Japanese small and medium-sized enterprises (SMEs) can now benefit from a new initiative launched by STAR, a platform that connects Japanese and overseas companies to foster mutual development. The goal of the initiative is to identify and support SMEs that have developed innovative products, processes, or bodies of knowledge. Furthermore, this project provides access to capital that SMEs can reinvest in their operations.
The STAR Project’s objective is defined as improving Japanese SMEs’ ability to market their products and technology. The project’s focus on creating an advanced ecosystem will allow Japan and its international partners to reap the benefits of new partnerships.
Through this programme, Japanese SMEs are able to better promote their high-quality products and technologies to companies abroad. Specifically, international firms may form partnerships with Japanese SMEs and purchase their products, technologies, and expertise. With the exchange of products or services benefits both parties, this will result in a win-win situation.
The ultimate goal of the initiative is to reinvigorate Japan’s and the world’s economies and provide a more secure future.
The inspiration behind the Star Project
Japan’s total score on the Global Innovation Index 2021 is lower than that of other countries, despite the country’s comparatively larger economy. The impetus for this plan was an effort to fully exploit Japan’s technological potential.
This indicates that the economy must address concerns that go beyond its technological capacity. Public relations looks to be one of these problems. By helping businesses become more innovative, STAR helps Japan optimise its technological capacity.
Many people misinterpret the Japanese cultural value of modesty as a lack of confidence when pitching their presentations. The STAR project believes that Japanese SMEs and companies with overseas contacts can have a greater impact on the global market if they improve their technological capabilities and public relations efforts.
STAR’s SME-focused approach
By focusing on SMEs, STAR hopes to attract both domestic and international companies. The platform will aggregate the products, technologies, and expertise of SMEs in an effort to attract overseas enterprices. It will help international businesses in a variety of ways to establish themselves in Japan and create successful new offerings. In addition, “Startupers Coin,” a token used by international businesses to pay for STAR’s services, will be accepted.
Small and medium-sized enterprises can reinvest the proceeds from the higher value of their products, technology, and expertise, particularly in international markets. STAR’s ultimate goal is to establish a globally sustainable economy, one that benefits not just Japan.
In addition, STAR has an AUCTION platform that promotes business deals between foreign enterprises and SMEs in Japan. To protect the integrity of AUCTION, the project will verify the legitimacy of all international companies that sign up to use the platform. Participants in the auction will be required to share relevant information about their businesses.
Once the company has been approved, it will be able to bid on Privileges in an auction format, as seen below. If a company wins a bid, it will be able to sell products that have been subject to confidential information.
