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K E I Z A I S O C I E T Y U S - J A PA N B U S I N E S S F O R U M Issue No. 259 November 20141CrowdFinancing:Moving BeyondKickstarterThursdayNov 20th, 2014By Phil KeysBy now, most everyone has heard ofcrowdfunding where groups of peoplefund a wide variety of projects. Completinga successful Kickstarter or IndieGoGodonation-based campaign is often anessential prerequisite for early funding fora startup. Yet, crowdfunding is becomingCrowdFinancing and an acceptedmainstream fund raising mechanism.CrowdFinancing is about to completelychange the world of fundraising aswe know it. In the United States, thepassing of the JOBS (Jumpstart OurBusiness Startups) Act brought a legalframework for CrowdFinancing and theJapanese government is also looking intoCrowdFinancing. Established industries,such as real estate, film, consumerproducts and solar, are now looking toCrowdFinancing as an essential fundingtool. As CrowdFinancing moves to themainstream, developments such as publicCrowdFinancing sites and broker dealerissues are arising as well. New opportunitiesin ancillary markets such as online escroware also appearing. Our panel will discussthese and other aspects of today’sCrowdFinancing environment.c on t inued o n pa g e 3

N o v e mb e r 2 0 1 4 e v e n t D e ta i l sK E I Z A I S O C I E T Y U S - J A PA N B U S I N E S S F O R U M CrowdFinancing November 20142Date and TimeThursday, November 20, 2014Registration/Networking — 5:30 p.m. – 6:00 p.m.Program — 6:00 p.m. – 8:15 p.m.Networking — 8:15 p.m. – 9:00 p.m.LocationWilson Sonsini Goodrich & Rosati650 Page Mill Road, Palo Alto, CA 94304.Ticket FeesEarly Bird Discount for first 30 — 15 by Sunday, November 2nd, 2014 (11:00pm)Regular Registration — 20 By Sunday, November 16th, 2014 (11:00 pm)Late Registration — 35 By Wednesday, November 19th, 2014 (12:00 noon)Walk-ins — 50 (SSeats are limited and may not be available)FoodIncluding sushi and beverages, will be served.Registration Websitewww.keizai.orgCorporate Sponsor MembersGold Corp Member:Procopio, Cory, Hargreaves & Savitch LLPSunBridge Corp.Union BankWilson Sonsini Goodrich & RosatiSilver Corp Member:Fenwick & WestNEC Networks and System IntegrationCorporation (NESIC)Tazan InternationalTeraoka & Partners LLPZL TechnologiesBronze Corp Member:Fukuoka Center For OverseasCommerce in America (FCOCA)IntraxIto En

Roger RoyseMichael RaneriKoji OsawaGene MasseyFeatured PanelistsPhil Keys (Moderator)K E I Z A I S O C I E T Y U S - J A PA N B U S I N E S S F O R U M CrowdFinancing November 2014cont inued from page 13Ag-Tech groups. He is a frequent speaker,writer, radio guest, blogger and panelistGene Massey is Chairman and CEO offor bar associations, CPA organizationsMediaShares and its subsidiary, QwikShares. and business groups. Roger is a NorthernThese companies offer innovativeCalifornia Super Lawyer and is AV Peercrowdfinance and crowdfunding solutionsRated by Martindale Hubbell and is afor marketing and transacting online stockrecipient of the Inter-continental Financesales. MediaShares’ methodology helps2013 500 Leading Lawyers Award. He is acompanies with online fans, customers,participating instructor of corporate law forand affinity groups raise capital by sellingthe Center of International Studies (Salzburg,their shares directly to their massive onlineAustria), has been an adjunct Professor ofcommunities. Gene is also known as anTaxation for Golden Gate and is a Fellow ofInternet marketing specialist and has owned the American Bar Association.and operated a Los Angeles advertising andPhil Keys is an Analyst for Blue Fieldmarketing company. Gene attended theStrategies. Blue Field Strategies is aUniversity of Georgia.strategic consulting firm working with USKoji Osawa, Ph.D. is managing principal,and Japanese companies in the telecom,Asia, and co-founder at Global Catalystmedia and technology sectors. Prior toPartners. Dr. Osawa was at MitsubishiBlue Field Strategies, Phil spent 14 yearsCorporation for 14 years and servedas a US correspondent for Nikkei Businessas division manager at MitsubishiPublications covering the technologyInternational Corporation (Palo Altoindustry in Silicon Valley. A graduate of theoffice). Dr. Osawa serves on the boards ofUniversity of California at Berkeley, Phil alsoVerient, and KargoCard and is the boardattended International Christian Universityobserver for Advanced Micro-Fabricationin Tokyo. Equipment (AMEC). He works closely withSoundHound. Dr. Osawa serves on theFounded inboards of several nonprofit organizations:1990, the KeizaiGlobal Catalyst Foundation, Keizai SocietySociety US-Japanand Digital Divide Data.Dr. Osawa receivedBusiness Forum is an all-volunteer businesshis BS in electronics from Keio University,and professional networking organizationJapan, and his Ph.D. in engineering frombased in the San Francisco Bay Area. One ofTohoku University, Japan.its primary purposes is to provide a venueMichael Raneri is Chairman and CEO offor programs that showcase specialists withVenovate Holdings. With more than 20 years expertise on issues critical to the successof experience in executive positions withof entrepreneurs and companies doingfour leading online brokerage firms, he isbusiness with Japan and the U.S. Please visituniquely qualified to help lead the nextwww.keizai.org for more information.generation of financial industry innovation.The Keizai Society’s theme for this year isMichael holds four patents for onlinebrokerage and email technology inventions. “2014: A Turning Point for US – JapaneseBusiness?” The next twelve monthsFrom his experience in early online stockmay prove a watershed moment in thetrading at Quick & Reilly, through helpingprogress of both Japanese and Japaneseto create Schwab.com and building Zeccointo a national brand, he has been using the US commerce. From the promising (albeitlatest technology to offer disruptive financial evolving) impact of “Abenomics” to theservices. Michael received a BS in Economics world’s choice of Tokyo as the venue forthe 2020 Olympics to the benefits thatand Sociology from Fairfield University.may accrue to Japan – U.S. partnerships byRoger Royse is the Founder of Royse Lawjointly developing high-growth emergingFirm. Royse Law Firm is a California business markets, 2014 will be a fascinating andand tax law firm. Roger is an organizer of the perhaps transformational year for US-JapanSilicon Valley Foodtech and Silicon Valleyrelations and business.

K E I Z A I S O C I E T Y U S - J A PA N B U S I N E S S F O R U M November Article November 2014Personal Finance in Japanand the USArgument – The Japanese are incredibly behindthe USSpeaking of credit cards, Japan is definitely behindthe US, and also falling behind other Asian countriesBy Joe Quinlanlike South Korea. Even today in Japan, some majorSpeaking of finance, are the Japanese eitherfamily restaurant chains (e.g. Joyful in Kyushu) willincredibly ahead of, or incredibly behind the US innot take credit cards. You have to pay in cash. Canterms of personal finance? Over the years I haveyou imagine a major American restaurant chain (likeoften wondered this. As most of us know, personalDenny’s, Carrow’s, etc) not accepting credit cards? Itchecks are traditionally an important componentis unheard of. After all, the whole credit card industryof personal finance in the US, but in Japan personalin the US began in the 1950’s with the “Diners Club”checks are virtually unknown. Recently, the US hascard. And next let’s get to the Japanese method ofreached a point where paper checks are becomingsavings. Traditionally this is done in various typesless common, but they are still indispensable forof banksavingsaccounts,whoseinterestrates have-NewsweekTop 10MostDynamicCitymany payments to schools, gardeners, maids, andbeenminisculeeverLivablesince theearly-Monocle90’s. SomeTop25 MostCityothers. Public schools need payment for manytypesof mutualfunds are available,but are there-Frommer’s2012Top Destinationthings: yearbooks, sports passes, testing fees, PTAanywww.myfukuoka.comcompanies in Japan that resembles the US firmmembership, etc. And public schools do not takeVanguard, specializing in no-load indexed mutualcredit cards, so checks are frequently the only option. funds? No-load indexed (or lightly managed)mutual funds have become a mainstay of AmericanArgument – The Japanese are incredibly aheadretirement savings, but not in Japan, which is still veryof the USmuch the land of the company pension.Japanese have never used personal checks. Fordecades they have had a system of electronicIncidentally, the advent of mobile deposit must be atransfer (furikomi), whereby money can be transferred blessing to all the young Americans living in Japan.between accounts at different banks, simply by goingto an ATM machine. These days, this can even beTop 10 Most Dynamic City -Newsweekdone online. Here in the US, try to transfer moneyTop 25 Most Livable City -Monocleonline from your bank account to someone else’s2012 Top Destination -Frommer’saccount at another bank. You will find the optionswww.myfukuoka.comeither limited and/or expensive. And as for creditcards, it is true that their usage is limited in Japan.But the Japanese can be considered to have skippedright over credit cards and gone to paying with theircell phones.Connecting Businesses and CulturesLearn more about hostingan international internThe Way of Tea4Intrax Career DevelopmentHaj MatsukataDirector, Business Internship Programhmatsukata@intraxinc.com(415) 434-5685600 California Street 10th FloorSan Francisco, CA 94108Phone: 415-434-5669Toll Free: 888-224-0450Fax: 415-434-5421www.intraxintern.com

We have multiple positions availablein many areas including WebsiteManagement and Program Managers.This month’s Keizai Society event is on a relatedtopic: “CrowdFinancing: Moving BeyondKickstarter”. It is a hot topic now, with this season’sSouthpark starting off with an episode of the kidsquitting school and making their own startup (usingthe now non-trademarked “Washington Redskins”name). This month’s Keizai Society event will discussCrowdFunding morphing into CrowdFinancing. Isthis an area where the US will be incredibly ahead ofJapan? Come to the forum and find out! Fenwick & West is a national law firmthat provides comprehensive legalservices to technology and lifesciences clients of national andinternational prominence. We haveapproximately 250 attorneys, withoffices in Silicon Valley, SanFrancisco, and Seattle.Mountain ViewSilicon Valley Center801 California StreetMountain View, CA940415The Keizai Society is looking for highlymotivated and talented individualsto join our volunteer executive team.Working with our team and boardof directors is a great opportunity tocreate exciting forums for the US/ Japanbusiness community in Silicon Valley.Keizai Is Hiring!K E I Z A I S O C I E T Y U S - J A PA N B U S I N E S S F O R U M November Article November 2014Up till now, what did you do when grandma maileda birthday check to your Japan address, thinking itcould be cashed? You had few options. But now,if you maintained your US bank account, you canlogon to online banking with your Smartphoneand use mobile deposit to put the check in yourUS account. You won’t have the money in yourJapanese bank account, but at least you won’t haveto throw away the check.Japanese language skills are not required.For more details, please email contact@keizai.org with a subject line “KeizaiPositions” to discuss these opportunities.We hope you’ll join the Keizai Team! General Corporate and Business LawBusiness Immigration and Civil LitigationJapanese Language ServicesCelebrating 35 Years of ServiceTERAOKA & PARTNERS LLPwww.teraokalaw.comsteve@teraokalaw.comPhone: 650.988.8500Fax: 650.938.5200info@fenwick.comSan Francisco415-981-3100Silicon Valley800-600-5700Los Angeles310-552-2600