Prime Minister Fumio Kishida on Monday appointed economic revitalization minister Daishiro Yamagiwa to the newly-created post of minister in charge of startups as part of the government's innovation push it believes is critical to driving economic growth.
The government is scheduled to draw up a five-year plan by the end of this year to achieve a 10-fold increase in investment in startups. Yamagiwa will oversee the crafting of the plan.
"He will be in charge of coordinating administrative work among government entities to create an ecosystem for startups that will be compatible with the world, and achieve economic growth and solve social challenges," Deputy Chief Cabinet Secretary Seiji Kihara said at a press briefing.
Yamagiwa adds the new responsibility to his existing role of economic revitalization minister.
Kishida believes investing in startups is one of the keys to developing the new form of capitalism he envisages. The government aims to make it easier for such firms to raise funds by reviewing the initial public offering process and nurturing future entrepreneurs.
Kishida created another Cabinet post of minister in charge of green transformation, or GX, entrusting industry minister Koichi Hagiuda with the new job.