{"id":64,"date":"2007-02-23T23:59:52","date_gmt":"2007-02-24T05:59:52","guid":{"rendered":"http:\/\/www.techventurebusiness.com\/index.php\/archives\/64"},"modified":"2008-09-23T23:00:51","modified_gmt":"2008-09-24T06:00:51","slug":"%e3%82%b3%e3%83%bc%e3%83%9d%e3%83%ac%e3%83%bc%e3%83%88vc%e3%81%a8%e3%81%ae%e4%bb%98%e3%81%8d%e5%90%88%e3%81%84%e6%96%b9","status":"publish","type":"post","link":"https:\/\/www.techventurebusiness.com\/blog_jpn\/archives\/64","title":{"rendered":"\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8VC\u3068\u306e\u4ed8\u304d\u5408\u3044\u65b9"},"content":{"rendered":"

\u3069\u3046\u3082\u3002\u826f\u3044\u4e00\u9031\u9593\u3092\u904e\u3054\u3055\u308c\u305f\u3067\u3057\u3087\u3046\u304b\u3002\u4eca\u65e5\u306f\u58f2\u308b\u8a71\u304b\u3089\u305a\u3063\u3068\u6eaf\u3063\u3066\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u8a71\u3092\u3002<\/p>\n

\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30d9\u30f3\u30c1\u30e3\u30fc\u306b\u3068\u3063\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u65b9\u6cd5\u306f\u8272\u3005\u3068\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u4e2d\u3067\u3082\u5343\u5dee\u4e07\u5225\u3067\u5916\u304b\u3089\u306f\u3061\u3087\u3063\u3068\u89e3\u308a\u3065\u3089\u3044\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8VC(\u7565\u3057\u3066CVC)\u3001\u3064\u307e\u308a\u4e8b\u696d\u4f1a\u793e\u304c\u4e00\u4e8b\u696d\u3068\u3057\u3066\u30d9\u30f3\u30c1\u30e3\u30fc\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u308b\u5834\u5408\u306b\u3064\u3044\u3066\u89e6\u308c\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u524d\u56de\u30d0\u30d6\u30eb\u304c\u306f\u3058\u3051\u3066\u4e0d\u6cc1\u306b\u9665\u3063\u305f\u6642\u306b\u3001\u304b\u306a\u308a\u306e\u6570\u306e\u4e8b\u696d\u4f1a\u793e\u304c\u3053\u3046\u3044\u3063\u305f\u4e8b\u696d\u304b\u3089\u64a4\u9000\u3057\u305f\u306e\u3067\u3059\u304c\u3001\u73fe\u5728\u3067\u3082\u30a4\u30f3\u30c6\u30eb\u30ad\u30e3\u30d4\u30bf\u30eb\u3092\u7b46\u982d\u306b\u591a\u304f\u306e\u4e00\u6d41\u4f01\u696d\u304cVC\u90e8\u968a\u3092\u55b6\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n

\u8d77\u696d\u5bb6\u306e\u5074\u304b\u3089\u3059\u308c\u3070\u3001\u305d\u306e\u3088\u3046\u306a\u5927\u4f01\u696d\u306e\u304a\u58a8\u4ed8\u304d\u3092\u5f97\u308b\u3053\u3068\u306f\u6709\u96e3\u3044\u3082\u306e\u306e\u3001\u8fd1\u3059\u304e\u308b\u696d\u754c\u3067\u306f\u8cb7\u53ce\u306b\u8fd1\u3044\u5f62\u306b\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u308a\u3001\u305d\u306e\u4f01\u696d\u306e\u7af6\u5408\u3068\u306f\u30d3\u30b8\u30cd\u30b9\u304c\u3067\u304d\u306a\u304f\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u5fc3\u914d\u3057\u305f\u308a\u3001\u307e\u305f\u304b\u306a\u308a\u96e2\u308c\u305f\u696d\u754c\u3067\u306f\u8cc7\u91d1\u4ee5\u5916\u306b\u3069\u3093\u306a\u6709\u76ca\u306a\u30b5\u30dd\u30fc\u30c8\u304c\u5f97\u3089\u308c\u308b\u306e\u304b\u5206\u304b\u3089\u306a\u3044\u3067\u56f0\u60d1\u3057\u3066\u3057\u307e\u3046\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001CVC\u306e\u72d9\u3044\u3001\u771f\u306e\u30a2\u30b8\u30a7\u30f3\u30c0\u304c\u5224\u308a\u304b\u306d\u308b\u3068\u3044\u3046\u3001\u3061\u3087\u3063\u3068\u3057\u305f\u4e0d\u6c17\u5473\u3055\u3092\u611f\u3058\u3066\u3044\u308b\u8d77\u696d\u5bb6\u306f\u591a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n

\u305d\u3053\u3067\u3001\u672c\u65e5\u306eVentureBeat\u3067\u30a4\u30f3\u30c6\u30eb\u30ad\u30e3\u30d4\u30bf\u30eb\u306e\u53c2\u8b00\u304cWorking with a corporate VC \u2013 an insider\u2019s perspective<\/a>\u3068\u3044\u3046\u6709\u76ca\u306a\u30a8\u30f3\u30c8\u30ea\u30fc\u3092\u5bc4\u7a3f\u3057\u3066\u3044\u307e\u3057\u305f\u306e\u3067\u3001CVC\u304c\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3001\u3069\u306e\u3088\u3046\u306b\u4ed8\u304d\u5408\u3046\u3079\u304d\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u610f\u8a33\u3057\u3066\u3054\u7d39\u4ecb\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u2460Why do CVCs invest?\u3000\u306a\u305c\u4e8b\u696d\u4f1a\u793e\u304c\u6295\u8cc7\u3059\u308b\u306e\u304b\uff1f<\/p>\n

\u901a\u5e38\u306eVC\u3068\u7570\u306a\u308a\u3001CVC\u304c\u6295\u8cc7\u3059\u308b\u4e00\u756a\u306e\u7406\u7531\u306f\u6226\u7565\u7684\u306a\u6839\u62e0\u304b\u3089\u3067\u3042\u308b\u3002\u4f55\u3089\u304b\u306e\u6226\u7565\u7684\u306a\u7406\u7531\u7121\u3057\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u306f\u6975\u3081\u3066\u307e\u308c\u3067\u3042\u308b\u304c\u3001\u6226\u7565\u7684\u3068\u4e00\u8a00\u3067\u8a00\u3063\u3066\u3082\u305d\u306e\u5f62\u306f\u69d8\u3005\u3067\u3042\u308b\u3002\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u4f8b\u3068\u3057\u3066\u306f<\/p>\n

(a) to support a thriving ecosystem around the parent\u2019s core products e.g. software stacks, display technologies and power innovations.
\n\u81ea\u793e\u306e\u30b3\u30a2\u30d7\u30ed\u30c0\u30af\u30c8\u306e\u751f\u614b\u7cfb\u3092\u7e41\u6804\u3055\u305b\u308b\u305f\u3081<\/p>\n

(b) a proxy for inorganic growth
\n\u8cb7\u53ce\u3068\u540c\u69d8\u306b\u6295\u8cc7\u5148\u304c\u81ea\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u6210\u9577\u306b\u5bc4\u4e0e\u3059\u308b\u3088\u3046\u306b\n<\/p>\n

(c) a market development tool , e.g. \u2018planting the VC flag\u2019 in new regions and geographies\u3000\u65b0\u3057\u3044\u56fd\u3084\u5730\u57df\u306e\u5e02\u5834\u958b\u767a\u306e\u305f\u3081<\/p>\n

(d) an eyes-and-ears tool to identify and nurture emergent technologies or foster new trends or business models
\n\u65b0\u8208\u6280\u8853\u306b\u30a2\u30f3\u30c6\u30ca\u3092\u306f\u3063\u305f\u308a\u3001\u65b0\u305f\u306a\u30c8\u30ec\u30f3\u30c9\u3084\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u52a9\u6210\u3059\u308b\u305f\u3081<\/p>\n

(e) a \u2018gap-filler\u2019 which approximates to outsourced R&D but with an end customer-centric goal
\n\u9867\u5ba2\u306e\u8996\u70b9\u304b\u3089\u81ea\u793e\u306e\u8db3\u308a\u306a\u3044\u90e8\u5206\u3092\u88dc\u3046\u3044\u308f\u3070R&D\u306e\u30a2\u30a6\u30c8\u30bd\u30fc\u30b9\u3068\u3057\u3066<\/p>\n

(f) a conjoined source of positive returns (financial in addition to strategic)
\n\u6226\u7565\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u306b\u4ed8\u968f\u3057\u305f\u7d4c\u6e08\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u3068\u3057\u3066<\/p>\n

\u77e5\u308b\u7bc4\u56f2\u3067CVC\u5404\u793e\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u7279\u5fb4\u3092\u8ff0\u3079\u308c\u3070:
\n\u30fb Cisco\u3068Cadence\u306f\u901a\u5e38\u8cb7\u53ce\u306e\u5e03\u77f3\u3068\u3057\u3066\u6295\u8cc7\u3059\u308b
\n\u30fb IBM\u3068Microsoft\u306f\u3082\u306f\u3084\u76f4\u63a5\u306b\u6295\u8cc7\u306f\u3057\u3066\u304a\u3089\u305a\u3001VC\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3092\u3057\u3001\u305d\u306eVC\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4f01\u696d\u306b\u30d3\u30b8\u30cd\u30b9\u30c7\u30a3\u30d9\u30ed\u30c3\u30d7\u30e1\u30f3\u30c8\u306e\u30b5\u30dd\u30fc\u30c8\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b
\n\u30fb Samsung Ventures\u3068Motorola Ventures \u306f\u901a\u5e38\u30d7\u30ed\u30c0\u30af\u30c8\u30b0\u30eb\u30fc\u30d7\u3068\u306e\u4f55\u3089\u304b\u306e\u30d3\u30b8\u30cd\u30b9\u4e0a\u306e\u5951\u7d04\u3092\u8981\u6c42\u3059\u308b
\n\u30fbIntel Capital\u306f\u3069\u306e\u3088\u3046\u306bVC\u3084\u30d9\u30f3\u30c1\u30e3\u30fc\u3068\u5354\u50cd\u3059\u308b\u304b\u306f\u30d5\u30ec\u30ad\u30b7\u30d6\u30eb\u3067\u3042\u308b\u304c\u6295\u8cc7\u3057\u305f\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u3053\u3068\u306f\u7a00\u3067\u3042\u308b\uff08\u5168\u4f53\u306e1%\u7a0b\uff09<\/p>\n<\/blockquote>\n

\u2461How do CVCs add value?\u3000CVC\u306f\u6295\u8cc7\u5148\u306b\u3069\u306e\u3088\u3046\u306a\u4ed8\u52a0\u4fa1\u5024\u3092\u63d0\u4f9b\u3059\u308b\u304b<\/p>\n

Extended reach
\n\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u4f01\u696d\u3068\u3057\u3066\u306e\u5e45\u5e83\u3044\u898b\u8b58\u3084\u77e5\u8b58\u3092\u63d0\u4f9b\u3057\u5f97\u308b\u3057\u3001\u307e\u305f\u30bb\u30fc\u30eb\u30b9\u3084\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u3001R&D\u3001\u30c1\u30e3\u30cd\u30eb\u3084\u9867\u5ba2\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3092\u63d0\u4f9b\u3067\u304d\u308b\u3002\u4f8b\u3048\u3070Intel Capital Technology Days (ITDs)\u306e\u3088\u3046\u306a\u30d7\u30ed\u30b0\u30e9\u30e0\u304c\u3042\u308a\u3001\u6295\u8cc7\u5148\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u3092\u30a4\u30f3\u30c6\u30eb\u306e\u9867\u5ba2\u306b\u7d39\u4ecb\u3059\u308b\u3053\u3068\u3067\u3001\u9867\u5ba2\u306b\u6709\u76ca\u306a\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u3092\u63d0\u793a\u3057\u4e14\u3064\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u65e9\u304f\u5e45\u5e83\u3044\u53ce\u76ca\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3042\u308b\u3002<\/p>\n

Consistent cash over time
\n\u901a\u5e38\u306eVC\u3068\u7570\u306a\u308a\u30e9\u30a6\u30f3\u30c9\u3068\u3044\u3046\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306b\u57fa\u3065\u3044\u305f\u6295\u8cc7\u3060\u3051\u3067\u306a\u304f\u3001\u7406\u306b\u304b\u306a\u3063\u305f\u7bc4\u56f2\u3067\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8cc7\u91d1\u3092\u63d0\u4f9b\u3067\u304d\u308b\u53ef\u80fd\u6027\u3082\u3042\u308b<\/p>\n

Being experts on deal terms as well as players
\nIntel Capital\u306e\u3088\u3046\u306a\u4f01\u696d\u306e\u5834\u5408\u3001\u3068\u3066\u3064\u3082\u306a\u3044\u6570\u306e\u4f01\u696d\u306b\u6295\u8cc7\u3057\u3066\u304d\u305f\u305f\u3081\u6295\u8cc7\u306e\u969b\u306e\u30bf\u30fc\u30e0\u3060\u3051\u3067\u306a\u304fIPO\u3084M&A\u306e\u77e5\u8b58\u30fb\u7d4c\u9a13\u3082\u84c4\u7a4d\u3055\u308c\u3066\u3044\u308b\u3002\u307e\u305f\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u3060\u3051\u3067\u306a\u304f\u3001\u81ea\u5206\u9054\u304c\u8cb7\u53ce\u3092\u884c\u3046\u4f01\u696d\u3067\u3042\u308b\u304c\u3086\u3048\u306b\u3001\u8cb7\u53ce\u3092\u884c\u3046\u5074\u306e\u7fd2\u6163\u3084\u8cb7\u53ce\u5148\u306e\u6bd4\u8f03\u7b49\u306e\u70b9\u3067\u7570\u306a\u308b\u8996\u70b9\u3092\u63d0\u4f9b\u3067\u304d\u308b<\/p>\n

\u2462How to Navigate the Corporate VC (and Build Value) CVC\u3068\u3069\u306e\u3088\u3046\u306b\u4ed8\u304d\u5408\u3046\u304b<\/p>\n

(a) Learn the investment strategy
\nCisco, Siemens, Comcast, Motorola, Adobe, Intel Capital, Google, TransCosmos, Pfizer, etc. CVC\u5404\u793e\u306e\u6295\u8cc7\u6226\u7565\u306f\u7570\u306a\u308b\u3002\u305d\u308c\u305e\u308c\u306e\u7279\u5fb4\uff08\u6295\u8cc7\u5bfe\u8c61\u3001\u52d5\u6a5f\u3001\u6295\u8cc7\u3059\u308b\u30b9\u30c6\u30fc\u30b8\u3001\u30dc\u30fc\u30c9\u30e1\u30f3\u30d0\u30fc\u306e\u7acb\u5834\u3092\u8981\u6c42\u3059\u308b\u304b\u7b49\uff09\u3092\u826f\u304f\u7406\u89e3\u3059\u308b\u3053\u3068\u306f\u3001\u3044\u3064\u306e\u6642\u70b9\u3067\u3001\u307e\u305f\u3001\u3069\u306e\u3088\u3046\u306a\u7acb\u5834\u3067CVC\u306b\u51fa\u8cc7\u3092\u4fc3\u3059\u304b\u3092\u6c7a\u3081\u308b\u306e\u306b\u5f79\u7acb\u3064\u3060\u308d\u3046<\/p>\n

(b) Value the process in the CVC and its parent
\n\u81ea\u5206\u9054\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u3068\u7570\u306a\u308a\u3001\u975e\u5e38\u306b\u5f62\u5f0f\u3070\u3063\u3066\u52d5\u304d\u304c\u9045\u304f\u898b\u3048\u308bCVC\u306e\u30d7\u30ed\u30bb\u30b9\u306b\u30a4\u30e9\u30a4\u30e9\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u3060\u308d\u3046\u304c\u3001\u305d\u306e\u30d7\u30ed\u30bb\u30b9\u306fCVC\u3084\u89aa\u4f01\u696d\u306b\u3068\u3063\u3066\u7406\u306b\u304b\u306a\u3063\u305f\u91cd\u8981\u306a\u3082\u306e\u3067\u3042\u308b\u3002\u5c0a\u91cd\u305b\u3088\u3002<\/p>\n

(c) Do your due diligence on the CVC
\nCVC\u306b\u5bfe\u3057\u3066\u30c7\u30e5\u30fc\u30c7\u30a3\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u3057\u81ea\u5206\u9054\u306b\u3069\u306e\u3088\u3046\u306a\u5f97\u304c\u3042\u308b\u304b\u3092\u898b\u6975\u3081\u3088\u3002\u306a\u305c\u305d\u306eCVC\u304b\u3089\u306e\u51fa\u8cc7\u3092\u5fc5\u8981\u3068\u3057\u3066\u3044\u308b\u306e\u304b\u3092\u660e\u78ba\u306b\u4f1d\u3048\u3001\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u4f55\u304c\u3067\u304d\u3066\u3067\u304d\u306a\u3044\u304b\u306e\u671f\u5f85\u3092\u4e88\u3081\u4f1d\u3048\u3088\u3002\u81ea\u793e\u304c\u4fa1\u5024\u3092\u5275\u9020\u3057\u6210\u9577\u3059\u308b\u306e\u306b\u4f55\u304c\u5fc5\u8981\u306a\u306e\u304b\u3092\u306f\u3063\u304d\u308a\u3068\u8a8d\u8b58\u3059\u308b\u3053\u3068\u304c\u307e\u305a\u306f\u91cd\u8981\u3060\u3002<\/p>\n

(d) Find the right investment professional
\n\u7a4d\u6975\u7684\u306b\u30cd\u30c3\u30c8\u30ef\u30fc\u30ad\u30f3\u30b0\u3092\u3057\u3066\u3001\u81ea\u793e\u306b\u30d4\u30c3\u30bf\u30ea\u306e\u6295\u8cc7\u5bb6\u3092\u63a2\u3059\u3053\u3068\u3002CVC\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306f\u5e83\u3044\u306e\u3067\u305d\u306e\u4f01\u696d\u304c\u3042\u308f\u306a\u304f\u3066\u3082\u4ed6\u306e\u4eba\u3092\u7d39\u4ecb\u3057\u3066\u304f\u308c\u308b\u3053\u3068\u3082\u3042\u308b\u3060\u308d\u3046\u3002<\/p>\n

(e) Solicit their input
\n\u6226\u7565\u3084\u4e3b\u8981\u306a\u53d6\u5f15\u3001\u7279\u8a31\u7533\u8acb\u3001\u30a4\u30f3\u30d5\u30e9\u306e\u62e1\u5f35\u306a\u3069\u3001\u69d8\u3005\u306a\u3053\u3068\u306b\u5bfe\u3059\u308b\u610f\u898b\u3092\u6c42\u3081\u3088\u3002CVC\u306f\u81ea\u793e\u306e\u6301\u3064\u591a\u69d8\u306a\u30ea\u30bd\u30fc\u30b9\u3092\u99c6\u4f7f\u3057\u3066\u30a2\u30a4\u30c7\u30a3\u30a2\u3092\u63d0\u4f9b\u3057\u305f\u308a\u88fd\u54c1\u958b\u767a\u3084\u554f\u984c\u89e3\u6c7a\u306b\u529b\u3092\u8cb8\u3057\u3066\u304f\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\n

(f) Keep updated
\n\u30aa\u30d6\u30b6\u30fc\u30d0\u30fc\u3084\u30dc\u30fc\u30c9\u30e1\u30f3\u30d0\u30fc\u306b\u306a\u3063\u305f\u62c5\u5f53\u8005\u3092\u901a\u3058\u3066\u3001\u672c\u793e\u306e\u95a2\u4fc2\u3059\u308b\u4e8b\u696d\u90e8\u3084\u7814\u7a76\u6240\u3067\u3069\u3093\u306a\u3053\u3068\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u304b\u306e\u60c5\u5831\u3092\u5f97\u3088\u3002\u5b9a\u671f\u7684\u306b\u62c5\u5f53\u8005\u3068\u4e00\u5bfe\u4e00\u3067\u6253\u3061\u5408\u308f\u305b\u306e\u6a5f\u4f1a\u3092\u6301\u3064\u3068\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n

\u304b\u306a\u308a\u9577\u304f\u306a\u308a\u307e\u3057\u305f\u304c\u3001\u5982\u4f55\u3067\u3057\u3087\u3046\u3002\u3061\u3087\u3063\u3068\u5ba3\u4f1d\u3082\u5165\u3063\u3066\u3044\u307e\u3059\u304c\u3001CVC\u5074\u306e\u610f\u898b\u3092\u3053\u306e\u3088\u3046\u306b\u805e\u304f\u306e\u306f\u4e2d\u3005\u6709\u76ca\u3060\u3068\u601d\u3044\u307e\u3059\u3002CVC\u306e\u5834\u5408\u3001\u672c\u793e\u306e\u696d\u7e3e\u3084\u30d3\u30b8\u30cd\u30b9\u306e\u65b9\u5411\u8ee2\u63db\u306a\u3069\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3042\u308a\u3001\u901a\u5e38\u306eVC\u306e\u3088\u3046\u306b\u9577\u671f\u7684\u306b\u30b5\u30dd\u30fc\u30c8\u3057\u3066\u3082\u3089\u3048\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3068\u3044\u3046\u96e3\u70b9\u306f\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4e0a\u8a18\u306b\u6319\u3052\u3089\u308c\u305f\u3088\u3046\u306a\u3001\u4e8b\u696d\u4f1a\u793e\u3068\u3057\u3066\u306e\u77e5\u8b58\u3084\u5e02\u5834\u30ea\u30fc\u30c1\u306a\u3069\u69d8\u3005\u306a\u5229\u70b9\u3082\u3042\u308b\u308f\u3051\u3067\u3059\u3002\u305d\u3057\u3066\u5404\u793e\u306e\u601d\u60d1\u306f\u304b\u306a\u308a\u306e\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u904e\u53bb\u306e\u4e8b\u4f8b\u3092\u8abf\u3079\u305f\u308a\u3001\u5b9f\u969b\u306b\u6295\u8cc7\u3092\u53d7\u3051\u305f\u3053\u3068\u304c\u3042\u308b\u4eba\u306b\u7d4c\u9a13\u3092\u805e\u304f\u306a\u3069\u3057\u3066\u3001\u826f\u304f\u8abf\u3079\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3057\u3087\u3046\u3002<\/p>\n

\u91cd\u8981\u306a\u306e\u306f\u3001\u81ea\u793e\u306b\u3068\u3063\u3066\u8cc7\u91d1\u8abf\u9054\u3092\u901a\u3058\u3066\u5fc5\u8981\u3068\u3057\u3066\u3044\u308b\u3082\u306e\u306f\u4f55\u304b\u3001\u3092\u30b7\u30d3\u30a2\u306b\u691c\u8a0e\u3057\u3066\u3001\u901a\u5e38\u306eVC\u3001CVC\u3001\u30a8\u30f3\u30b8\u30a7\u30eb\u3001\u305d\u306e\u4ed6\u653f\u5e9c\u6a5f\u95a2\u306e\u30b0\u30e9\u30f3\u30c8\u7b49\u3001\u69d8\u3005\u306a\u8cc7\u91d1\u63d0\u4f9b\u8005\u306e\u7279\u5fb4\u3092\u691c\u8a3c\u3057\u3066\u3001\u305d\u306e\u5fc5\u8981\u306a\u3082\u306e\u3092\u6700\u9069\u306a\u5f62\u3067\u63d0\u4f9b\u3057\u3066\u304f\u308c\u308b\u76f8\u624b\u3092\u9078\u3076\u3053\u3068\u3060\u3068\u601d\u3044\u307e\u3059\u3002\u78ba\u304b\u306b\u8cc7\u91d1\u8abf\u9054\u306f\u7c21\u5358\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3057\u3001\u81ea\u5206\u306e\u5e0c\u671b\u901a\u308a\u306b\u884c\u304f\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u304c\u3001\u81ea\u5206\u306e\u8981\u6c42\u3092\u3057\u3063\u304b\u308a\u3068\u628a\u63e1\u3057\u3066\u304a\u304f\u3053\u3068\u306f\u7121\u99c4\u306b\u306f\u306a\u3089\u306a\u3044\u306f\u305a\u3067\u3059\u3002\u632b\u3051\u305a\u304c\u3093\u3070\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u4eca\u65e5\u306f\u3053\u3093\u306a\u3068\u3053\u3067\u3002\u3067\u306f\u7686\u3055\u3093\u826f\u3044\u9031\u672b\u3092\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u3069\u3046\u3082\u3002\u826f\u3044\u4e00\u9031\u9593\u3092\u904e\u3054\u3055\u308c\u305f\u3067\u3057\u3087\u3046\u304b\u3002\u4eca\u65e5\u306f\u58f2\u308b\u8a71\u304b\u3089\u305a\u3063\u3068\u6eaf\u3063\u3066\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u8a71\u3092\u3002 \u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u30d9\u30f3\u30c1\u30e3\u30fc\u306b\u3068\u3063\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u65b9\u6cd5\u306f\u8272\u3005\u3068\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u4e2d\u3067\u3082\u5343\u5dee\u4e07\u5225\u3067\u5916\u304b\u3089\u306f\u3061\u3087\u3063\u3068\u89e3\u308a\u3065\u3089\u3044\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8V […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,2,7],"tags":[],"class_list":["post-64","post","type-post","status-publish","format-standard","hentry","category-funding","category--of-","category-7"],"_links":{"self":[{"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/posts\/64","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/comments?post=64"}],"version-history":[{"count":2,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/posts\/64\/revisions"}],"predecessor-version":[{"id":277,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/posts\/64\/revisions\/277"}],"wp:attachment":[{"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/media?parent=64"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/categories?post=64"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.techventurebusiness.com\/blog_jpn\/wp-json\/wp\/v2\/tags?post=64"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}