MORIOKA, Japan - Singapore-based venture capital firm Insignia Ventures Partners and the Iwate prefectural government have agreed to establish an academy in northeastern Japan to develop startup talent from across Asia, with Iwate expecting classes to begin within a few years.
Insignia's founding managing partner, Yinglan Tan, said he aims to make Iwate the "Davos of Asia" by 2036 by using artificial intelligence, referencing the Swiss town known for hosting the World Economic Forum's annual meetings.
"This is a first step in a long journey, but I want to bring you to one picture: The Davos of Asia," Tan told reporters after signing an agreement on the academy with Iwate Gov. Takuya Tasso on the sidelines of the Iwate International Innovation Convention in Morioka on Oct. 29, which gathered about 230 business leaders and investors from Japan and abroad.
Davos is recognized as a meeting place for global political and business leaders to discuss the world economy, geopolitical risks and emerging technologies. Like Iwate, it is also located in a heavy snowfall region.
In a video message addressing the convention, Prime Minister Sanae Takaichi said, "I hope this initiative will spur investment in and exchanges with Japanese startups from within Japan and abroad, leading to the formation of industrial clusters."
Iwate Gov. Tasso told Kyodo News he expects to hold the convention annually and, in partnership with the academy, establish connections between Iwate and networks and funding sources, including investment, from Asia and beyond.
Tasso said the opening is planned within two to three years, with Insignia Ventures Partners and Iwate officials looking to create a startup hub by attracting international talent to the broader Tohoku region. Both parties hope this will increase investment in Japan from fast-growing Southeast Asian economies.
Tan highlighted Iwate's unique strengths, including investment in a semiconductor supply chain centered on Kioxia Corp., a leading NAND flash memory manufacturer, and the global expansion of agricultural sectors such as Iwate beef, describing these as "gems" of the prefecture.
Tan sees opportunities in bringing government and industry leaders, researchers, and entrepreneurs to the convention, attracting talent through the academy, and collaborating with local companies.
The academy will use the former Towa High School site in Hanamaki, Iwate Prefecture, which closed in 2010, as the Iwate campus of the Singapore-based Insignia Ventures Academy.
While the Singapore academy is entirely online, Tan said, "We are working out the details with the Iwate government to have the physical campus open, because we believe that will be a better learning experience."
Tasso noted that instructors and students can enjoy Iwate's soothing hot springs and ski slopes, all set amid lush landscapes and a refreshing climate unlike Southeast Asia's.
Direct flights between Hanamaki Airport and Singapore would help stimulate the region's economy and support the academy's growth.
Insignia Ventures Academy has graduated over 250 participants from its 12-week core program focused on venture investing fundamentals.
Founded in 2017, Insignia Ventures Partners has invested in more than 90 companies in Indonesia, Vietnam, Singapore, and Taiwan, among other markets, and manages 1 billion Singapore dollars ($780 million) in assets.
