Growth Hub #15 - Rethinking the Japanese exit: valuations, IPOs, and the rise of secondaries

Growth Hub #15 is a discussion on why exits in Japan look so different from those in the US or Europe. The session focuses on a paradox of low valuations, pressure toward premature IPOs, and the near-absence of a functional secondary market, and what that combination means for founders planning their path to liquidity. Guest Jordan Fisher, founder of Zehitomo and a vocal advocate for liquidity and secondary markets in Japan, joins to unpack why Japanese startups tend to IPO early and small, what a secondary market is and why its absence matters, and which regulatory changes are underway (TSE Growth Market reforms, FSA private market rules). The conversation also covers how IPO timing should be reasoned about beyond hitting a revenue number, and how the playbook shifts for the next generation of founders if secondaries mature. The interactive discussion is moderated by Francisco, Special Advisor to Shibuya City, and is conducted in English in Shibuya, Tokyo.