Sometimes the best trips in life are the ones that come out of nowhere.
Take, for example, this adventure I stumbled into. It all started in the most random of ways — at a bar during Oslo Innovation Week, of all places. I had no idea that an innocent conversation with Miho Tanaka, a powerhouse of entrepreneurial energy, would eventually lead to a business trip halfway across the world. And not just any trip — this was a ticket to Hokkaido Innovation Week in Japan, one of the most exotic spots on the planet.
So, I packed my board game (because who doesn’t travel with a board game?), threw in some ski boots (gotta be ready for anything), and set course for the land of the rising sun.
When I arrived, not only was my bag nowhere to be found, but I realized something else: I was in a part of the world that felt lightyears away from the West. The cultural distance was vast, and Japan’s startup scene presented challenges that were very different from what I’m used to.
But hey, that’s why we travel, right?
Japan’s Startup Scene: The Land of Contradictions
Before diving back into my personal story, let’s take a minute to understand Japan. The country is a fascinating blend of old-world traditions and cutting-edge tech. It’s home to some of the world’s largest corporations and has made some of the most significant contributions to innovation over the past century. But when it comes to startups, things are a little… complicated.
Japan’s economy, while massive, is famously conservative. The risk-taking culture that fuels Silicon Valley isn’t exactly alive and well here. In fact, the Japanese are known for their strong preference for stability — which is the opposite of what you need if you’re trying to start something from scratch. The startup scene is still maturing, and a lot of venture capitalists are hesitant to back early-stage companies, preferring more established businesses instead.
There’s also the matter of Japan’s “no-risk” mentality. Many people, particularly those in the older generation, still view failure as something to be avoided at all costs. This can create a challenging environment for entrepreneurs who need to fail fast, pivot, and try again — all things that are often part of the startup journey.
That said, things may be slowly shifting. For the first time in decades, Japan is exiting its ultra-low interest rate era — a sign that the country’s long-stagnant economy might be turning a corner. With inflation creeping in, wages rising, and the central bank finally confident enough to raise rates, there’s hope that a more dynamic economic environment could emerge. While monetary policy alone won’t fix Japan’s conservative startup culture, it might loosen the grip of risk-aversion in capital markets — nudging both investors and institutions toward a more innovation-friendly mindset.
My Own Hokkaido Adventure
Now, back to my story. Without so much as a change of underwear (thanks to my missing luggage), I rushed to the next plane. After landing in New Chitose, I hopped on a train to Sapporo, the vibrant city known for its snow, skyscrapers, and startling cleanliness. Seriously, this place is pristine. And, oh yeah, it snows like 10 meters a year. You’ve got to love a place that can pull off that much snow without breaking a sweat.
The next day, we kicked off an excursion with a group of VIPs, and suddenly, I found myself next to someone at a red light who bizarrely spoke Norwegian. “Are we heading to the same bus?” I asked. Turns out, these were the founders of TuniSea, a startup that’s turning marine invertebrates into a delicacy (yes, really). And then there was Ruben Brands of Sea02, a startup tackling one of the most critical challenges of our time: ocean carbon capture. What absolute legends.
Three hours later, we were all in the heart of backcountry skiing bonanza Niseko , exploring traditional Japanese dining spots, visiting local distilleries, soaking in Onsen hot springs, and experiencing the legendary “Ja-pow” (that’s Japanese powder snow, for the uninitiated). It was an unforgettable experience.
The Scale-up Simulation: Making Deals, Fast
But let’s be clear — we weren’t there just to have fun. There was serious business to be done. The big day arrived for running the “Scale-up!” simulation, where we threw a group of founders, investors, and ecosystem players into a high-speed, high-stakes board simulator designed to mimic startup fundraising.
At first, things were slow. The participants were still getting used to the idea of building deals, and we were all kind of tiptoeing around the board. But soon enough, the lightbulbs went on. It became clear that if you want to survive in the startup world, you need to make deals — and you need to make them fast. The simulation started ramping up quickly as founders learned that speed was the name of the game.
Now, I think this is an extremely interesting observation because having worked with over 200 founding teams over the years, I see this mistake over and over again; founders are not working quickly enough with the process of fundraising. Instead, they drag their feet up until they are running low on cash which is the worst time to be asking anyone for money. Also, once they finally do finish the raise they kick back and focus on more “important” issues up until they’re too low on cash again, and the whole circle starts again.
Another observation: once participants realized they could combine investor cards, they suddenly became much more creative in dealmaking. And that’s the beauty of Scale-up! You can simulate a process that would otherwise take you 3-4 years to wrap your head around.
In any case. what was truly fascinating was how, regardless of cultural background or experience level, the participants began to recognize the value of a good deal and a sound capital strategy. The competition became fierce as everyone rushed toward startup greatness and world domination. It’s almost as if the mindset of speed and deal-making transcended borders and ecosystems — everyone was on the same page, working toward the same goal.
Closing Thoughts: Breaking Through Cultural and Entrepreneurial Barriers
Ok, so the takeways: Despite Japan’s challenges — a stifling economy, a “no-risk” culture, and a venture capital scene that might be described as “still in beta” — something magical happens when you toss all these barriers out the window and just let people play a high-speed startup simulator.As we simulated the chaotic, deal-making frenzy of startup life, it became clear that speed and capital strategy transcend culture. The moment you throw a bunch of hungry founders into the mix, let them loose on the “Scale-up!” simulator, and watch them scramble for investment rounds, the playing field levels out — and very quickly, it’s all about who can spot a good deal before the other guy does. It was like Shark Tank, except with way more caffeine, fewer sharks, and more snow.
And then, of course, there was the sheer joy of cultural exchange — you know, that beautiful moment when you can almost hear the wheels of innovation turning as we all connected over a shared love of startup chaos. Sure, my luggage was still missing (thanks for that, Japan Airlines), and I was down to the clothes I had on my back, but none of that mattered.
Recommendations to the JP ecosystem
So what’s needed to unlock Japan’s startup potential? Three things stand out.
First, founders need to lead. As Brad Feld argues in Startup Communities, ecosystems don’t work unless entrepreneurs take charge. That means more than just building companies — it means organizing meetups, forming angel networks, getting corporates off the sidelines, nudging universities to spin out research, and fostering a culture where taking the leap is normalized. Bottom-up energy beats top-down plans every time.
Second, the capital needs to flow. Japan has no shortage of wealth, but too little of it finds its way into early-stage ventures. The government should grease the wheels with tax incentives and encourage institutional investors to take startup exposure seriously. If they want innovation, they’ll need to fund it — and fast.
Third, open the gates. Japan has a deep-rooted tradition of self-reliance and closed borders, but in startups, outsiders are often the spark. Some of the most dynamic ecosystems — from Silicon Valley to Berlin — thrive because immigrants bring hunger, fresh ideas, and a higher tolerance for risk. Japan should welcome entrepreneurial migrants and make it easier for them to start and scale companies here. Talent is global — Japan’s startup scene should be too.
A huge shoutout goes to Miho Tanaka, Kentaro Morita, Seiko Miura, and the rest of the Hokkaido Innovation Week team for pulling this off. You all somehow managed to get a bunch of diverse people in the same room, with no luggage, in a snowy wonderland, and made them believe they could solve all of Japan’s entrepreneurial challenges — one deal at a time. It was honestly a win for the ages. And let’s face it, with the high-speed, deal-making frenzy we unleashed, I think we might’ve been the real startup rocket fuel Hokkaido was looking for.
About Marcus Hølland Eikeland
Marcus is the Director of Program at LUMO Labs – a European VC who invests in deeptech solutions within health, education and climate. To date, he has had leading roles in other firms such as Katapult and Playbook 17, supporting over 150 founders in developing transformative solutions to some of the world’s most pressing challenges. Marcus also mentors at Stanford University, guiding the next generation of eco-preneurs as part of the Stanford Summer Ecopreneurial Immersion (Eco-SEI) program. He also serves on the selection committee, shaping the future of sustainable innovation at the Graduate School of Business.