are several reasons cited, including the lack of mentors (particularly female) to guide, support, and build power networks for women entrepreneurs. The currently entrenched patriarchal system makes it more difficult for women leaders to succeed—female CEOs are more likely to receive pessimistic questions compared to their male counterparts. Raising money as a female VC has been labeled “catastrophically” challenging, and other forms of male bias are evident during pitch sessions, where the same content is preferred when delivered by a man rather than a woman. Childcare responsibilities are seen as a woman’s responsibility. The Hataraku Fund and Wellness Fund—Innovation and Systems Change These complex challenges require innovative solutions to push against deeply ingrained norms. Two early efforts, the Hataraku Fund and Wellness Fund, are trying to tackle these systemic issues. Hataraku Fund In Japanese, “Hataraku” usually means “to work” but breaking it down into two words, “hata” and “raku” offers new meaning. “Hata” means “beside” and “raku” means “happy” or “at ease.” “Hata-raku” means “to make the people beside you at ease and happy.” The Hataraku Fund seeks to address Japan’s pressing social challenges—including the declining birthrate, aging population, and labor shortages—by investing in initiatives that enable people to maintain their careers even during significant life transitions, such as child-rearing or providing nursing care. Ultimately, the Hataraku Fund aspires to achieve its overarching goal of “creating diverse ways of working and living.” 13 Phase 1: Plan and Partner—Be Opportunistic, Find the Right Partners In 2019, while SIIF was considering launching a venture capital (VC) fund, then SIIF’s Head of Business Development, Fumi Sugeno, was approached—through what might be described as serendipity, karma, or common sense—by Chunmei Huang and Sayaka Takatsuka of Shinsei Bank Group (currently, SBI Group) to collaborate on launching Shinsei Bank Group’s second impact fund. In 2017, Huang and Takatsuka had launched within Shinsei Bank Group, the ¥500 million (about US$ 3.2 million) Japan Impact Investment I Limited Partnership known as the Childcare Support Fund (CSF). 14
94
Ten Years in the Making
Powered by FlippingBook