Joi Ito's Web

Joi Ito's conversation with the living web.

Okada-san is on the left and Suzuki-san is on the right
Okada-san and Suzuki-san from the Ministry of Economy Trade and Industry came to visit today. The Japanese bureaucracy is one of the things I often criticize, but I really like many of the individuals. I first met Okada-san when he was working for Governor Domoto. He had been seconded by the Ministry to Chiba to help the Governor. I liked him a lot because of his straight forward and aggressive style and he was one of the main reasons I decided to work with Chiba. He recently returned to the Ministry and is now in charge of venture business and SME related affairs there. This was very lucky for me because this post is probably the most relevant post for Neoteny inside of the Ministry. He manages the Ministry activity for the New Business Forum that I wrote about and is also quite active in trying to create tax incentives for venture investing. We talked a lot about the laws that bog venture businesses down such as the registration license tax, bank fees, etc. Since Koji Omi, one of my favorite LDP politicians is now running the venture sub-committee inside of the LDP as well as the head of the tax reform group, it's a good time to push for some changes. Another change that should be done soon is a waiver of the minimum capitalization of new companies. One is currently required to have a minimum capitalization of 10mm yen. The new law that should go into effect at the beginning of next year will allow companies to be created with only 1 yen in capitalization. This should help entrepreneurs who want to start companies. Go for it Okada-san!