Viewed from Silicon Valley, much of Japan’s industry looks like toast. Once-mighty Japanese consumer companies such as Sony, Canon and Panasonic are struggling to adapt to the digital age.
With the brutal reductionism favoured by his caste, one West Coast venture capitalist says corporate Japan faces an enormous challenge. “It’s like walking through a graveyard. Terrible demographics, no innovation, smacked around by the US, China and Korea.”
Viewed from Tokyo, which has long been more opulent than scruffy San Francisco, the outlook seems a lot less bleak. And in far more delicate terms, the champions of the Japanese model counter that Silicon Valley does not fully understand the significance of innovation. Which is more innovative: a ride-hailing app, which cleverly mashes up existing technologies, or an artificial spider silk that could revolutionise clothing?