RIMIX, Ritsumeikan's social entrepreneurship support platform, was established in 2019 with the aim of seamlessly fostering students' entrepreneurial spirit rooted in their awareness of societal issues and nurturing individuals who actively work towards solving social challenges.
RIMIX was established to unearth, nurture, and support the unique ideas of the next generation of students and young learners. By doing so, it aims to create new value for society. JAFCO has been a collaborative partner in this initiative from the start.
In order to shed some light on the background of the RIMIX project and the future envisioned through this collaboration, we spoke with Mr. Sakai from Ritsumeikan University and Mr. Sato from JAFCO.
【Profile】
Katsuya Sakai, Director of Finance Department, The Ritsumeikan Trust
After graduating from Ritsumeikan University's College of Social Sciences, Mr. Sakai joined Ritsumeikan in April 2004. He has worked in various roles within the Finance Department and at Ritsumeikan Asia Pacific University. Since 2012, he has been responsible for asset management in the Finance Department. The launch of the RIMIX initiative in 2019 was a significant turning point that led to the establishment of the Entrepreneurship and Business Development Office in 2021. In 2020, he was transferred to the Human Resources Department, and in April 2022, he became the director of the Finance Department and General Planning Department (responsible for entrepreneurship and business development), a position he holds to this day.
Naoki Sato, Corporate Officer, Business Development Division, JAFCO Group Co., Ltd.
Since joining JAFCO in 1992, Mr. Sato has consistently been on the front lines of investment and exit activities. He has worked on a wide range of projects, from startup investments to buyout investments, not only IPOs but also numerous capital tie-ups and M&A activities with large companies. He became a partner in 2018. He oversees a team specializing in adding value to portfolio companies, contributing to refining JAFCO's role as a venture capital firm. He has been a corporate officer in charge of the Business Development Division since June 2022.
Ritsumeikan's aspiration to cultivate an entrepreneurial mindset
─ Could you tell us about the motivation behind starting Ritsumeikan's social entrepreneurship support platform, RIMIX?
Sakai Originally, I worked in the Financial Department of the Ritsumeikan Academy, managing and overseeing assets. During that time, I began contemplating how the values and assets held by the academy could be effectively linked to education and research. Seeking advice from faculty, alumni, and financial professionals, many pointed out that there was a significant number of Ritsumeikan University graduates who would start businesses with the purpose of addressing societal challenges. Upon reevaluation, I noticed there were indeed many students engaging in initiatives focused on solving social issues.
This being the case, I asked myself, "Wouldn't it be beneficial for the entire academy, including students, faculty, and alumni, to have a support system for initiatives aimed at solving social challenges?" In 2019 I decided to initiate such a system, integrating fund functions and seamlessly expanding educational programs.
─ Have there been similar initiatives at the university in the past?
Sakai I believe such initiatives are common in many universities. However, most of them tend to be confined to within specific faculties or seminars. RIMIX is an initiative that involves the two universities, four affiliated junior and senior high schools, and one elementary school owned by the Ritsumeikan Academy. I think it's the first time that an entrepreneurship and business promotion initiative spans everything from elementary school to university.
─ Please tell us how JAFCO became involved with RIMIX.
Sato Our relationship with Ritsumeikan University began when they invested in JAFCO's fund.
In the United States, universities play a significant role as investors in funds. While universities primarily seek returns, from the venture capitalist's perspective, collaboration with universities is inherently favorable. Universities provide a fertile ground for generating university-originated ventures and startups based on R&D. Additionally, the collaboration is conducive to fostering entrepreneurial awareness among young individuals.
Since the 2000s, in Japan, funds centered around national universities have been established, and support for startups by universities has become more active. While other universities prioritize the commercialization of research seeds, Ritsumeikan University was approaching students in an aim to create a mechanism for generating startups. We found this unique and it caught our attention.
I once invested in a company founded by an active university student in 2010. Although the company went through liquidation, the entrepreneur started a new venture and successfully achieved an IPO. Having witnessed such entrepreneurs up close, I recognized the significant potential in student entrepreneurs and decided to wholeheartedly cooperate with RIMIX.
Nowhere else can you get advice directly from a VC
─ Did you encounter any difficulties in setting up RIMIX?
Sakai At the outset, there was a sense of not knowing where to start, and we tackled each emerging issue one by one. Particularly challenging was getting internal organizations involved. Educational institutions (high schools, universities, etc.) often tend to have a vertical structure when segmented by grades, which can make it challenging to involve everyone at once. Therefore, in this aspect, we had to go to each school, explain what we wanted to achieve, and find teachers who resonated with our initiatives.
On the other hand, although alumni and people from financial institutions told us before the launch that they had the impression that many Ritsumeikan University graduates were starting businesses to solve social issues, initially, we had some anxiety about whether such individuals really existed. Yet, when we conducted the President's PITCH CHALLENGE contest for the first time in January 2020, despite a recruitment period of about just one month, we received applications from 15 groups. There were applications from across the university, making us realize that there was indeed a need for what we were trying to undertake.
─ In that sense, now four years since the launch, you must be feeling a sense of accomplishment.
Sakai It seems that Ritsumeikan as a whole has an impression of actively supporting startups. I do feel that such opportunities have increased and that there has been a gradual deepening of understanding towards the RIMIX initiative, including changes in the mindset of students.
Externally, I think people have the impression that Ritsumeikan as a whole is enthusiastic about supporting startups. In fact, I feel that such opportunities are increasing, and I think that the understanding of the RIMIX initiative is gradually deepening, including a change in the mindset of the students.
Sato I was involved in the President's PITCH CHALLENGE, which was held up to 2021, as a judge, and I feel that the level of presentations by students was improving every year. This, I believe, is a result of providing specific opportunities for setting goals, broadening the scope of challenges for students. Whether or not they go on to start a business, clarifying what they truly want to do to solve societal issues, and the ability to form connections with like-minded peers have become valuable assets in shaping future careers.
─ Regarding collaboration with JAFCO, what other aspects are there besides being a judge?
Sakai Originally, we wanted to involve many people in RIMIX. I reached out to Mr. Sato, with whom I was acquainted, for assistance, and he provided feedback on students' ideas. Since there are no opportunities within the academy to receive advice from a VC perspective, I believe this collaboration has proven exceptionally beneficial.
Sato Beyond the judging, JAFCO's venture capitalists have actively engaged with students, conducting workshops on business plan development and sharing success and failure stories in business. Additionally, there were interactions with actively successful entrepreneurs (JAFCO's portfolio companies).
Fostering an entrepreneurial mindset will lead to ecosystem development
─ RIMIX's deployment within the framework of integrated education from elementary to university seems to be a distinctive feature. How do you view the impact of this initiative on society?
Sakai As societal challenges become increasingly complex, I believe considering the option of starting new businesses only after becoming a university student is too late. One answer to this, I think, is integrated education.
Ritsumeikan is a comprehensive institution with two universities, four affiliated middle and high schools, and one elementary school. Many students attending the affiliated middle and high schools proceed to Ritsumeikan University or Ritsumeikan Asia Pacific University through internal advancement. I consider it crucial for the younger generation to seamlessly connect the awareness of challenges they felt during middle and high school to their university experience without interruption. In terms of maintaining continuous awareness of challenges and seamlessly linking efforts to address them, I believe integrated education is something effective.
─ What impact will RIMIX have on the development of the startup ecosystem in Japan? If you have any thoughts on this, I would love to hear them.
Sakai Recently, with the government announcing initiatives like the Startup Development Five-Year Plan, support for R&D to link research seeds to practical applications has become more active.
Through RIMIX, we've noticed a gradual increase in researchers who harbor the desire to contribute their research outcomes for the benefit of society. Continuous support to materialize these aspirations is indispensable for the development of the startup ecosystem. Another aspect that will become increasingly vital is talent development.
For example, due to RIMIX, we've seen a gradual increase in individuals choosing entrepreneurship as their path after graduation, not just opting for employment in companies. Nurturing students with an entrepreneurial mindset through such initiatives is likely to contribute to the medium-to-long-term development of Japan's startup ecosystem.
Sato It is essential to cultivate a mindset of venturing into new challenges to broaden the base of those considering entrepreneurship. I believe an educational approach is the most effective way to instill this mindset. From JAFCO's point of view, we want to continue contributing to creating a cycle of challenges alongside Ritsumeikan University.
Starting businesses is not the goal of entrepreneurship education
─ What are your thoughts on how entrepreneurship education in Japan ought to be?
Sakai While it has remained unchanged since the inception of RIMIX, I believe the goal of entrepreneurship education is not about starting a business. Instead, it is more crucial for RIMIX to instill an entrepreneurial mindset through various initiatives.
This is one area that has not changed since the beginning of RIMIX, but I believe that the goal of entrepreneurship education is not to start a business. Starting a business is not the goal, but it is more important to have students develop an entrepreneurial mindset through the various initiatives at RIMIX.
As an educational institution, we are responsible for guiding students into the world. Amid various options, including employment, further education, and entrepreneurship, our ultimate wish is for students to graduate and lead happy lives in whatever form that may take. Entrepreneurship education, in this sense, provides the catalyst for such opportunities.
Sato As Mr. Sakai was saying, not all students need to start a business. However, the students we engage with share a common passion and intensity to address societal challenges, something they cannot ignore. This fervor spreads, giving rise to new technologies and services that lead to significant transformations in society. Entrepreneurship education, in my opinion, is about providing students with hints and insights to discover something they are passionate about, encouraging them to contribute to solving societal issues and creating new ventures.
─ Lastly, what are your future prospects?
Sakai RIMIX, short for Ritsumeikan Impact-Makers Inter X (Cross) Platform, was conceived with the ambitious goal of fostering a dynamic environment where individuals can make a lasting impact on society through meaningful exchanges both within and beyond the Ritsumeikan community. Returning to the basics is crucial, given the increasing complexity of the world and the uncertain times we are in. To address societal challenges, it's essential to involve not only students and faculty but also various stakeholders such as large corporations, VCs, government bodies, and alumni in our initiatives. By doing so, I believe we can create significant value.
Sato In order to broaden the base of those willing to take on challenges, generating as many successes as possible is crucial. At JAFCO, we leverage knowledge from both successes and failures, sharing it to enhance the success rates and growth perspectives of our portfolio companies. JAFCO also offers an entrepreneurship preparation program called First Leap, where aspiring entrepreneurs, including students, can engage with JAFCO as entrepreneurs in residence to receive support in translating business ideas into actual ventures.
In the future, I hope RIMIX becomes even more vibrant, encouraging numerous students and potential entrepreneurs to step into new challenges without fearing risks. We aim to support the endeavors not only of startup entrepreneurs but also of talented individuals in large corporations and universities.
Voices of Graduates
Some participants in RIMIX have gone on to start businesses while still in university. We talked to Haruki Tabata, who, along with a team of engineers from Bangladesh, founded the company STEAH, which specializes in app and system development to solve societal challenges, about his experience participating in RIMIX.
─ Tell us what prompted you to participate in RIMIX.
Tabata I first participated when I was a sophomore in university. At that time, I was part of an international cooperation-oriented circle, and we were talking about starting a social business project. The opportunity arose when my friends and I decided to apply together for the President's PITCH CHALLENGE, which was the most accessible challenge at the time.
─ How was your experience?
Tabata Since it was a business contest, I felt that we needed to bring a more professional perspective compared to regular student activities. By participating, I learned logical thinking and how to approach business more effectively. It significantly changed how I perceive things.
Initially, I joined with friends from the circle with the mindset of thinking about a social business. However, the experience became a catalyst for developing an interest in business and entrepreneurship. Two years later, I participated again as a preliminary step to starting a business in earnest. I started my own business after that, and I believe that without RIMIX I wouldn't have considered entrepreneurship.
─ How did you feel it was different from a regular business contest?
Tabata About a year before starting my business, I participated in various business contests, and that's when I realized that RIMIX is very close to mentors and management. You can easily consult with them, and they can introduce you to mentors they know. There are mentors with whom you can communicate on an equal footing. It was a great help, and I think it's thanks to them that I was able to start a business. When I was a freshman, I didn't hear words like "startup" or "entrepreneurship," but by graduation, I was hearing them frequently. Thanks to RIMIX, I feel that the foundation for entrepreneurship has broadened.
Photography: Shunichi Oda
Design: Asuka Itsumi
Planning: Mai Tokui (JAFCO) / Akiko Komiya (PRAS)
