ON&BOARD Holds “Swish! Startup Camp 2025” in Karuizawa

ON&BOARD Co., Ltd. held the “Swish! Startup Camp 2025” (hereafter “Swish!”) at Rising Field Karuizawa in Karuizawa, Nagano Prefecture, from Saturday, October 18, to Sunday, October 19, 2025.

Under the concept of "Returning to the Origin in the Nature of Nagano and Karuizawa," the event successfully brought together approximately 200 domestic and international top-tier entrepreneurs, executives, investors, and CxOs on the vast camp field overlooking Mount Asama. Matching this enthusiasm, Karuizawa was blessed with clear autumn skies throughout the camp.

Swish! featured concurrent talk sessions (Dialogues) across three venues. Sky Field A hosted leaders shaping the future of Japan, Sky Field B deep-dived into specific strategies like FinTech and M&A, and Sky Field C facilitated discussions on diverse themes. With a cumulative total of over 200 participants across all sessions, the two-day program concluded as a great success.

This article (Part 1) details the event overview, highlights the enthusiastic Sessions ① through ④ held on Day 1 (October 18), and provides an in-depth look at the famous “Bonfire Networking ~Takiching~” content, including the backgrounds of the speakers.

Part 2 will focus on the sessions and events that took place on Day 2 (October 19).

▶︎Read Part 2 here.

Table of Contents

• What is the Swish! Startup Camp?

• Opening Message

• October 18 (Sat) Session ① (1:10 PM - 2:10 PM)

• October 18 (Sat) Session ② (2:20 PM - 3:20 PM)

• October 18 (Sat) Session ③ (3:50 PM - 4:50 PM)

• October 18 (Sat) Session ④ (5:00 PM - 6:00 PM)

What is the Swish! Startup Camp?

The "Swish! Startup Camp" is an experiential leadership camp built on the concept of "Returning to the Origin in the Nature of Nagano and Karuizawa." It brings together leaders who will drive the next generation of Japan, including startup entrepreneurs, intrapreneurs, and investors.

To ensure practical, non-theoretical learning that goes beyond simple knowledge input, the venue was intentionally set not as a typical urban conference hall, but as Rising Field Karuizawa in Karuizawa, Nagano Prefecture. The greatest feature of Swish! is this "Active Learning" approach, which fully engages all five senses within the stunning natural environment overlooking Mount Asama.

The talk sessions (Dialogues) featuring prominent guest speakers are not one-sided lectures but revolve around 'Closing Distance,' fostering close interaction with participants. At night, the signature event, “Takiching” (Bonfire Networking), is held to encourage genuine dialogue around the bonfire. Through this "Honest Dialogue," which can only be achieved in an environment free from everyday titles and roles, participants gain new insights and forge strong bonds of trust with their peers.

October 18 (Sat) Session ① (1:10 PM - 2:10 PM)

The first day's sessions kicked off simultaneously across three venues. Heated discussions unfolded, led by top-tier leaders in their respective fields, covering themes central to startup management, including Finance, FinTech, and M&A.

[Sky Field A] Session with Riku Sugie

• Speaker：Riku Sugie (Representative Director, Medical Consulting Seal)
• Facilitator：Masato Shimodaira (Representative Director, ON&BOARD)

Mr. Sugie, former CEO of Paidy who successfully executed a ¥300 billion M&A, emphasized that the necessary "expertise" within a management team changes according to the business phase, stressing the need for the team to update as the company grows. Specifically at Paidy, the CFO and CTO roles changed multiple times. He mentioned that these personnel changes were handled by respecting the individual's expertise while collaboratively seeking their next field of activity. He stressed that organizational management must clearly define its objectives and ensure that the means do not become the end. Furthermore, he cited the importance of reading the market trend of "rapid growth," which was demanded by the market and buyers (primarily US operating companies) at the time of the ¥300 billion M&A. As a key strategy for this, the company prioritized integration with Amazon, halting all other product development for two years to concentrate resources and build a competitive moat. This focused commitment, he stated, was the decisive factor in winning the market.

[Sky Field B] Decision for the Future of FinTech: What the Former Paidy CEO Saw Beyond Difficult Decision-Making

• Speaker：Chikatoshi Hodo (Representative Director, Bayhills)
• Facilitator：Kazunari Mori (Representative Director, Rising Field)

Mr. Hodo, former President of Accenture, influenced by Silicon Valley's entrepreneurial culture, led Accenture to become a "talent-producing company" that utilized the firm as a "platform for self-realization" for its employees and even encouraged "graduation" if opportunities arose. While grounded in the "Passion" that serves as the source of leadership, he balanced a knowledge-based organization by rigorously implementing systems (HR and evaluation schemes) while simultaneously creating an environment that leverages individual character.

He stated that the keys to a growth strategy are a challenger spirit and accurately timing the introduction of advanced overseas examples to Japan. Scaling an organization requires essential Value Management; he built a mechanism for continuously nurturing and developing these clearly articulated values through dialogue with employees. Mr. Hodo recommends employees adopt a habit of a Career Check every three years to question their own market value, emphasizing the importance of a perspective focused on external market value creation.

[Sky Field C] Startup M&A and Goodwill Amortization: Thoughts on Navigating the Rough Seas of Domestic/International M&A and IPOs with Market Caps Both Over ¥70 Billion and Under ¥10 Billion

• Speaker：Naoaki Mashita (Representative Director & Group CEO, V-cube)
• Facilitator：Katsunari Matsui (Co-Founder, Finance Produce)

Mr. Mashita, CEO of V-CUBE, shared his 27 years of management experience, covering his struggles during the transition from contract development to their proprietary product (Web conferencing system), M&A, and IPO experiences. Initially starting with web production, he adopted a strategy of investing profits from the contract division into new ventures to focus on proprietary services. However, internal conflicts forced him to unify the business. Although the Web conferencing business achieved the top market share, it fell into the red due to market changes after the Lehman Shock (shifting from system purchases to monthly subscriptions). After overcoming conflicts with banks, V-CUBE secured VC support and went public in 2013.

Post-IPO, intense capital competition with global rivals led him to withdraw from the Web conferencing business. The company is now diversifying into online event platforms and Telecube. Mr. Mashita also mentioned that he is pushing, via the Council for Regulatory Reform, for the abolition of Goodwill Amortization under Japanese accounting standards, which he believes hinders M&A. His current strategic focus is on predicting the commoditization of IT services with the rise of AI and proactively pursuing the digitalization and vertical integration of primary and essential industries.

October 18 (Sat) Session ② (2:20 PM - 3:20 PM)

Following Session ①, Session ② delved into the real challenges faced by entrepreneurs, from the trajectory of co-founding a company to the creation of the robo-advisor market.

[Sky Field A] 'Because We Were Two': Tracing the Trajectory of a Co-Founding Partnership

• Speakers：Nozomu Tsunoda (Representative Director, Executive Officer, and CEO, LegalOn Technologies), Masataka Ogasawara (Director and Co-Founder, LegalOn Technologies)
• Facilitator：Ryo Hirakawa (Startup Analyst, Uzabase)

This discussion featured Mr. Tsunoda and Mr. Ogasawara of LegalOn Technologies, facilitated by Mr. Hirakawa of Uzabase. Mr. Ogasawara, a former lawyer, founded LegalOn in 2017, motivated by a need to improve productivity in intense corporate legal work (contract review) and a sense of crisis regarding the potential industry dominance by AI systems like IBM Watson. The initial product was an AI system for streamlining contract review, launched with a mission to protect Japan's legal industry.

Due to initial funding constraints, they adopted an unusual strategy, establishing the "Zero" law firm and LegalOn simultaneously, with the law firm's profits funding the startup's operations. Mr. Ogasawara and his co-founder, Mr. Tsunoda, maintained a 50:50 relationship from the start. They avoided decision-making confusion by clearly defining roles after six months (Mr. Ogasawara handled the law firm's sales, while Mr. Tsunoda managed product, finance, etc.).

They were initially rejected by 20–30 VCs but eventually secured ¥80 million. However, their first product failed. After exhausting their funds, the arrival of a machine learning engineer prompted a pivot to the core review feature, which proved successful. LegalOn has since raised a cumulative ¥28 billion, achieved an ARR exceeding ¥10 billion, and is now expanding successfully overseas. They stated that deep expertise and access to non-public information are vital for survival in the intensifying AI era. Their goal is to be the global leader in Legal AI by 2030.

[Sky Field B] Building a Japanese Society That Continues to Broaden Challenges: Not Burning Out, But Fostering and Sustaining the Flame

• Speaker：Kiyotaka Obara (Founder and CEO, Startpass)
• Facilitator：Aiko Kikuchi (Director, Spiral Innovation Partners)

This discussion between Ms. Kikuchi (Moderator) and Mr. Obara (Speaker) centered on the theme, "Building a Japanese Society That Continues to Broaden Challenges." Mr. Obara explained that after his first startup experience and M&A (2016), and subsequent angel investing, he founded Startpass with the vision of creating a "Japanese Startup Meritocracy."

Mr. Obara pointed out a contradiction: while total VC funding has increased tenfold over the last decade and the "entry point" to entrepreneurship has become easier with AI, the number of entrepreneurs has not significantly increased. He attributed this to the prevailing societal and domestic emphasis on "stability preference" and a lack of a successful cycle (spiral) of positive entrepreneurial experiences.

Drawing from his angel investment experience, he noted that successful entrepreneurs proactively report to investors not merely for funding but "to organize their own thoughts" and "to gain commitment," whereas those who fail tend to lose contact. He argued that to encourage healthy challenges, successful examples should be emulated, and supporters (including VCs) should not "coddle" entrepreneurs but rather establish a relationship where they are appropriately "utilized" to contribute to business valuation through discussion.

[Sky Field C] Creating the 'Robo-Advisor' Market from Scratch: The Reality of Challenging Convention and M&A

• Speaker：Satoru Noguchi (Founder, Robotoushin)
• Facilitator：Gaku Kano (Venture Capitalist, ON&BOARD)

Mr. Noguchi, the founder of Robotoushin, shared his background, including experience at SBI and Pictet in Switzerland, the process of creating the robo-advisor market in Japan, and the reality of M&A. Leveraging Japan's unique financial and accounting standards, he initially focused on a B2B investment advisory service for major financial institutions. However, external factors, such as the Financial Services Agency's guidance to lower fund fees, stalled planned revenue growth, leaving their ARR stuck at around ¥300 million.

Amid pressure from VCs regarding growth expectations and conflicts with creditors, he decided to pursue M&A. During the post-M&A PMI (Post-Merger Integration), he shared his struggles negotiating Goodwill Amortization with accounting firms. He strongly criticized how Japanese accounting standards distort valuation and decision-making in M&A, adding that gaining a deep understanding of corporate accounting through this experience became a valuable asset. Currently, Mr. Noguchi is embarking on his second entrepreneurial venture, focusing on using Generative AI for document creation in the financial sector (such as creating analyst reports in Japanese), aiming for high returns with small-scale investment.

October 18 (Sat) Session ③ (3:50 PM - 4:50 PM)

Following a coffee break, the energy in the venue intensified. Session ③ featured discussions that approached the core of management, ranging from the realities of business creation to spectacular crisis management.

[Sky Field A] From Zero to 'National Tool': A Serial Entrepreneur on the Reality of Business Creation

• Speaker：Toshiyuki Yamamoto (Founder, Chatwork / Representative Director, Japan Angel Investor Association / CEO, Power Angels)
• Facilitator：Marina Igarashi (Investment Associate, Global Hands On VC)

• Mr. Yamamoto, CEO of Power Angels and founder of Chatwork, established his businesses based on his own experiences and the pursuit of efficiency. He emphasized being someone who "hates the red ocean," always looking 10 years ahead, aiming to win solely through the power of the product and Web marketing. He stressed that genuine primary information is not available on the internet, but must be obtained directly by visiting locations (like Silicon Valley) and through personal networks (especially genuine conversations during networking events). Mr. Yamamoto's greatest characteristic is his strategy of "changing the rules." Utilizing his position without a license, he established the Japan Angel Investor Association and collaborated with the Fukuoka Financial Special Zone, successfully and legally raising investment regulations (speed limits). He noted that in the AI era, where information and intelligence are widespread, "Action Power" combined with the "Multiplication of Different Fields" is the key to differentiation. He explained that he creates a mechanism for absorbing new information by consistently outputting his existing knowledge ("The brain is a sponge").

  [Sky Field B] The Conditions for Being a 'Trusted' Company in Ten Years: A Financial Professional on Sustainable Management Philosophy

• Speaker：Shinichiro Shiraki (Representative Director, Aizawa Asset Management)
• Facilitator：Naohiro Mizumoto (Fellow, U-Tokyo IPC / Partner (VC), Ant Capital Partners)

Mr. Shiraki of Aizawa Asset Management discussed his career in the financial industry and trends in the private market. After transitioning from a banker, he established an alternative asset management company. After overcoming funding difficulties and the financial crisis, he focused on the secondary market business.

Currently in Japan, while PE/VC investment by financial institutions is increasing, the secondary market is highly likely to expand due to increased sales of fund interests influenced by regulations like Basel III. Startup executives must understand diverse exit strategies, such as M&A and secondary transactions, as secondary pricing can impact subsequent fundraising (down rounds). He concluded that a key challenge for the Japanese startup ecosystem is the lack of exit track records pointed out by overseas investors, making a clear focus on the global market essential for creating unicorns.

[Sky Field C] Crisis Management: The Epic Turnaround Story of a Vietnamese Company Whose President Was Arrested

• Speaker：Kyohei Hosono (Director and Vice President, Dream Incubator)
• Facilitator：Kosuke Nakayama (Representative Director, ON&BOARD)

Mr. Hosono, Vice President of Dream Incubator (DI), shared his extraordinary experience of PE fund investment and turnaround in Vietnam. An unprecedented event occurred: the president of the investee company (a medical device wholesaler) was suddenly arrested by the public security police, leading to employee departures, inventory removal, and the discovery of massive circular transactions (fictitious sales). Even after the president's release, a five-year battle ensued between the former president and the current management team (including Mr. Hosono), involving the public security authorities.

Mr. Hosono described this experience as the "greatest crisis management situation of his life." He warned that business in emerging countries carries a high risk of governance failure, with bribery demands and low reliability of local partners being constant issues. While DI achieved value-up through collaboration with Japanese companies, the final exit proved difficult. He recommends India as the only choice for overseas VC investment due to its superior governance and talent quality. He also emphasized that for Japanese listed companies, the quality of independent directors fundamentally transforms the agenda setting and governance structure, making it indispensable for growth.

October 18 (Sat) Session ④ (5:00 PM - 6:00 PM)

Session ④, the final session of Day 1, discussed themes that could become future standards, such as data-driven management and global microfinance.

[Sky Field A] The Growth Trajectory Guided by Data-Driven Management: Exploring Challenges Up to IPO and Future Strategy

• Speaker：Hiroyuki Yonekura (Representative Director and President, True Data)
• Facilitator：Arisa Makihara (Relationship Development, ANOBAKA)

Mr. Yonekura of True Data joined the retail DX company in 2011, which originated as a new venture within Mitsubishi Corporation and had been stagnant for nearly 10 years, assuming the role of President in 2012. At the time, the company was in a state of “high-risk, no-return.” Mr. Yonekura strengthened its foundation through capital and business alliances with external organizations (such as a government-affiliated fund and Teikoku Databank).

The key to their business strategy was positioning "Data Handling" (preparation/preprocessing) as a hard-to-imitate competitive advantage in the crowded data market (Red Ocean). They built a model where retailers release purchase data analysis to manufacturers (100–150 companies), turning system investment into a revenue source. Currently, the company's platform handles ¥5.5 trillion of the domestic retail market (¥27 trillion).

Moving forward, they plan to evolve into an "AI-Ready Platform" to meet the demands of the AI era, pursuing the vertical expansion of data use—not only through existing marketing support but also in areas like reducing losses during store development. His basic management philosophy centers on a "Co-opetition" model (Coalition Model) of co-creating value with partner companies and the pursuit of a stable "Stock-type Business." He stated that the most challenging moment was the crisis in 2019, when 20% of their revenue suddenly disappeared due to a capital change by a major customer, which they overcame through fundraising.

[Sky Field B] The Path to Becoming a Global Microfinance Company Originating from Japan

• Speaker：Kohei Katada (Director and Executive Officer CFO, Gojo & Company)
• Facilitator：Mirai Sakai (Brand Strategy Consultant, Mirai)

Mr. Katada, CFO of Gojo & Company, shared his experience in the microfinance business targeting developing countries. His career path (investment banking, hedge funds, startup) returned to his "origin" of utilizing finance for social contribution, inspired by the passion he witnessed locally. The company aims to become a "Private Sector World Bank," employing M&A and risk-diversified portfolio management. However, they constantly face political and economic risks and management fraud in the developing countries where they operate. He stressed the importance of an uncompromising stance on governance over management, based on past cases.

Mr. Katada prioritizes empathy for the business and integrity (consistency between words and actions) as qualities of a good CFO. His message to entrepreneurs is that for challengers, even when facing the impossible or dangerous, the key to success is to follow their "Heart" and maintain a strong commitment to changing the world.

Bonfire Networking: The Signature Content, “Takiching”

After all the sessions on Day 1 concluded and the surroundings were completely enveloped in the night's darkness, the true essence of Swish! began: the “Bonfire Networking ~Takiching~.” In stark contrast to the daytime temperatures, the cool Karuizawa air was illuminated by bonfires lit across the entire venue.

On the quiet field, where only the crackling sound of firewood could be heard, participants naturally gathered in circles around the bonfires.

This "Takiching" time is the ultimate embodiment of Swish!'s guiding principle: 'Closing Distance.'

The top-tier leaders who had presented as speakers during the day were now simply fellow attendees. Stripping away their titles and positions, they engaged in relaxed conversations, often with a drink in hand.

"Off-the-record stories" that couldn't be shared during the sessions, genuine concerns about their businesses, career advice, and conversations about future co-creation, such as "How can we build something together?", spontaneously emerged from the various bonfires.

This "Honest Dialogue," gazing into the flickering flames, is something that could never be replicated at a dazzling urban networking event. This intense, back-to-basics networking is the greatest charm of Swish! and the reason participants are consistently drawn to it. The strong bonds of trust among attendees were undoubtedly forged here on this Karuizawa night.

In Part 1, we focused on the highlights of the Day 1 sessions. Following these sessions, the core event of Swish!, the bonfire networking known as "Takiching," took place in the evening, where speakers and attendees mingled for even deeper conversation.

In Part 2, we will report on the sessions held on Day 2 (October 19), as well as the active learning challenges where participants collaborated to overcome complex tasks, and the special session presented by Nagano Prefecture and financial institutions.

▶︎ Read Part 2 here