The Nikkei conducted a survey of 25 representatives from 25 venture capital firms (VCs) at the Innovation Village Sapporo startup festival held in Kyoto regarding the government's 2022 goal of creating 100 unicorn companies.

52% of VCs responded that it will take more than 20 years to achieve. Additionally, 12% of them deemed the goal impossible. The shortest period mentioned was five years, cited by only one respondent.

Several investors pointed out that large corporations have established a strong presence in the industry, making it difficult for startups to enter. An investor from an independent VC firm said, “In fields like information technology, there's no room for new players since it's all done by big companies.”

Others also mentioned that their goal isn't necessarily to create unicorns. Instead, they focus on backing a few companies that can grow steadily and generate strong returns—even if those companies don’t reach billion-dollar valuations.

There were also concerns raised about the level of government support for startups. An independent VC investor prefaced their comments by saying, “I question whether the government is providing appropriate support,” but added, “It’s important to start by raising the flag.”

These responses highlight the challenges Japan faces in reaching its unicorn goals—and the need for both structural change and long-term commitment to foster real startup growth.

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