The Coral Capital Podcast
Coral Capital
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Welcome to the Coral Capital podcast, where we discuss startups, technology, and the future through the lens of Japan and Asia broadly. This is your typical VC podcast, with an atypical cross-cultural and multilingual flair. よろしくお願いします！
Available episodes
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Jul 9, 2023
#11: Grab President Ming Maa on Mission, Growth and Hyper-localization
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
This episode is a fireside chat with Ming Maa, the Group President of Grab. Initially established as a taxi-hailing app in Malaysia back in 2012, Grab has evolved into the leading super app in Southeast Asia and the region's first decacorn. It empowers the region's economy through a diverse range of services, including transportation, delivery, and finance. As President, Ming is responsible for corporate development activities, such as strategic partnerships and investment opportunities at Grab. Ming has over 12 years of experience in private equity investment at Softbank Group, Ancora Capital Management, and Goldman Sachs. During his tenure at Softbank, based in Tokyo, he oversaw investments in the ridesharing and e-commerce sectors, including Softbank’s Series D and Series F investments into Grab.
In this episode, we discuss:
* How Grab started as a for-profit, social enterprise
* What is a super app and how Grab approached its super app strategy
* What differentiated Grab from Kuaidi Dache and OlaCabs
* How hyper-localization wins customers and markets
* How Grab hyper localized to beat Uber
* Experimenting and measuring platform success
* Concentrating on the North Star
* Strategic investments through Grab Ventures
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Dec 19, 2022
#10: a16z General Partner Andrew Chen on The Cold Start Problem: How to Start and Scale Network Effects
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode we chat with _Andrew Chen_, General Partner at Andreessen Horowitz, where he invests in games, AR/VR, metaverse, and consumer tech startups. He is on the boards of Clubhouse, Substack, Z League, Sleeper, Snackpass, All Day Kitchens, Sandbox VR, Reforge, Maven, Practice, and others.
He is a prolific writer on user growth, metrics, and network effects at _andrewchen.com_ and has been cited on Wired, WSJ, and The New York Times.
In this episode we discuss a broad range of topics focused on his book, _The Cold Start Problem: How to Start and Scale Network Effects_, which was _just published in Japanese_. We cover:
* What motivated Andrew to write a book on “network effects”
* The power of network effects and and real-world examples
* Why it’s critical to identify the “hard side” of a network
* How Tinder solved the cold start problem
* Why Google+ didn’t take off despite enormous distribution channels
* What are the key metrics that signal network effects
* What was going on behind the scenes when Clubhouse went viral
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Dec 5, 2022
#09: Is Fusion The Future or Fantasy? Richard Pearson, Shutaro Takeda of Kyoto Fusioneering on Commercialization of Fusion Energy, and Why Japan Is Uniquely Positioned to Lead The Industry
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with _Richard Pearson, Chief Innovator & UK Director_ and _Shutaro Takeda, Chief Strategist_ at _Kyoto Fusioneering _(a Coral Capital portfolio company). Kyoto Fusioneering is a nuclear fusion startup founded in 2019.
Their business model is unique in that they develop and sell key components and technologies for fusion power plants to other companies focused on building the reactors themselves. Since they are selling the “picks & shovels” to those mining for fusion gold, they are able to generate revenue much earlier than other fusion startups.
Japan is uniquely positioned for this industry due to the fact that it has a wide-range of manufacturing and nuclear engineering expertise, as well as companies that can assemble equipment to cater to the needs of the global fusion industry.
In this episode we discuss:
* What is fusion is why it is the holy grail of clean energy
* Why nuclear fusion has yet to be commercialized
* How Kyoto Fusioneering is the Levi Strauss of the fusion industry
* The Japanese manufacturing companies that are behind the nuclear power industry
* Kyoto Fusioneering’s integrated testing facility for fusion power plants
* Advice for deep-tech founders aiming to build a global business
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Nov 22, 2022
#08: Sho Nakanose of GITAI on Building Space Robots, Business Opportunities In Space, and Why Japan Is Uniquely Positioned to Lead The Industry
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with _Sho Nakanose_, founder and CEO of _GITAI_ (a Coral Capital portfolio company). GITAI is a space robotics startup founded in 2016. Prior to founding GITAI, he successfully built and sold a tech company in India.
Since founding, GITAI has been able to recruit some of the best roboticists in Japan, including the key engineers from _SCHAFT_, the Japanese robotics company acquired by Google in 2013. In 2021, _GITAI’s autonomous robot arm successfully demonstrated two tasks in the International Space Station (ISS_): 1) assembling structures and panels for in-space assembly; and 2) operating switches & cables for intra-vehicular activity. GITAI aims to reduce human labor costs in space by more than 90%, similar to how SpaceX revolutionized the space industry by drastically reducing costs.
In this episode we discuss:
* GITAI’s three businesses: space stations, satellites and the moon
* Why it makes sense to send autonomous robots into space
* What are the space businesses that will take off in a short term and long term
* How agile development can reduce the cost of space robots
* Leveraging the talent pool in Japan
* Key ingredients to attract top talent
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Nov 8, 2022
#07: Sam Rosenblum of Haun Ventures on Crypto Regulations, Japan’s Crypto Environment, ETH Merge, and How Web 3 Differs From Web 2 Investing
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with _Sam Rosenblum_, a Partner at Haun Ventures. Haun Ventures is a crypto focused venture capital firm founded by former a16z Partner _Katie Haun_ in 2022 with a record $1.5 billion debut fund. Prior to Haun Ventures, Sam was a Partner at Polychain Capital, another leading crypto-focused investment firm. He was also an early team member at Coinbase, where he focused on business development, traveling across the globe to meet both government officials and crypto enthusiasts.
In this episode we discuss:
* Why Sam left Visa to join Coinbase, a fledgling startup with just 30 people
* Global crypto regulations, and how Japan compares
* Why Japanese authorities were so eager to learn about crypto early on
* Differences between Web 2 investments and Web 3 investments
* Will Ethereum ever surpass Bitcoin? Thoughts on “The flippening”
* When will the crypto winter end?
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Oct 25, 2022
#06: Should Startups Care About ESG? Kathy Matsui On Launching Japan’s First ESG-focused VC
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia.
In this episode, we chat with Kathy Matsui, General Partner of MPower Partners, Japan’s first ESG-focused VC founded in 2021. Most people will know her for coining the term "Womenomics" in her groundbreaking report published when she was at Goldman Sachs. Her research put gender diversity front and center of Japanese government policies in the years that followed.
She was chosen by The Wall Street Journal as one of the "10 Women to Watch in Asia" and was also named to Bloomberg Markets magazine’s “50 Most Influential” list in 2014.
In this episode we discuss:
* How and why Kathy came to Japan as a Japanese American
* Her experience working at financial institutions in Tokyo
* Why she loves Japanese office attire
* What drove Kathy to author her influential report on “_womenomics_”
* Changes Japan has seen in terms of women’s labor market participation
* Tailwinds to raise an ESG-focused fund in Japan
* Why startups should care about ESG
* Practical applications of ESG at startups
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Jul 24, 2022
#05: Ernie Higa, Godfather of Japan’s Pizza Delivery Market, Reflects On The History of Food Delivery
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Ernest M. Higa, Founder of Domino’s Japan, and essentially the godfather of pizza delivery in Japan.
In this episode we discuss:
* How and why Higa started Domino’s in Tokyo four decades ago.
* The assumptions people had about the Japan market.
* What was localized, and what was not.
* Online ordering in the early days of the internet.
* Future of food delivery and dining.
If you enjoy this episode, please make sure to follow us on_ Spotify_, Apple Podcasts, or Google Podcasts.
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Jun 12, 2022
#04: Japanese Unicorn SmartHR's Path To $1B ARR
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Takafumi Kurahashi, COO at SmartHR. SmartHR is the leading HR SaaS company in Japan. In 2021 they closed a JPY 15.6 billion (~$142.5 million) Series D, most of which was committed from global investors including Light Street Capital, Sequoia Capital Global Equities, Whale Rock, and other global institutional investors. The round valued the company at JPY 170 billion (~$1.6 billion).
In this episode we discuss:
* What it was like to join small Japanese startup 5 years ago and scale at T2D3 speed
* What foreign investors don’t realize about the Japanese startup ecosystem
* The culture and management styles that got them here
* Why $1B ARR is on the horizon
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
Disclaimer: The content of this podcast is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and opinions expressed are provided for general information purposes only.
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Apr 26, 2022
#03: Altos’ Han on How Korea Produced Coupang, Woowa Brothers, and Other Unicorn Startups
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Han Kim, the Managing Director and a co-founder of Altos Ventures. Altos Ventures was founded in 1996 with a $30M fund, and now manages more than $10B. Notable investments include Coupang, Woowa Brothers, Roblox and Toss. Coupang, a Korean e-commerce startup, was valued at over $100B at IPO last year.
In this episode we discuss:
* What it was like to invest in Coupang more than 10 years ago, and the evolution of the Korean startup ecosystem.
* What are the similarities between the Korean and Japanese startup ecosystems and societies?
* How Altos Ventures invested in Japanese startups Kyash and Soda.
* Advice to entrepreneurs in Japan.
If you enjoy this episode, please make sure to follow us on Spotify, Apple Podcasts, or Google Podcasts.
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Feb 8, 2022
#02: Y Combinator’s Michael Seibel on Startups in Japan and YC’s Globalization
Welcome to another episode of The Coral Capital Podcast, a show about startups, technology, and venture capital with a focus on Japan and Asia broadly.
In this episode, we chat with Michael Seibel, the Managing Director and CEO of Y Combinator (or, “YC”). YC, one of the top startup accelerators in the world, has invested in over 3,000 companies including Airbnb, Dropbox, Stripe, Reddit, Instacart, Docker and Gusto. The combined valuation of YC companies is over $400B.
Michael was the cofounder of two startups, Justin.tv and Socialcam. Socialcam sold to Autodesk in 2012 and Justin.tv became Twitch.tv and sold to Amazon in 2014. Michael graduated from Yale University with a BA in political science.
In this episode we discuss:
* What makes YC so special for founders
* How YC classes have become increasingly global in recent years
* Why there have only been 584 applications from Japan in YC’s 16 year history
* Why YC doesn’t (yet) invest in Japan domiciled companies (“Kabushiki Gaisha”)
* Why the domicile of the company may or may not matter!
* Why Japanese startups may struggle to compete globally
* How Japan’s startup environment is evolving
* Why software startups take the lion’s share of funding
If you enjoy this episode, please make sure to follow us on _Spotify_, _Apple Podcasts_, or _Google Podcasts_.
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Nov 1, 2021
#01: Light Street Capital's Gaurav Gupta On Why He Is Bullish On Startups In Japan
More and more global investors are starting to invest in Japanese tech. In this episode we interview Gaurav Gupta, Partner at Light Street Capital, a firm that has invested in Japanese tech companies since 2011. Their track record includes investments in Start Today (ZOZO), Monotaro, BASE, and Freee on the public side, as well as SmartHR's most recent Series D on the private side.
This episode covers:
* How he became a Partner at Light Street Capital
* How Japan's E-Commerce and SaaS penetration is behind other developed countries (and why there's opportunity)
* Why studying trends in other markets can help you identify opportunities elsewhere
* The unique dynamics of the Japanese tech industry
* Perspectives on SmartHR and why Light Street wrote a check
*Note that the introduction is in Japanese, but the conversation with Gaurav is in English.
日本のスタートアップに海外投資家からの注目と投資が集まり始めています。2011年と早い時…
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