Mitsubishi UFJ Financial Group (MUFG) has launched a bold new tagline in the startup space: "Let’s amaze the world by innovation. " - a statement that reflects Japan’s growing momentum toward economic and societal transformation through collaboration between large corporations and startups.
At SusHi Tech Tokyo 2025, Hironori Kamezawa, President and Group CEO of MUFG, presented three distinct models of open innovation, outlining the financial group’s strategic approach to driving innovation in partnership with startups.
Following his presentation, Mamoru Kamemoto, Head of Business Co-Creation Division of MUFG, introduced concrete case studies of these collaborative efforts in action.
The session underscored a new face of Japanese enterprise—moving beyond its traditionally conservative image—and highlighted the role of startup collaboration in tackling pressing social challenges and shaping the future.
MUFG CEO Hironori Kamezawa on Driving Open Innovation through the 'Three Cs
When people hear the term "large Japanese corporations", many still associate it with being conservative or slow-moving. But according to Hironori Kamezawa, President and Group CEO of MUFG, the reality is quite different—and rapidly evolving.
"Japan today is advancing swiftly while responding to the demands of an ever-changing global landscape. Major Japanese companies are accelerating their growth by collaborating with startups that bring cutting-edge technologies and bold business models." said Kamezawa.
He emphasized that Japan is now entering a new era of growth, building on its strengths in economic and social stability. The country holds a competitive edge in a wide range of fields -including mobility, materials science, quantum computing, and environmental technologies - which are becoming fertile ground for innovation. Combined with proactive government policies, these factors helped Tokyo rank among the top 10 global startup ecosystems for the first time in 2024.
In this context, Kamezawa proposed "the Three Cs" as a framework to drive open innovation:
There are three key forms of open innovation.
The first is Collaboration, where large corporations partner with startups to create new value.
The second is Co-creation, where multiple large companies and startups work together to build new industries and value chains.
And the third is Contribution, which involves providing support to help startups scale and succeed. (Kamezawa)
Kamezawa’s message was clear: Japan’s major corporations are no longer standing still - they are actively reshaping their future through dynamic partnerships with startups.
MUFG’s open innovation framework, built around the "Three Cs", is far more than a conceptual model - it is grounded in tangible success stories that are reshaping industries.
As an example of Collaboration, CEO Hironori Kamezawa highlighted MUFG’s investment in Sakana AI, an AI startup founded just two years ago. Despite its short history, the company boasts world-class AI talent and has published groundbreaking research in journals such as "Nature". By combining MUFG’s vast data resources with Sakana AI’s technical expertise, the two are exploring the potential of cutting-edge AI applications.
For Co-creation, Kamezawa pointed to Space One, a company that launched Japan’s first privately operated rocket from a site in Wakayama Prefecture. In addition to providing capital, MUFG has supported the company by organizing business meetings with local manufacturers to address key challenges such as domestic rocket production and quality assurance. These efforts are helping to build an ecosystem that enhances the social value of Japan’s space industry.
As for Contribution, Kamezawa cited Timee, a startup that went public on the Tokyo Stock Exchange’s Growth Market last year. MUFG initially supported the company through debt financing, then assisted with large-scale fundraising, and finally provided IPO support. Kamezawa emphasized that MUFG continues to work with Timee even post-listing, for example through local employment creation programs - demonstrating a long-term, multifaceted commitment to startup growth.
To conclude his presentation, Kamezawa unveiled MUFG’s new tagline for its startup initiatives: "Let’s amaze the world by innovation. "
This message reflects MUFG’s intent to take innovation born in Japan to the global stage, in collaboration with startups.
"Creating this level of impact is not something MUFG can achieve alone. It requires close collaboration with all stakeholders in the startup ecosystem, " said Kamezawa. "I believe this message aligns perfectly with the philosophy of SusHi Tech Tokyo. "
Open innovation in Japan is no longer just an ideal or a vision - it is rapidly becoming a reality. The strong commitment of large corporations, combined with the energy of startups, is ushering in a new wave of transformative innovation.
Real-World Co-Creation and Strategic Solutions: Mamoru Kamemoto’s Perspective
Following Hironori Kamezawa’s keynote, Mamoru Kamemoto, Head of Business Co-Creation Division of MUFG, took the stage to share practical approaches to open innovation and real-world strategies for solving complex challenges.
"Promoting open innovation is essential not only to address various social issues, but also to accelerate Japan’s economic growth. We must foster a society where diverse stakeholders actively create new products and strategies,” Kamemoto emphasized.
Historically, many Japanese companies have grown by developing technologies in-house. But according to Kamemoto, solving today’s increasingly complex social challenges requires collaboration among diverse players with different strengths.
"Collaboration shouldn’t be limited to partnerships between large corporations and startups. It must also involve universities, government agencies, and a broader ecosystem of participants, " he said.
Kamemoto also outlined the key challenges to advancing open innovation in Japan. Cultural and operational barriers often hinder progress. For example, past successes can make organizations resistant to change, and slow decision-making processes can become bottlenecks. He also noted that sustainable social transformation cannot be achieved through isolated innovation alone - there needs to be a widespread shift in mindset and behavior across the broader industrial landscape.
Recognizing these issues, MUFG is developing new platforms aimed at bringing about meaningful change in Japan’s economy. One such initiative, Kamemoto explained, focuses on the use of AI and robotics in industrial plant operations.
"Companies operating large-scale industrial plants - such as those in oil & gas or chemicals -manage highly complex facilities and demand extremely high standards for technical reliability. Many of them also face shared challenges, such as aging infrastructure, " he noted.
Kamemoto’s remarks underscored MUFG’s commitment to not only supporting startups but also building ecosystems where collaboration can lead to scalable, long-term innovation that tackles pressing societal issues.
MUFG is actively partnering with startups that specialize in using AI and robotics across both construction and inspection sectors. These startups possess end-to-end capabilities - from hardware to data analytics and application development. MUFG plays a key role in connecting them with potential clients, helping to unlock their full market potential.
Another important initiative involves the "venture client model", a practical approach to open innovation. In this model, corporations identify their strategic needs and begin by purchasing startup solutions on a small scale, allowing them to validate products early and accelerate adoption.
"There are two major barriers to open innovation, " Kamemoto explained. "One is the debate over product quality and fit. The other is the slow pace of decision-making. "
MUFG sees the venture client model as an effective way to overcome these obstacles. But beyond understanding the model conceptually, the bank is actively building ecosystems that bring together various corporate functions and external partners to make it work in practice. For instance, MUFG has signed a strategic partnership with JR East and is also working closely with government agencies to expand this model across Japan.
One of the most notable aspects of MUFG’s strategy is its openness to collaboration with overseas startups. By building cross-border innovation networks, the bank is expanding the scope of social impact and economic growth it can help drive—beyond national boundaries.
In closing, Kamemoto stressed the importance of collaboration with a wide range of stakeholders in promoting open innovation.
"Success in open innovation goes beyond the relationship between large corporations and startups,” he said. “It requires building a broad ecosystem that includes universities, government institutions, and local communities. "
By mobilizing this diverse array of players, Japan’s open innovation efforts are now entering a new stage of evolution - one where collaboration becomes a true engine of societal transformation.
