SUNNYVALE, Calif. and TOKYO, June 5, 2017 /PRNewswire/ -- Plug and Play announced today it will launch the first startup accelerator program in Tokyo this fall, partnering with Mitsubishi UFJ Financial Group (MUFG). Plug and Play is the world's largest accelerator, having worked with more than 6,000 startups and 180 official corporate partners. MUFG's core banking arm, The Bank of Tokyo-Mitsubishi UFJ, Ltd., a Plug and Play partner for 2 years, has picked up this initiative and has become the first partner of Plug and Play Japan. Japan represents the 10th country Plug and Play has entered internationally to create new entrepreneurship initiatives.
To date, Plug and Play has invested in over 600 companies that have continued on to raise $6 billion in venture funding. Plug and Play's biggest differentiator from other startup programs is their ability to connect startups and corporations. MUFG aims to use Plug and Play's ability to attract global startups to innovate in Japan.
"We are honored to be deeply involved in the establishment of Plug and Play Japan. I believe, for the development of startups, it is essential that we create a national-level infrastructure, collaborating with government, academia, and large corporations," says Saburo Araki, MUFG Group Head, Corporate Banking Business Group.
Plug and Play Japan will bring the first end-to-end innovation platform to Japan, supporting startups across all industries. It will source successful startups both locally and internationally to pilot their technology with Japanese corporations. Plug and Play currently partners with 33 Japanese corporations including Hitachi, Nissan, and Panasonic, but many struggle to integrate startup technology into their corporate culture.
"We see a significant untapped opportunity to create an ecosystem where innovators in Japan can collaborate and generate new solutions for Japanese corporations," says Phillip Vincent, Managing Partner of Plug and Play Japan. "By setting up shop in our Japanese partners' backyard, we hope to bridge the gap between Silicon Valley culture, innovation and the Japanese industry."
There has been a steady increase of co-working spaces and entrepreneurship initiatives in Japan, but on a very small scale. Plug and Play Japan will replicate the model from Silicon Valley, running several themed accelerator programs with a handful of partners. These 12-week programs connect startups, investors and corporations in the region and help catalyze collaboration between all parties.
For more information, visit http://japan.plugandplaytechcenter.com.
About Plug and Play Tech Center
Plug and Play is a global innovation platform. We connect startups to corporations and invest in more than 150 companies every year. Since inception in 2006, our programs have expanded worldwide to include a presence in 22 locations globally, giving startups the necessary resources to succeed in Silicon Valley and beyond.
With over 6,000 startups and 180 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 200 leading Silicon Valley VCs, and host more than 365 networking events per year. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com
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