Black Belt Venture Studio Demo Day 2

Early-stage startups often have little revenue or track record. How can investors and corporations evaluate their “true potential”?

On October 8, 2026, Black Belt Global Venture Studio (BBV) hosted "Demo Day 2026: What Makes an Early-Stage Startup Successful?". The event brought together a large number of global audiences, featuring 5 speakers and 10 startups from Japan and abroad.

Through engaging discussions among researchers, investors, and entrepreneurs, a clear consensus emerged: "Beyond ideas and market size, it is vital to evaluate the individuals and the team dynamic."

Below are key takeaways from the event on how to identify the potential of early-stage ventures.

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The Composition of the Founding Team

The first speaker, Professor Paul X. McCarthy (the University of Oxford), presented a data analysis of founder personality traits based on the “Science of Startups” research originating at the University of Oxford. The analysis classifies entrepreneurs into six personality types: Leader, Achiever, Engineer, Fighter, Operator, and Developer. It found that founding teams combining different types are up to ten times more likely to succeed than teams without such diversity. Traits frequently observed among successful entrepreneurs include a high tolerance for risk, confidence grounded in trust in others, and high energy. When evaluating early-stage ventures, therefore, it is essential to look beyond individual brilliance and assess whether the team brings complementary strengths.

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What Does Success Mean for a Startup?

Following the presentation, four panelists from academia, the investment community, and the startup world discussed what success means for a startup and which traits successful startups have in common.　

・"Building a sustainable organization that creates long-term impact on society."（Prof. Naohiro Shichijo, Hitotsubashi University）
・ "Seeing one’s own research and technology put into practice in society."（Ms. Yurika Doi, TAYO Co., Ltd.）
・"Having a clear line of sight to a return on the capital invested."（Mr. Keisuke Furukawa, Sony Ventures Corporation）
・"How far a company can go in driving open innovation."（Ms. Yang Yang, SBI Investment Co., Ltd.）

Common Traits of Successful Startups

The sharply different answers showed how much the meaning of “success” depends on one’s vantage point. The discussion then turned to the traits that successful startups share, offering further criteria for assessing a startup’s potential.

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An Unwavering Mission

・Prof. Naohiro Shichijo (Hitotsubashi University): Having a clear mission—knowing “what I want to achieve and what I will never give up”—and sharing it across the entire team.‍

・Mr. Keisuke Furukawa (Sony Ventures Corporation): Having a clear founding motivation and mission, combined with tenacity, confidence, and the ability to bring VCs on board as allies.

The discussion underscored the importance of persistently taking action to fulfill a clear entrepreneurial mission. At the same time, the panel stressed that holding firm to a mission must go hand in hand with the flexibility to change one’s approach.

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The Ability to Unlearn and a Deep Curiosity About Customers

・Ms. Yurika Doi (TAYO Co., Ltd.): Being able to unlearn and stay agile.

・Ms. Yang Yang (SBI Investment Co., Ltd.): Maintaining deep curiosity about customers, rigorously capturing market needs, and continuously improving.

The panelists also cautioned that these qualities alone do not guarantee success. Founders must also judge what their company needs at each point in time, recognize the right moment to move to the next stage, and communicate proactively with the people around them. Additionally, experts from distinct fields resonance with one another as they identified overlapping elements of success, providing a valuable moment to reaffirm that the essence of success transcends individual industries.

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Perspective from Innovation Dojo Japan

BBV is jointly operated by Innovation Dojo Japan, Japan Tech Ventures, and Science of Startups under TOKYO SUTEAM, the Tokyo Metropolitan Government’s startup support program. It applies insights from the Science of Startups research to startup selection, team formation, and growth support.

The approaches to assessing potential and the common success factors discussed at this Demo Day apply well beyond startups. In corporate new business development and international expansion alike, it is ultimately people and teams that determine success. Innovation Dojo Japan will continue to support Japanese companies in driving global innovation and expanding overseas, with a focus on both people and teams.

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Pitching Startups: Ten Companies Supported by BBV

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1. MotionsCloud (Germany)

Leverages AI image recognition to automate inspection and damage assessment processes in the insurance, mobility, and aviation sectors. Delivers fast, standardized, and data-driven inspection operations.‍

2. Chipmetrics (Finland)

Provides measurement chips and wafers for semiconductor manufacturing that make previously hard-to-measure parameters inside 3D structures visible. Supports quality control, process optimization, and yield improvement in 3D semiconductor and thin-film processes.‍

3. Exos Aerospace Systems & Technologies (USA)

Develops and operates affordable, reusable suborbital rockets for space applications. Accelerates development timelines and enhances reliability through high-frequency flight testing and data collection.‍

4. Mostro (France)

Provides a music platform where artists issue tokens to connect directly with fans. Enables token-based fundraising and community building to expand revenue opportunities and strengthen fan relationships.

5. EyeVita (Japan)

Develops a medical solution that combines a smartphone-mounted fundus camera with AI diagnostics, enabling non-specialists to perform fundus examinations. Supports early disease detection through low-cost, simple screening and AI analysis.

6. Altuur (Japan)

Develops a next-generation platform that simplifies building and operating cloud services. Integrates authentication and communication functions into a single foundation, enabling secure and scalable environments to be set up quickly.

7. Clowak Innovations (India)

Develops a natural oral care solution for dogs and cats that is simply mixed with water. Acts directly on the causes of plaque to deliver stress-free daily dental care.

8. Nurselink (Japan)

Develops an app-based nurse call system. Visualizes patient requests and prioritizes tasks to streamline nursing workflows and prevent missed calls.

9. BistroTech (Japan)

Develops a climate and environmental intelligence platform using satellite data. Delivers actionable insights and tools for ESG evaluations and climate risk analysis.

10. Performance DNA Platform (Japan)

Develops an AI-powered music learning platform that digitizes performers’ body movements, allowing learners to replicate and master the techniques of the musicians they admire. Visualizes and shares performers’ tacit physical knowledge as data, improving learning efficiency and turning skills into lasting assets.