kyumin Na (Link)

Original Post : Building the company in Japan


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Kyumin Na
Head of Business Japan and APAC
Datarize, Corp. - Head of Business Japan and APAC