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"IPO is Not an Exit": The Nagoya Stock Exchange Discusses the "Small IPO" Option ― 6th Startup League Academy Digest Report ―
On November 26, 2025, the 6th "Startup League Academy" was held.
For this session, Yoshinori Sasaki, Executive Officer at Gaiax Co., Ltd. and a member of the steering committee, took the stage. He welcomed Mr. Junji Yamada from the Nagoya Stock Exchange (hereinafter referred to as NSE) as a guest for a talk session themed "Exit Strategies Beyond Growth." During the Value Up Session, two companies, Nefront Inc. and Vanishing Company Inc., took the podium for passionate pitches and mentoring focused on business growth.
■ Special Session: "Exit Strategies Beyond Growth — The NSE Option"
In the talk session, with Mr. Sasaki serving as moderator, a discussion unfolded regarding the diversity of the IPO market.
Mr. Yamada of the NSE explained that to dispel the image of "NSE = Local Market," regional restrictions were abolished in 2000, and there are now many listings from companies outside the three Tokai prefectures. He emphasized that unlike the Tokyo Stock Exchange (TSE) Prime market, which centers on foreign institutional investors, the NSE promotes a market concept focused on "individual investors." He highlighted that they strongly back post-listing fan-building through events like the "NSE IR Expo," one of Japan's largest IR events for individual investors.
Furthermore, while the TSE Growth market generally aims for a market capitalization of 10 billion yen, he noted that the NSE Next market allows for a more realistic "Small IPO" (market capitalization from several hundred million yen). He suggested that an IPO should not be viewed as a goal (exit) but as a new means of fundraising. Cases were also introduced where companies built a track record on the NSE before stepping up to the TSE.
■ Value Up Session by Nefront Inc.
Nefront Inc. pitched a system that integrates building blueprints and equipment information with AR technology, allowing for intuitive management within a spatial context. The presentation focused specifically on the efficiency of maintenance operations and a platform vision anticipating the future widespread adoption of smart glasses.
Experts praised their high technical capabilities but advised that by verbalizing the "WHY" (Why is Nefront doing this?), they could change their appeal to supporters and potential recruits. Additionally, the importance of visually presenting the "future norm" realized by smart glasses was pointed out, leading to a discussion on how to showcase specific use cases.
■ Value Up Session by Vanishing Company Inc.
Vanishing Company Inc. presented "Blut," a blood donation matching app for dogs and cats designed to solve the serious blood shortage in veterinary medicine. The service was born from the representative Mr. Toki's own experience with his dog's battle with illness, and the audience voiced sympathy for its high social significance.
Experts offered lively opinions regarding the sustainability of the business model. In addition to proposals for monetization through a "mutual aid system" linked with pet insurance or a crowdfunding-style approach, opinions were raised concerning the "means of transportation" (how to transport the donor) being the biggest hurdle after a match is made. Suggestions included introducing doctor cars to solve operational challenges. The importance of constructing logic around "where to start expanding the network" as a matching platform was also discussed.
■ Detailed Report and Event Energy on SNS!
Further details of the heated sessions will be shared in a detailed report to be published at a later date.
The latest information will be announced on our official X (formerly Twitter), so please follow us and wait for updates.
Official X Account:https://x.com/startupleaguejp
Also, please search the hashtag to see the real excitement of the day!
Recommended Hashtag:#StartupLeagueAcademy
■ ICT Startup League
This support program was launched in FY2023, sparked by the Ministry of Internal Affairs and Communications' "Startup Creation-type Germination Research and Development Support Project."
The ICT Startup League supports startups through four pillars:
1. R&D / Hands-on Support
Up to 20 million yen in R&D funds is provided in the form of a grant. Additionally, in hands-on support, the selection evaluation committee members who were involved in selecting the league members stay close after selection to promote growth. For companies that the evaluators felt they "absolutely wanted to select," a support system akin to "fandom" (Oshikatsu) is built, where the evaluators themselves provide continuous support, such as advice on business plans and offering growth opportunities.
2. Discovery & Incubation
We provide opportunities for learning and networking to encourage the business growth of league members.
We also deploy efforts to discover those aiming to start businesses in the future, aiming to expand the base.
3. Competition & Co-creation
It serves as a place for positive competition like a sports league, where startups learn together, improve themselves, and compete to win the necessary amount of funding (up to 20 million yen). We also provide a place for co-creation where league members collaborate to expand their businesses through various opportunities such as sessions by selection evaluation committee members.
4. Dissemination
We will broadcast the initiatives of league members in cooperation with the media! By letting many people know about the businesses, we aim to expand new matching and opportunity venues.
■ Related Websites
ICT Startup League
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Nagoya Stock Exchange, Inc.
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Nefront Inc. (LEAGUE MEMBER)
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Nefront Inc. (Official Site)
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Vanishing Company Inc. (Official Site)
