This distinction underscores the fund’s identity as a wellness fund, as opposed to a health care fund. The WF’s ToC encapsulates a dual strategy: enhance wellness literacy and build social capital. While these terms may sound abstract, their practical implications are profound. Wellness literacy suggests empowering individuals with the knowledge and tools to make informed choices about their health. People with high wellness literacy can access and evaluate health information, make appropriate decisions about their own health, and take actions to live better. The WF’s second focus, building social capital, hints at something disruptive. By fostering connections between individuals, startups, and communities, the fund aims to fill the void left by Japan’s declining rural populations and fraying societal bonds. But social capital, by its nature, is a slow-growing asset; it takes time to build trust and connections. 35 Can a fund driven by the timelines of investors sustain the patience needed to see its impact mature? The SIIFIC’s four investment themes represent a deliberate departure from conventional health care funds. Themes like promoting behavioral change on the supply and demand sides of wellness and encouraging flexible connections between individuals aim to tackle system-level issues. However, it is the fourth theme—investing in startups to create regional jobs and vibrant communities—that challenges the boundaries of what a “wellness” fund can achieve. This focus on regionality and community reflects a holistic understanding that wellness extends beyond physical health to include economic stability, purpose, and opportunity. By investing in the startups themselves, rather than narrowly focusing on products or services, SIIFIC resists the temptation to chase quick wins. Instead, it fosters a broader ecosystem in which entrepreneurial energy can ripple outward. It is about creating the conditions for systemic resilience. Yet, it also poses a dilemma: How does one measure success when the outcomes extend across multiple dimensions—health, employment, and community vitality?
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Ten Years in the Making
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