Cablegate: Global Entrepreneurship Week in Japan

VZCZCXRO3682
PP RUEHCHI RUEHFK RUEHHM RUEHKSO RUEHNAG RUEHPB
DE RUEHKO #2687 3240846
ZNR UUUUU ZZH
P 200846Z NOV 09
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC PRIORITY 7702
INFO RUEHZU/ASIAN PACIFIC ECONOMIC COOPERATION
RUEHEG/AMEMBASSY CAIRO 0349
RUEHLO/AMEMBASSY LONDON 2506
RUEHFR/AMEMBASSY PARIS 6587
RUEHRO/AMEMBASSY ROME 2308
RUEHTV/AMEMBASSY TEL AVIV 0811
RUEHFK/AMCONSUL FUKUOKA 7528
RUEHNAG/AMCONSUL NAGOYA 4704
RUEHNH/AMCONSUL NAHA 9877
RUEHOK/AMCONSUL OSAKA KOBE 1339
RUEHKSO/AMCONSUL SAPPORO 8036

UNCLAS TOKYO 002687

SIPDIS

DEPARTMENT FOR EEB/CBA LHARITON, SKOLTAI AND EAP/J

E.O. 12958: N/A
TAGS: ECON PREL SOCI JA
SUBJECT: GLOBAL ENTREPRENEURSHIP WEEK IN JAPAN

REF: STATE 112998

1. Summary: Embassy Tokyo supported Global Entrepreneurship
Week (GEW) in Japan, working with local organizers, and
featuring a keynote program with Ambassador Roos on
entrepreneurship. Organizers coordinated 14 separate events
around Japan under a GEW umbrella, and attracted over 3000
participants. Another goal behind these events is to produce
an analytical report on entrepreneurship and venture capital
in Japan to contribute to the Global Entrepreneurship
Monitor. End Summary.

2. Post coordinated extensively with organizers in preparing
and executing Global Entrepreneurship Week (GEW) programs.
Of particular note was a keynote presentation by Ambassador
Roos: "A Conversation About Entrepreneurship." The diverse
audience of about 300 also saw Secretary Clinton's video
message. The Embassy co-sponsored the event, and embassy
staff participated in programs and interacted with
participants. We anticipate media coverage for both the
Ambassador's presentation and for the GEW.

3. The Ambassador, in his remarks, stressed the importance of
entrepreneurship and innovation to the United States: to
economic growth and job creation, and to developing new
technologies to solve pressing social problems. He described
real entrepreneurs as not driven primarily by money but by a
desire to create and build. He noted the importance of risk
tolerance, the willingness to see failure as a chance to
learn, and determination to try again.

4. He also elaborated several important features of an
entrepreneurial ecosystem. An entrepreneurial ecosystem
involves complex interaction of factors from availability of
financing, to strong academic institutions and their
interaction with business, to diversity and risk tolerance,
to the availability of talent and human resources, to
liquidity and market exits.

5. The Ambassador related stories of Google, E-Bay, and
Genentech, and commented one never knows where the next big
idea will come from, or which will succeed. Avoiding
over-regulation or government interference in market
decisions, and a policy of technology neutrality are
therefore relevant principles. Regulation, even if well
intentioned, can add costs and reduce the number of new
start-ups.

6. Accepting that the majority of new ventures fail, healthy
markets distribute the costs, allowing people to learn from
set-backs and try again. Financing is based much more on
equity than debt, cash is scarce and salaries are typically
low, but the rewards can be great for successful ventures.

7. The Ambassador also related that his former firm, during
his tenure, had become recognized as the most diverse law
firm in the US. While it may have been the right thing to
do, it was also in the interest of the company. Far from
lowering standards, being able to draw from a larger pool
actually increased competition and the quality of the firm's
talent. It was not difficult to adopt flexible policies to
help attract talented women, and the best argument for such
policies is to show examples where they have paid off.

8. With an enthusiastic audience reaction, the Ambassador
reiterated his belief in the importance of innovation and
entrepreneurship, and interest in helping promote these
ideas. Post continues to develop contacts and will continue
outreach and exchanges to promote innovation and
entrepreneurship.
ROOS

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