Inside IVS 2025: A Student Intern's Journey through Japan's Startup Ecosystem
ISSUE 7 | Lessons in networking, innovation, and navigating cultural differences.
Why IVS 2025: Our Objectives and Expectations
This summer, we had the incredible opportunity to participate in the 2025 Infinity Ventures Summit (IVS) in Kyoto, renowned as "Japan's largest startup conference." With the theme “Reshape Japan with Global Minds”, IVS aimed to attract approximately 12,000 attendees, comprising 40% startup representatives and 15% investors [1]. When Reiri and Kazu introduced us to the event and shared its futuristic digital platform, we immediately realized it would offer a unique experience beyond anything typically accessible to us in the US or UK.
As student interns stepping into Japan's vibrant startup ecosystem for the first time, our goals were clear: gain practical insights, build meaningful professional connections, and identify promising investment opportunities. Despite our limited prior exposure to the startup world, we immediately recognized IVS would provide an exceptional environment for hands-on learning. Over three exciting days, we would have direct access to CEOs, venture capitalists, policymakers, and entrepreneurs.
Adding to our challenge, Kazu assigned us an ambitious task - to identify and engage with seventy potential startup companies. Although initially daunting, this goal quickly became a motivating benchmark that we were determined to achieve. Embracing this challenge, we approached IVS with enthusiasm, committed not only to uncovering new investment opportunities but also to fully experiencing the cultural richness of Kyoto.
Arrival at IVS: Initial Impressions and Atmosphere
Stepping into the grand hall of IVS 2025, we were immediately swept into a dynamic sea of attendees, enthusiastic video bloggers capturing content, professionally dressed executives deep in conversation, curious students eagerly absorbing information, and innovative entrepreneurs ready to pitch their ideas. Everyone, ourselves included, gravitated toward the iconic green "IVS 2025" billboard for photos before joining the registration lines to collect our color-coded lanyards. These badges, identifying us as "student," "investor," "social impact," and "English/Japanese speaking," quickly became more than mere identification - they were social currencies influencing interactions, as we noticed people glancing at lanyards before making eye contact.
Inside the venue, we discovered an expansive ecosystem of innovation spread across multiple floors. The main hall featured countless booths showcasing startup support products, ranging from cloud storage solutions to ambitious decentralized internet satellite systems, all competing for attention with merchandise giveaways and prize drawings. The space was strategically organized, with coded high tables (e.g., B4) reserved for business meetings, and each floor was divided by language specialization. We found ourselves naturally drawn to the third floor "Global Stage," home to the startup market with around one hundred exhibitors and English-language programming. Across the street, the Rome Theatre hosted panel discussions and special events, including student pitch competitions. The sheer volume of opportunities was both overwhelming and exciting, leaving us eager to dive deeper into everything IVS had to offer.
Connecting with Startups: Key Interactions and Discoveries
On the third floor, we encountered a vibrant mix of international and domestic startups, established enterprises, and investors bustling around various stations and panels. Rows of startup representatives stood eagerly at their booths, ready to engage potential investors and supporters. Each booth displayed informational boards featuring the company's logo, name, business summary, and endorsements from their recommenders, reminiscent of a college club fair—only this time, the "clubs" were startups.
We dedicated considerable time to navigating the startup market with the goal of exchanging business cards with as many companies as possible. Most company representatives presented in Japanese, and their materials were primarily in Japanese, creating an initial challenge that we overcame using translation apps and visual communication. Initially, we gravitated towards English-speaking companies to better understand how pitches were structured and to observe the innovative approaches various startups were implementing across different sectors. This strategic approach helped build our confidence before tackling the language barrier with Japanese startups.
We deliberately targeted companies aligned with SIIFIC's two key leverage points: increasing wellness literacy and enriching social capital. The badges participants wore proved invaluable, indicating their stage (pre-seed, seed, Series-A) and their specific industry focus, such as AI, entertainment, or our particular interest, "Social Impact."
Among the most fascinating English-speaking startups was one developing innovative 3D architecture for dental applications, streamlining assessment processes and significantly enhancing treatment planning efficiency. Another impressive company addressed diabetic foot care—an overlooked yet critical healthcare concern—by developing early detection systems and specialized preventative care protocols designed to prevent foot amputations, improving patient quality of life.
Despite initial anxiety about approaching Japanese startups due to language barriers, we quickly realized that asking questions - even seemingly naive ones - created valuable learning opportunities. We discovered numerous innovative ventures, including a company installing microorganism-based biomass recycling systems to decompose organic waste and improve environmental conditions in urban areas.
Another memorable interaction was with a co-nurturing and co-working space striving to create a more equitable and flexible society for new parents. As students, we felt genuinely inspired by the impressive level of talent and innovation in Japan, particularly regarding environmental sustainability and gender equality initiatives.
An intriguing observation was that when we introduced ourselves as representatives from an impact investing venture capital firm, many companies visibly adjusted their pitches mid-conversation to emphasize their impact-driven initiatives.
Witnessing this strategic pivot firsthand provided us with a valuable real-world lesson in how early-stage startups tailor their messaging to potential investors. However, we also noted that many of these companies lacked robust business models and detailed financial projections, likely due to their early seed or pre-seed funding stages. We wondered if this limited financial information reflected inadequate preparation or whether our "student" lanyards influenced their disclosure. Our next steps involve deeper research into these startups, assessing alignment with our impact principles, and evaluating their viability as potential financial investments.
We also encountered numerous startups promoting AI-driven interviewing tools, which felt somewhat daunting as future graduates who might soon experience this technology firsthand as job applicants. These entrepreneurs emphasized how AI eliminates scheduling challenges, enhances interview flow compared to traditional video interviews, improves efficiency, lowers recruitment costs, and potentially increases application rates - all while objectively capturing relevant skills. This raised a troubling question for us: How comfortable are we with AI shaping our professional futures, given we already know human recruiters typically spend mere seconds scanning resumes and automated systems often filter out candidates based purely on keywords?
Lastly, the startup market displayed relatively balanced gender representation, although overall event attendance skewed predominantly male, with approximately a 60:40 male-to-female ratio at the panels we attended. Notably, IVS hosted an "Empower HER" stage specifically addressing the social implications and importance of female representation within the industry. Some of the insightful panels we attended are explored further in the next section.
Insights from IVS Panels: Key Takeaways
🇰🇷 x 🇯🇵 Korea-Japan Startup Ecosystem
We learned valuable insights about the differences between the venture capital ecosystems in Korea and Japan. Many Korean startups face difficulty raising enough equity to reach IPO status due to their domestic market size and sustainability limitations. Luke Kim, CEO of Liner, shared an interesting insight: seventy percent of his company’s revenue originates from the United States. Although Liner has successfully raised over 20 million dollars (Series B2), which is considered a significant sum within South Korea, he noted that in the US market, this funding level would be viewed as relatively modest.
Non-US startups like Liner believe their unique cultural specializations offer them competitive advantages. For instance, Liner, an AI-powered search engine for academic papers, achieved a hallucination rate of just 4%, surpassing even ChatGPT’s performance at 4.5%. The panel highlighted how Japan particularly excels in intellectual property development, whereas Korea demonstrates strengths in marketing, distribution channels, and commercialization. Panelists suggested that collaboration combining these complementary capabilities could significantly benefit both countries and their respective startup markets.
🌏 Behind the Venture: Going "Global" and Clinical Trials
We explored the complexities faced by Japanese companies aiming to expand globally. Speakers discussed challenges such as establishing entities and gaining market "traction" in the United States. Due to the yen currently trading at historically low levels (approximately 150 yen per dollar), US-based venture capitalists find investing in Japanese companies attractive because their capital goes further, potentially yielding higher returns upon successful exits.
The panel also highlighted logistical issues related to clinical trials in Japan, which tend to be lengthier and costlier due to financing constraints, strict regulatory requirements, and difficulties in patient recruitment. A notable example shared was a Chinese startup that secured FDA approval by temporarily relocating operations to Australia to secure venture capital funding and certification before returning to China. Panelists also addressed particular challenges in the Japanese market, such as the restrictive 100-million-yen IPO cap. Opinions on global expansion strategies were divided: some speakers encouraged drug discovery startups to pursue international markets early, while others urged caution, emphasizing that significant differences between the US and Japanese markets could affect product applicability and success overseas.
Beyond the Booth: Our Private Meeting Experiences
The IVS website featured a meeting-scheduling portal where several companies expressed interest in meeting with us, despite our "intern" designation on our profile. These private meetings significantly differed from the brief conversations we had at the booths on the event floor. Anticipating more in-depth and focused discussions, we prepared ourselves for these one-on-one - or in our case, two-on-one—interactions.
The first meeting was with a Japanese-speaking company providing comprehensive tracking and management solutions for greenhouse gas emissions across the coffee value chain. Their product empowers producers and engages consumers in sustainability efforts, effectively connecting environmental responsibility with economic growth to reduce emissions while improving incomes for coffee-growing communities. The company representative was friendly and approachable, though he quickly recognized our affiliation with impact capital. He candidly noted that not much specifically impact-oriented content at the conference matched our investment objectives. Still, he suggested that our conversation could be a valuable initial networking step. We genuinely appreciated his transparency, and although we admired the product and the positive environmental goals it pursued, we also acknowledged that it was not a direct match for our investment criteria. The exchange was refreshingly honest and underscored the importance of transparency, even when alignment is not ideal.
In contrast, our second meeting was quite different from our initial positive experience. After our first friendly and open discussion, we encountered an individual whose overconfidence surprised us. Without offering a pitch deck or even summarizing his business, he immediately prompted us for questions. His condescending tone suggested we should feel privileged simply to meet with him, which astonished us. While we genuinely wish his company future success, this interaction served as an important reminder that not every conversation will be pleasant or unfold as anticipated, providing us with a valuable real-world lesson in professional dynamics.
🤔 Reflecting on IVS 2025: Lessons Learned and Future Recommendations
Though our social battery was nearly depleted after countless engaging conversations over the three packed days at IVS, it was an experience we will not forget - and one we highly recommend to anyone interested in the startup ecosystem. Fortunately, IVS is an annual event, providing ongoing opportunities to connect and learn. Although we only managed to connect with about 35 potential companies, falling short of our initial ambitious goal of 70, Kazu was not disappointed. In fact, we later realized he had intentionally set this challenging target to encourage us to push our limits and perform at our best.
We hope this article serves as both an informative summary of our experiences and a persuasive case for attending future IVS events. If you plan to attend, please use our practical IVS Survival Guide to help you prepare thoroughly and maximize your IVS experience.
✅ Practical IVS Survival Guide: Essential Tips for Future Attendees
Connectivity: Purchase a Wi-Fi dongle or upgrade your SIM plan beforehand. Wi-Fi is limited to executives and speakers, not available to students.
Translation Access: Arrive at panels early to get a better view of translation displays.
Speaker Interactions: Prepare questions in advance, as speakers leave immediately after panels.
Networking: Do not be shy - IVS is designed to make meaningful connections.
Business Cards: Bring professional business cards aligned with your company branding, or consider digital alternatives.
Comfort: Stay hydrated (Kyoto is extremely hot and humid in summer) and carry a portable battery pack, as power outlets are scarce.
Transportation: Take advantage of Kyoto's efficient bus system and utilize the luggage concierge service on your departure day.
Food Options: Explore food stalls outside the venue, or visit nearby Starbucks and local cafés for delicious udon and grilled sandwiches.
Side Events: Do not miss networking opportunities at evening events, such as a “Social Impact Night”.
Exploration: Take time to visit Kyoto's beautiful temples and historic streets if the weather permits.
References:
[1] "About IVS," Infinity Ventures Summit, [Online]. Available: https://www.ivs.events/ja/about