How Japan will catch up: Powerful Innovation Consortium Formed
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How Japan will catch up: Powerful Innovation Consortium Formed

How Japan will catch up: Powerful Innovation Consortium Formed

Japanese industry and Government realises that harnessing the power of innovation will be a ‘must-do’ especially as it pushes ahead with its Society 5.0 policy.

Japan’s Major Companies Collaborative push to leverage individual strengths.

So the announcement in Tokyo just last month of the InnovationTech consortium of 40 major Japanese companies represents another step forward in ensuring Japan redevelops as a major innovation hub.

It is supported by ;

  • The Japanese Government’s Cabinet Office
  • METI (the Ministry of Economy, Trade and Industry)
  • MEXT (the Ministry of Education, Culture, Sports, Science and Technology)

The 40 companies include Japan’s international majors. The full list, along with further commentary, will be given in the upcoming AJBCC Japan Business Alert, subscribe here.

Japan’s natural Collaboration to develop Innovationtech

The purpose of this consortium is to build a new community to co-create and develop “innovationtech”. Led by these 40 companies, it will provide ample opportunity for collaboration to identify, enhance and apply the innovation technologies that they are individually developing.

It aims to provide better linkages across a range of industries to speed up the commercialisation and application of technology and processes.

The consortium companies will be assisted by a consultancy company which will be its secretariat. The secretariat will be proactive in evaluating available technologies amongst the member companies and identifying collaboration opportunities.

For the full list of participant companies, subscribe to our Japanese Business Alert.

While this may seem like a new and bold model (perhaps one that other countries could embrace) the Japanese companies have a lengthy experience in collaborative endeavours.

About Society 5.0 policy

The Japanese Government and industry have been active in examining the current impediments that are their slowing innovation progress. These include the slow rate of digitisation in Japan and the traditional business decision making process which, whilst considered and diligent, can be lengthy and is regarded as an encumbrance
to agility. Read example here.

Japan’s own developed “Society 5.0” policy co-named Transforming Digital Innovation has been developed to overcome social challenges, such as their aging population. It is envisioned that it will streamline labour intensive processes and increase productivity through autonomous systems, robotics and internet-based technologies. These innovations will lead to widespread societal changes across many sectors, including smart cities, security, health, aged care and government services to create a more liveable and sustainable environment.

Recent Society 5.0 or as it is dubbed Abenomics, after President Abe who has spearheaded this initiative. Image courtesy of the Japanese Government.