As cross-border innovation accelerates, venture capital is becoming increasingly global. Understanding how different ecosystems actually work has never mattered more. Markets don’t just differ in deal flow or sector focus; they differ in how trust is built, how decisions are made, and how long-term value is created.

Japan is a clear example of how differences can shape perception. It is one of the world’s most technologically sophisticated markets, with consistently high levels of patent creation, scientific output, and sustained investment in R&D. Yet for many outside investors, Japan can feel difficult to access — not because opportunity is lacking, but because cultural norms, operating models, and decision-making processes differ meaningfully from those in the U.S. and other markets.

That’s why we’re excited to share the launch of the US<>Japan VC Playbook — a practical, experience-driven guide designed to help investors, founders, and innovation partners navigate the realities of working across the U.S. and Japan.

The Playbook was created by Japanese venture capital investors who participated in VC Unlocked Intensive: Silicon Valley program — a three-day immersive deep dive into the norms, networks, and decision-making culture of Silicon Valley venture capital. The initiative was launched by the Tokyo Metropolitan Government and Japan External Trade Organization (JETRO), and delivered in partnership with 500 Global, with a shared goal: to strengthen cross-border understanding and unlock more productive collaboration between the U.S. and Japan innovation ecosystems. As Japan looks to deepen its engagement with the global venture ecosystem, Noriya Tarutani, Head of JETRO Startups, underscores the role this Playbook is meant to play:

“Japan is home to many outstanding founders, supported by a growing and increasingly global-ready startup ecosystem. For years, JETRO has worked to connect these founders with overseas markets, partners, and startup ecosystems. Today, the time has come to connect Japan’s ecosystem itself more directly with the world—by fostering a shared culture in which Japanese and international investors work together to support entrepreneurs. We believe this VC Playbook can serve as a practical bridge, enabling collaboration between leading global investors and the Japanese VC community. We invite you not only to read the Playbook, but also to connect with the people behind it—because true cross-border investment begins with human relationships.” 

The Playbook also reflects the lived experiences of program alumni who have navigated these differences firsthand — moving beyond theory to real-world application. Reflecting on this journey, Hideo Natsume, Founding Partner at Asu Capital, shares how the program reshaped his perspective as an investor operating between Japan and global markets:

“From the perspective of a VC firm committed to a ‘Japan to Global’ vision, the insights and relationships gained through the VCU Intensive Silicon Valley program were invaluable. It was not just about learning how Silicon Valley operates, but about rethinking how Japanese founders and investors can better connect with global markets, and to explore the global opportunities. 

Although the two countries are geographically close, the narratives, structures, and historical backgrounds that shape their startup cultures are very different. What made the VCU program unique was its design to go beyond surface-level exchanges and create a space where both investors could genuinely understand each other. More importantly, it helped us explore how these differences can become complementary strengths, enabling the creation of truly global products.

I sincerely hope that the playbook and the program will continue to evolve as a powerful platform for accelerating mutual understanding and unlocking new opportunities between the both ecosystems.”

Inside the Playbook, you’ll find:

• Why Japan — an exploration of Japan’s unique strengths, emerging opportunities, and potential sources of alpha.
• Working with Japan — practical observations on collaborating effectively with Japanese investors and startups.
• Actionable Next Steps — guidance for investors and founders looking to engage the Japanese market more deeply.

Ready to go further?

Read the US<>Japan VC Playbook for practical insights, cultural context, and actionable guidance for investors and partners looking to work more effectively with Japan.