The first Dutch ship arrived in Japan in the 17th century. It was called De Liefde, meaning love. Its arrival led to such strong links that, between 1639 and 1853, the Netherlands was the only European country allowed to trade with Japan.
This trade was not only in physical goods, but in art, culture and knowledge. This knowledge sharing continues to this present day – in the shape of data.
As a data company, this special historical relationship between both nations sprang to my mind in September, when I was informed that Suburbia had become the first ever Dutch startup to be selected for Fintech Business Camp Tokyo – an accelerator program run by the office of the mayor of Tokyo along with Accenture Japan.
Over the last few months, I have spent a lot of time understanding Tokyo and eating my weight in kashiage and yakiniku. Apart from gaining weight, I have also gained new perspectives into the Japanese market and made many valuable connections within the industry.
Many say it’s not easy for foreign firms to crack the Japanese market because of complex bureaucracy and cultural factors. This is precisely why the support of the Tokyo Metropolitan Government (TMG) and Accenture has been so valuable, in providing us with access to top domestic companies and counseling us on things big and small, including the intricacies of Japanese business etiquette!
We recently concluded the program with a pitch in front of members of TMG, media and some of Japan’s leading companies. We showed how our Amsterdam-based startup is building innovative technology to solve some of the biggest problems facing both data providers and data users. This technology transcends borders – we can process data from anywhere in the world and transform it into a rich source of insights.
Japan is interesting for us for several reasons. There is a growing shift from a cash-focused economy to contactless and payment apps, which will generate a flood of raw data. If collected and structured, properly and safely, this data has tremendous value. The Japanese government has already proposed policies to encourage the sharing of this ‘industrial data’ and companies are beginning to take notice. As the use of alternative data in investment decisions rises rapidly, Japan is uniquely positioned to leverage new data and use it to make better decisions for its large pension funds and asset management industry.
While we have been working with mostly early adopters based in Europe and the US, we are witnessing the global rise of alternative data, especially from the frontlines of great initiatives like the Fintech Business Camp. With four hundred years of history between the Netherlands and Japan, we hope to contribute to four hundred more.
-Hamza Khan, CEO, Suburbia