Transcript

One of the common criticisms of the Japan market is that companies can go public much earlier, and a lot of times they do. That's fair enough. However, this was actually the case before the 2000s, the.com boom and the subsequent regulations like Sovereign, Locksley, etcetera that made it expensive to go public. That never really happened in Japan. So why are stock option plans four years, right? It's because typically companies would go public within those four years in the US, right? So Netscape, Amazon, etcetera, etcetera. All went public very, very quickly. And so the situation in Japan is such that those hurdles that made it much more difficult to go public in EU never really came to Japan. But even then you can go public in the 10s of millions, maybe 100 million in market cap.