The economic and social repercussions of COVID-19 have further highlighted issues Japan currently faces, including population decline, low birthrate and aging population, globalization, and digital transformation. To resolve these issues, the relevance of private-led creation of innovations has become much greater than ever. It is necessary to accelerate efforts toward new value creation by promoting collaborations with other companies and different industries as well as cooperation with start-up companies.

We have been promoting open innovation efforts in various areas including Kashiwa-no-ha and Hibiya areas. For the purpose of building an innovation ecosystem for the life science field through the designation of Nihonbashi area in particular as the hub, we have teamed up with industry-academia volunteers to establish and manage "LINK-J" (Life Science Innovation Network Japan). Currently with more than 400 members from businesses, universities, public entities, and startups in Japan as well as businesses and universities from abroad, communities have been formed and new ideas and cooperative endeavors have emerged through the more than 500 diverse events held annually. In addition, efforts have been channeled toward nurturing startups by supporting the commercialization of seeds and ideas.

The construction of an ecosystem that embraces a variety of players is indispensable for the promotion of open innovation. We have realized from our experience that having a player from unrelated field take the lead in open innovation may result in the promotion of new value creation that is not confined to existing frameworks and the activation of ecosystems. We acknowledge that it is of immense significance for various players to think outside the box and take up challenges in new areas.

The development of such endeavors in diverse fields is imperative. At the same time, it is necessary to make such endeavors known locally and internationally in order to involve a great many players here and abroad. Such efforts would give rise to radical innovations that would contribute to the realization of Society 5.0, which Japan is aspiring for.