[Toyo Keizai Inc. x FIRST CVC] "Amazing CVC Award" to Accelerate Japan's Open Innovation Now Accepting Applications

Toyo Keizai Inc. and FIRST CVC Inc. have established the "Amazing CVC Award" as a new project to promote co-creation between large corporations and startups, and began accepting case studies on June 30, 2026.

Application Page URL: https://catalyst.firstcvc.jp/award#form

Background and Concept of the "Amazing CVC Award"

For the Japanese economy to achieve a true resurgence, a "cycle of co-creation" that connects the funds and assets of large corporations with the technologies of startups is indispensable. However, the reality is that many CVC (Corporate Venture Capital) managers are struggling alone while facing various conflicts.

This award does not merely evaluate financial returns or final business outcomes. It pays the utmost respect to the "challenging process" itself – the gritty and real efforts made to confront and overcome the three conflicts inevitably faced in innovation: gaining internal understanding, bridging two worlds, and earning trust. These best practices for the next generation will be widely disseminated to society.

"Case Study Evaluation Committee" Members Representing Various Fields

Top runners leading Japan's open innovation have kindly agreed to serve as evaluation committee members, endorsing the purpose of this award. We present their comments. (In no particular order, titles omitted)

● Tatsuhiko Inoue (Professor, Graduate School of Commerce, Waseda University)

"CVCs that create value by combining the rich resources of corporations with the cutting-edge technologies and activities of startups are key to revitalizing Japanese industry. For large corporations, it is an excellent opportunity to learn new technologies and markets, not just investment returns. For startups, in addition to funding, it is an attractive option to leverage the strong customer base and sales networks of large corporations, and even gain social credibility. However, if there is a misalignment of objectives or a lack of trust, even promising collaborations can end in misunderstanding. The partnership between entities of different scales and cultures always involves difficult conflicts and tensions. How do CVCs that are achieving results overcome these hurdles? The "Amazing CVC Award" is not just an awards ceremony; it is a project to unravel the practical wisdom of success and explore Japan's future. As a judge, I look forward to learning from everyone's real challenges."

● Hiroshi Ishikawa (Director, New Business Promotion Division, Innovation Creation Bureau, Ministry of Economy, Trade and Industry)

"Innovation creation through co-creation between large corporations and startups is indispensable for the sustainable growth of the Japanese economy, and the role of CVCs as its core is becoming increasingly important. The Ministry of Economy, Trade and Industry is also strongly promoting the creation of an environment through measures such as the formulation of procurement guidelines and model contracts, and tax incentives to promote open innovation. We expect the sharing of practical knowledge to lead to the further development of the entire ecosystem."

● Soichi Kariyazono (Co-founder / Executive Advisor, GLOBIS Capital Partners, Inc.; Supreme Advisor, Japan Venture Capital Association)

"The number of CVCs in Japan and the breadth of their activities are unparalleled globally. Over the past decade, remarkable progress has been made in various forms of collaboration with diverse startups and initiatives for social implementation. On the other hand, these unique initiatives are surprisingly not well-communicated externally. This award aims to visualize these distinctive and educational initiatives, feature companies/individuals and knowledge for the development of corporate venturing in Japan, and contribute to the evolution of Japanese industry."

● Hiroomi Kondo (President, CyberAgent Capital, Inc.; Director, Japan Venture Capital Association; Chairman, Large Corporation Collaboration Department)

"Japanese CVCs have entered a phase where their actual results are being questioned after the second CVC boom since the 2010s. It's not just about investing and ending there; it's about creating collaborations, driving internal change, and shaping them into businesses. This path is by no means easy, and it is an accumulation of efforts and conflicts that are difficult to see from the outside. Through this award, we hope that the challenges faced by such managers will be properly recognized and serve as encouragement for those who will take on future challenges."

● Kei Tanaka (Head of Real Estate Investment, Japan, Alpha Advisory Inc.; Radio Personality; Former Co-Head of Investment Banking Division, Goldman Sachs Japan)

"While the term 'open innovation' has become widespread, many cases end at the PoC stage. There are many challenges, such as the separation of the startup investment function and the function of bringing external changes into the company, which are inherent to CVCs. I believe there is great value in widely opening the doors to startups that want to challenge and in creating a framework for social evaluation. I want to approach this with an emphasis on 'effectiveness' and 'organizational cultural change.'"

● Tetsujiro Nakagaki (GP, Theta Times Ventures)

"I have great expectations for the launch of the "Amazing CVC Award." In the past 10 years, numerous CVCs have been established, undoubtedly increasing their presence in Japan as providers of funding for startups. On the other hand, cases where CVCs have had a significant impact on the corporate value of existing companies through collaboration or M&A, which is what CVCs should ideally be doing in open innovation, are still limited. Some companies are beginning to take a cautious stance on CVC activities, suggesting that the industry is at a turning point. Through this award, I hope that domestic cases, which are difficult to bring to light, will be shared, that CVC/open innovation activities that struggle while requiring time to yield results will be spotlighted, and that this will serve as a catalyst for CVCs to develop into even more indispensable functions for companies."

● Kazuhiko Chuma (Executive Officer, Chief Business Development Officer, Mizuho Financial Group, Inc. / Mizuho Bank, Ltd.)

"Creating significant businesses by incorporating capital, not just providing support or collaboration. We expect this to be a standard approach for business companies!"

● Tomoyuki Hirano (Executive Officer, Private & Corporate Division, Daiwa Securities Co., Ltd.)

"The market's view on startups is becoming stricter, with small IPOs, 'listing as the goal,' and 'listing maintenance standards.' However, if the technology and challenges of large corporations and startups are genuinely connected, greater and longer growth will be possible. Japan's economy has that potential. That is precisely why many CVCs are constantly experimenting between their 'mission' and 'current reality.' The "Amazing CVC Award" initiative, which sheds light on these challenges, will foster startups that will lead the next generation from this country and propel the Japanese economy forward. As someone involved in finance, I will accompany these challenges."

● Minoru Moriya (New Business Creator)

"I wholeheartedly endorse the launch of the "Amazing CVC Award." Japanese CVCs have seen a considerable rush of new establishments in recent years. On the other hand, CVC managers are daily grappling with structural challenges such as 'strategic return versus financial return' and 'how to balance headquarters' expectations with on-site challenges,' yet there has been no mechanism to share excellent initiatives across the industry. This is because the evaluation of challenges could not be measured by a uniform yardstick due to the significant differences in each company's strategic objectives and phases. However, I feel that delving into this 'difficulty of definition' is the most interesting aspect of updating Japanese CVCs. Through this award, I have high expectations that the challenges of CVC managers, which have been difficult to evaluate internally, will be brought to light, and new standards for startup support and open innovation will be created."

● Tatsuya Ishii (Organizer, CVC vs CVC)

"Through this award, I hope to effectively communicate the 'amazing CVC' initiatives that have value and significance for society. As a result, I expect it to not only have ripple effects throughout the ecosystem but also lead to deeper internal understanding, boost CVC activities, and ultimately become a catalyst for the continuous creation of new 'amazing CVC' cases."

● Kazuyoshi Yamada (President and Representative Director, FIRST CVC Inc.)

"I previously served as CFO of a startup and experienced the startup side. Since then, the initiatives of CVCs, large corporations, and startups have expanded significantly, and Japan's ecosystem is now at a major turning point. While their involvement ranges from collaboration to investment and M&A, many of these wonderful challenges remain buried, and there is almost no system for sharing practical knowledge. Furthermore, I believe that the sharing of practices and networks by these pioneers has been what supports the development of startups. I will contribute to nurturing this award into a platform that maximizes the throughput of that sharing and disseminates cases where large corporations and startups together create a new era."

● Yu Ito (Editor-in-Chief, Company Handbook & Unlisted Companies Edition, Toyo Keizai Inc.)

"From our position as a media outlet, we aim to develop this award over the long term and demonstrate the unique contributions we can make. Through information dissemination, we will widely communicate the initiatives of CVCs who continue to take on challenges, contribute to the development of the industry and the ecosystem, and play a part in making this award even better."

Application Guidelines

Please ensure you meet the following conditions when applying.

● Period: Investment/co-creation cases within the last 3 years (since 2023).

● Target: Not an evaluation of overall CVC activities, but primarily "individual investment projects/collaboration cases" will be evaluated.

● Application Deadline: August 31, 2026 (scheduled).

We look forward to active applications from everyone fighting on the front lines.

Official X: https://x.com/sugoicvc_award

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