If Japanese prime minister Fumio Kishida is to succeed in his aim of awakening the “animal spirits” of capitalism in his country, then the local start-up scene will be one place to look for evidence.
The scene is so under-developed that even Masayoshi Son, SoftBank’s Tokyo-based founder and the world’s largest tech investor, has largely shunned it.
Unicorns — unlisted companies valued at $1bn or more — are rare beasts. They number just five in country compared with 470 in the US at the end of last year and 169 in China, according to research house CB Insights.
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