Growth Hub #15 - Rethinking the Japanese exit: valuations, IPOs, and the rise of secondaries

The Growth Hub is our regular gathering for an open exchange on the realities of building and scaling ventures in Japan.

This session dives into a paradox of low valuations, pressure toward premature IPOs, and the near-absence of a functional secondary market.
Together, these shape a very different exit landscape from what founders might expect coming from the US or Europe.

To unpack this, we are thrilled to welcome Jordan Fisher, founder of Zehitomo and one of the most active voices pushing for the evolution of liquidity and secondary markets in Japan.
We'll cover:
Why Japanese startups IPO early and small - and whether founders even have a choice
What a secondary market is, why its absence matters, and what's being built to fill the gap
Concrete regulatory changes underway (TSE Growth Market reforms, FSA private market rules) and whether they'll actually move the needle
How the playbook changes for the next generation of founders if secondaries mature here
How to think about IPO timing beyond just hitting a revenue number
Why - despite higher barriers to entry and exit - Japan can still be a compelling place to build

This interactive discussion will be moderated by Francisco (Special Advisor, Shibuya City).
Conducted in English.

🗼 About Shibuya Startup Support

Shibuya Startup Support is an initiative by the Shibuya City Office to support startups looking to launch or expand in Japan. We provide guidance, visa and incorporation support, and access to a thriving local ecosystem.
✅ By attending this event, you agree to the Service Policy and Code of Conduct.
✅ By attending this event, you consent to being photographed or recorded for use in Shibuya Startup Support communications, including our website and social media channels.

🌱 About Tokyo Startup Lunch Club

We are a group of startup founders, investors and other people related to or interested in the startup scene, who gather every Tuesday at the Tokyo International Forum, starting from 11:30 AM to have lunch, share our experiences and discuss various topics in a casual environment.