With the development of the startup ecosystem, the venture capitalist profession is gaining increasing recognition. The number of venture capital firms (VCs) has increased over the past few years, but only a few are hiring new graduates.
Among them, JAFCO stands out as a pioneer, having consistently recruited new graduates for 40 years. Every year, new graduates knock on the doors of the venture capital industry. More recently, people from various other industries have been joining JAFCO Group ("JAFCO") as mid-career employees.
What is it that makes these people decide to join JAFCO? What is the allure of working as a venture capitalist, and what are the appealing aspects of JAFCO's organization? We spoke to three individuals to gain insights: Ms. Numata, who joined as a new graduate in 2005 and is now a chief capitalist, Ms. Yamazaki, who joined as a new graduate in 2022, and Dr. Miyabayashi, a mid-career hire who joined in 2022.
【Profile】
Tomoko Numata (Chief Capitalist)
Since joining JAFCO in 2005, Tomoko Numata has been a member of the Investment Division. She has experience in investments and exits in a wide range of industries and stages. Since 2010, her focus has been on startups that solve deep social issues in the domains of medicine, healthcare, and energy.
In April 2022 she was appointed as chief capitalist. She graduated from the Faculty of Economics at Hitotsubashi University.
Ryukichi Miyabayashi
Ryukichi Miyabayashi joined JAFCO in 2022. His responsibilities include startup investment in the Investment Division and operation of the Entrepreneurs-in-Residence program (EIR).
Prior to joining JAFCO, he launched a VC specializing in the IoT and DataTech fields. Before that, he was a senior director at Dentsu Inc. in the R&D Division, responsible for investment and business development primarily for Israeli technology companies. His track record in investment exits include Kudan (IPO), G-NEXT (IPO), and Newscred (M&A in the US).
Outside JAFCO, he serves on the board of the Japan Marketing Society, acting as a bridge between practical applications and academia. He is author of Cross-Cultural Understanding as a Management Strategy and Marketing Practice Textbook.
He holds a DBA from Hitotsubashi University and an MBA from IESE Business School.
Yuki Yamazaki
Yuki Yamazaki joined JAFCO in 2022. As a member of the Investment Division, she is responsible for identifying and executing investments in seed- and early-stage startups and providing post-investment support. Her major interests are in the fields of education technology, healthcare, sustainability, and entertainment.
Why a new graduate or mid-career hire would decide to join JAFCO
─ How did you come to join JAFCO?
Yamazaki During my college years, I worked as a resident assistant at a dormitory for international students. In that dormitory there were five other resident assistants, and three of them were involved in student entrepreneurship. I heard about startups and VCs from these individuals, which sparked my interest in startups.
When it came time to look for a job, I researched companies that were recruiting new graduates for venture capitalist positions. That's when I came across JAFCO. I applied and joined the company in April 2022.
Numata I was job hunting in 2004, a period that was known as the "ice age of job hunting," and my focus during that time was on supporting the challenges of people and companies. I had applied to various industries including finance and consulting, but I was not familiar with the VC industry. However, I received an email from a job information website saying that JAFCO is hosting a new graduate recruitment briefing session, so I became curious and decided to attend.
In JAFCO's venture investments, they support the growth of their portfolio companies, and it's only when these companies go public that they yield returns. It's a long-term commitment, but I found the prospect of working closely with entrepreneurs from the investment stage to IPO very appealing, as contributions directly translate into returns, and this led to my decision to join the company.
─ Dr. Miyabayashi, you joined JAFCO as a mid-career hire. Could you tell us about your journey?
Miyabayashi After starting my career as a new graduate at a marketing agency called Dentsu, I gained experience in investment and business development for startups from a corporate perspective, both domestically and internationally. Subsequently, I left the agency in 2020 and embarked on entrepreneurship centered around investment and acceleration. It was during this time that I had the opportunity to meet Mr. Miyoshi, who had recently become the president of JAFCO, through a mutual acquaintance. In our discussions, I became highly interested in JAFCO's new initiatives. Everything aligned perfectly and I joined JAFCO as a mid-career employee in 2022.
─ Ms. Yamazaki, in 2022, when you joined as a new graduate, there were likely other VCs that were also recruiting new graduates. Which aspects of JAFCO stood out to you the most?
Yamazaki In 2022, when I was conducting my job search, people were gradually becoming more aware of VCs. While there were not many VCs that traditionally recruited new graduates, around 2020, I noticed that there were more options becoming available.
There were differences in terms of fund size, investment amounts, and the stages of companies they invested in, and, within these options, I believed that JAFCO's 50-year history and its ability to provide continuous funding stood out.
─ It's been a year since you joined the company. Did your perception of the venture capitalist profession change in any way?
Yamazaki In terms of the job's responsibilities, it is very much in line with what I had in mind before joining. However, the actual experience has made me appreciate the weight of responsibility that comes with supporting the growth of startups.
Miyabayashi When it comes to working with startups, I realized that there's a big difference between venture capital primarily driven by financial returns compared to corporate venture capital which places a strong emphasis on fostering business synergies. In that sense, my image of venture capitalists has changed considerably since joining the company.
Moreover, JAFCO often plays the role of a lead VC in startup investments, which has brought to light the unique challenges and pressures associated with supporting entrepreneurs in this capacity. Being the lead VC in comparison to typical seed and follow-on investments brings a heightened sense of responsibility and pressure--a whole different level of commitment. This has deepened my respect for my colleagues who work at JAFCO as venture capitalists.
─ Ms. Numata, have there been any changes in the VC environment itself since you joined the company in 2005?
Numata When I joined JAFCO, the company was pursuing a "full-line investment" strategy, where they were investing in companies with the potential for rapid growth across different stages. However, following events like the Livedoor shock and the 2008 financial crisis, the IPO market contracted and the traditional approach was no longer as effective. The focus then shifted to a narrower approach of making investments more selectively. This transformation has contributed to what JAFCO is today, and I believe it has made our work more aligned with what is considered typical in the VC industry.
Comprehensive training, education, and organizational strength unmatched by others
─ What do you think is unique about JAFCO's training and education?
Numata What I feel is unique about JAFCO's education is the fact that, for the first year, you have a senior colleague dedicated as your instructor, guiding you in all aspects. They accompany you to appointments, teach you the methods for investment evaluations, and even provide guidance on how to think as a professional and how to deal with entrepreneurs. This level of support was invaluable. It was this environment that allowed me to grow as a venture capitalist from scratch.
Furthermore, the system has become even more robust, and for the first two to three years you will have an instructor with you throughout, adapting their support as needed, so newcomers shouldn't have anything to worry about in approaching JAFCO.
Yamazaki The onboarding training is well-structured, beginning with a month-long business etiquette program to instill fundamental professional skills. It covers various aspects, including Excel training and in-depth study sessions through case studies.
I believe that the knowledge and skills necessary to do well in the company are easily attainable after joining.
─ What aspects of JAFCO's organizational strengths have you noticed since joining as a mid-career employee?
Miyabayashi I currently have a role in explaining the Japanese VC market and introducing JAFCO to overseas institutional investors and VCs, and it makes me realize the high level of trust that people place in the company.
As a publicly listed company, JAFCO is committed to its role as a VC with a long-term view. The immense credibility that radiates from the unwavering confidence that JAFCO will continue to exist unchanged for the next 10 or 20 years is remarkable.
With a history of 50 years since its establishment, JAFCO has experienced both the good and the bad. I believe that the expertise and accumulated experience in generating stable performance as a financial asset, nurtured throughout this process, are significant strengths. Additionally, the mechanisms for supporting the investment portfolio are at a level that is difficult for many other VCs of similar scale to establish.
It might sound somewhat philosophical, but the company's ability to continuously reinvent itself despite having a long history is a significant strength. The fact that the leadership is always conscious of the idea of incorporating diversity from the outside for transformation is a major advantage of this organization.
Behind the calm facade, a passionate heart; Impressions of people working at JAFCO
─ I would like to ask you about the atmosphere within JAFCO. What kind of people are there in the company?
Miyabayashi When comparing it to my previous job, I can think of similarities as well as differences. In terms of similarities, there's the "quiet professional" mindset, an approach of putting the client first. Prioritizing our portfolio companies and entrepreneurs above all else, with the understanding that we should be in the background, was exactly the same as my previous job. The cultural is quite similar to what I experienced previously, and I actually felt comfortable with it when I joined.
On the other hand, the level of compliance awareness as a financial services company and the flatness of the organization are areas that differ greatly from my previous job. I was quite surprised by this.
Yamazaki If I were to describe my senior colleagues in about three key words, they would be "craftsmen," "passionate," and "unique." At first I thought it might be difficult talking to them, but when I went up to them and asked them to teach me they really went the extra mile. Their level of passion was about three times what I'd imagined.
Numata There are people here who have a very strong core, but they don't often display it openly. They have a strong "quiet professional" mindset, and they are quite disciplined.
Miyabayashi Although JAFCO is large in terms of organizational size for a VC, the internal culture is very flat. I think this is a reflection of the company's strengths and positive aspects as a professional group.
─ Finally, could each of you share what you aim to achieve within JAFCO in the future?
Yamazaki I want to maximize JAFCO's assets and accelerate investments to more and more companies.
Numata Personally, I want to be more involved in earlier-stage investments, particularly in the deep tech domain. JAFCO has abundant resources, and I want to make the most of them and commit to the success of the companies we invest in.
By doing so, JAFCO will catch more people's interest, making it easier to bring in more funding and people. I really hope we can create this kind of positive cycle.
Miyabayashi Simply put, I want to do work that my wife, daughter, and son can be proud of and say, "Daddy's job is cool!" Through the VC business, which supports entrepreneurs and new industries, I hope to continue to do work that can make my family proud.
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Photography: Shunichi Oda
Design: Asuka Itsumi
Planning: Mai Tokui (JAFCO) / Akiko Komiya (PRAS)
