Japan plans to encourage start-up businesses by sending 1,000 people to Silicon Valley over five years to give them valuable entrepreneurial experience in the California tech hub, Industry Minister Koichi Hagiuda said Wednesday in the United States. Japan Today reports: The government aims to develop a five-year plan by the end of the year to increase the number of start-up companies by 10 times as part of its drive to drive economic growth through innovation and human talent development. Hagiuda told reporters after his visit to the headquarters of tech giant Google LLC that he was very impressed by the no-fear-of-failure mentality, something Japan could learn from. “The strikeout swing is considered (an experience) that can take (people) to the next level here in America,” Hagiuda said.
The plan is to send 200 people from Japan to Silicon Valley each year, starting with the new fiscal year that begins in April. It will expand a similar but smaller program that has sent about 20 people there each year for the past seven years. Allocating more resources to startups is one of the four main pillars of Prime Minister Fumio Kishida’s strategy in pursuit of a new form of capitalism that focuses on growth through investment.