Popular Podcast 'VIVA VC' Adapted into a Book! Active VC Reveals the Behind-the-Scenes of Startup Investment. 'Why I Can't Quit Venture Capital' Now on Sale.

Discover 21 Inc. (Headquarters: Chiyoda-ku, Tokyo; Representative: Naomi Taniguchi) published 'Why I Can't Quit Venture Capital: The Realities of Entrepreneurship and Money that Only Investors Know' (authored by Osamu Iwasawa) on May 24, 2026 (advanced online release on May 22).

'Why did that company succeed in fundraising?' 'How do VCs find investment opportunities?' — An active venture capitalist reveals for the first time the hidden realities of the VC profession that are surprisingly little known despite being central to the startup world.

■ Book Adaptation of the No. 1 Ranked Podcast 'VIVA VC'

The book is based on the business podcast 'VIVA VC,' which has gained significant attention, including reaching No. 1 in the Apple Podcast entrepreneurship category (March 22-24, 2026). The book deepens and restructures the podcast content, chronicling the raw dramas between entrepreneurs, VCs, and investors—including conflicts, the terror of funding droughts, and the joy of IPOs.

■ A Unique Capitalist Experienced in Both Sides of the Table

The author, Osamu Iwasawa, worked as a VC intern for two years during university and later as an equity analyst at Lehman Brothers Securities. After experiencing the collapse of Lehman Brothers from the inside during the financial crisis, he moved to Nomura Research Institute, then joined the early-stage startup Uzabase in 2011. As an executive officer, he launched the company's Asian operations from scratch and rang the bell at the Tokyo Stock Exchange Mothers' market IPO in 2016.

In 2018, he founded 'First Light Capital.' For Iwasawa, who notes that a 'venture capitalist and an investor are different,' a VC is a specialist managing capital to build new industries, not just an investor. He provides a systematic account of his professional pride and practices, informed by his experience on both sides of investment.

This book is a must-read for entrepreneurs and every business person involved with startups.

■ Endorsements by Soichi Kariyazono and Yuiga Kitano!

'It is impossible to explain Venture Capital in a single word. It seems Mr. Iwasawa is saying it is a job where you can compete with your own full personality and human power.'
— Soichi Kariyazono (Co-founder / Executive Advisor, Globis Capital Partners)

'This is not just a collection of success stories, but a raw real-life record by a VC insider. A book where you see the essence of VC, through investment decisions without sugar-coating and the gritty bonds with entrepreneurs.'
— Yuiga Kitano (Senior Executive Officer / CSO, One Career Inc.)

[Book Overview]
Table of Contents:
Introduction
Chapter 1: What is Venture Capital?
Chapter 2: When VCs Cry Before Investing — The Challenge of Fundraising
Chapter 3: 5 Steps of Investment Decision Making I — Finding IPO-ready Startups
Chapter 4: 5 Steps of Investment Decision Making II — Valuation and Contracts
Chapter 5: How to Increase Corporate Value and Exit — The Crossroads of IPO and Business Withdrawal
Chapter 6: Operating a Venture Capital Firm
Chapter 7: Can Venture Capital Impact the Japanese Economy? — The Significance of VC in an Aging Society
Conclusion

[Author Info]
Osamu Iwasawa
Venture Capitalist
Representative Director, First Light Capital Inc.
Born in 1982 in Kawagoe, Saitama. Completed graduate studies in Engineering at Keio University.