Evaluation of Venture Policy: Impact of the venture fund program for risk financing (Japanese)

Venture businesses serve an important role for economic development. Since the 1990s, the Japanese government has been seeking to boost the activities of venture businesses with its policy programs. Nevertheless, Japan has not yet realized an economy in which venture businesses lead the economy, and its venture policy is now at a turning point. To enhance the activities of venture businesses, it is essential to attract venture capitalists and their risk money. Accordingly, the Japanese government established the "Venture Fund Program" in 1999. The program finances private venture funds, providing venture businesses in the early stages with risk money and management support. The program supports 85 funds, and over 2000 venture businesses have received financing. Following 10 years of program implementation, it is high time to evaluate the performance of this policy. Not many evaluation studies on venture policy programs in Japan have been conducted. This research evaluates the program via data analysis and interviews. Our research has found that the program contributes to the growth of venture businesses and fosters the venture capital industry. On the other hand, we also found that those venture funds with multiple purposes other than promoting venture businesses experienced difficulties in terms of implementation. In order to enhance a venture economy, it is important to get an objective policy evaluation from academia.