Kathy Matsui: 'Seed valuation of female-founded companies is less than half of men's, but 1.5 times at IPO' — Speaks at T4IS2026 on 'From Womenomics to Founder-nomics'

Highlights of this release:

"The seed valuation of female-founded startups is less than half that of men's, but their valuation at IPO is 1.5 times higher" — Based on research jointly published by MPower Partners × Boston Consulting Group (BCG) in January 2026, Ms. Matsui argued that "investing with a gender perspective is not a human rights issue, but a market mispricing issue."

"Without a quota system, we will have to wait 100 to 150 years to reach a level close to gender parity in this country" — Pointing out the disparity between the 10% female representation in the House of Representatives and 50% of the population.

Female labor force participation rate is at a record high, surpassing the U.S. and Europe — A significant improvement from the "lowest level in the OECD" when Ms. Matsui began her research in 1999.

W-Power Fund (official name "WPower Fund I", established March 2025, maximum size 8 billion yen) focuses on investing in early-stage female founders — Investors include the Tokyo Metropolitan Government, Mitsubishi UFJ Bank, Mitsubishi Estate, Shionogi & Co., and Tokio Marine Holdings.

"You can only be what you can see" — Ms. Matsui commented on the symbolic meaning of Sanae Takaichi becoming Prime Minister.

Global sustainability-related AUM in 2024 was $4.1 trillion, up +16.16% year-on-year — "The U.S. gets attention for anti-ESG headlines, but in reality, about 85% of the world's ESG assets are in Europe."

40% of University of Tokyo undergraduate students surveyed want to "start a business / work at a startup" — "A number unthinkable 5 or 10 years ago."

Lecture Highlights:

Sociass Inc. (Headquarters: Chuo-ku, Tokyo; CEO: Sera Yoon) held a fireside chat titled 'Womenomics to Founder-nomics: Rewriting Japan's Investment Playbook' on the main stage of the invitation-only executive summit "Tech for Impact Summit 2026" (T4IS2026) at Tokyo Garden Terrace Kioicho, Kioi Conference on Sunday, April 26, 2026.

The speakers were Kathy Matsui, General Partner at MPower Partners, who published the "Womenomics" report as a strategist at Goldman Sachs in 1999, which has since become the theoretical basis for Japan's female empowerment policies for over 20 years, and River Akira Davis, Tokyo correspondent for The New York Times.

1. 25 Years of Womenomics — "Labor participation is at a record high, but decision-making levels remain untouched"

At the beginning of the session, when Mr. Davis asked, "As Womenomics is considered your signature legacy, how do you summarize Japan after 25 years?" Ms. Matsui began as follows (all of Ms. Matsui's remarks below are a summary translation of her English lecture):

"Japan's female labor force participation rate is now at a record high. It surpasses my home country, the United States, and my husband's home, Europe. When I started researching this topic in 1999, Japan's participation rate was one of the lowest in the OECD. This is an achievement that should not be underestimated." (Matsui, summary)

"The bad news is exactly the point you made—the absolute number of women in decision-making and leadership positions (in both the private and public sectors). The door to labor participation has opened, but the door to the decision-making room remains closed." (Matsui, summary)

Ms. Matsui then pointed out that given the government's failure to meet its goal of "30% of leadership positions to be held by women" by 2020, what is needed is not "slogans" but "institutional design with accountability."

2. "100 to 150 years" — Strongly advocating for a quota system

Ms. Matsui pointed out the gender gap in politics, noting that although women make up about 50% of the population, the proportion of female members in the House of Representatives is only about 10%.

"It can hardly be said that the most important decision-making body accurately reflects the voice of the people. That is why I have, on the record, advocated for the introduction of a quota system. It could be temporary. It can take various forms." (Matsui, summary)

*Editor's note: The "10% female representation in the House of Representatives" mentioned by Ms. Matsui at the venue is an approximate figure. The actual recent figure is 68 female winners out of 465 seats = 14.6% in the House of Representatives election on February 8, 2026 (compared to 73 people / 15.7% after the October 2024 election). In any case, as Ms. Matsui points out, there is a large gap with the 50% population ratio.