- Mr. Somehara, would you tell me about your background?

I was originally a CPA. I am from Hokkaido, and when I entered university in 1997, Takugin (Hokkaido Takushoku Bank) went bankrupt. I thought that even if I graduate and get a job somewhere, I don't know what would happen to me in the future. That’s why I got my certification. My father was a labor and social security attorney and I had been familiar with certified professional career and that could have influenced my decision.

After I became certified, I worked as an instructor at a prep school for CPA examination then worked at an auditing firm for three years. I then felt that since I got the certification as CPA, I wanted to experience the practice of auditing, and gain a wide range of experience within a short period of time, so I then decided to join a medium-sized auditing firm. There were many things I discovered in my experience during these times, but I still wanted to look further out into the world, so I decided to take a different path once again after three years.

Next, I worked for a major securities firm as an M&A advisor. Here I wish I had some contact with startups during this time, but I worked there from 2006 to 2012. That was when startups were losing momentum due to the 'Livedoor Shock', so there were not many startup-related projects assigned to me.

- How did you become interested in startups?

I became interested in startups after I started to be independent as a CPA. The securities firm also gave me a variety of experience, but I didn't really plan on staying with a large organization for a long time. So I left the company and started as a freelancer to perform due diligence on venture capital projects.

The turning point for me came in a project for a major financial company. When I started my own accounting firm in 2012, venture finance was gradually beginning to take off. It just so happened that a friend of mine was working for a major financial company that was also getting into the CVC business, and so I helped them out.

Specifically, I went to interview startups in their early stage and review their business plans. When I worked at audit firm and securities firm, I was used to seeing companies that were already mature and sluggish. On the other hand, in my support for the CVC company we were dealing with dynamic, growing companies. Through working closely with these rapidly growing companies, I remember simply thinking, "startups are so interesting."

- How did you become a Venture Partner at UTEC?

As I worked on various projects as a freelancer, my interest in startups grew, and in 2015, I joined Nowcast, Inc., a startup from the University of Tokyo. It wasn't a full commitment, but I was the first employee and I did everything from setting up the office to taking care of the financing of the company. Eventually, I became the CFO and also ended up being involved in management. UTEC were investors in Nowcast. Through this connection, I got to know Mr. Tomotaka Goji, the president of UTEC, and Mr. Noriaki Sakamoto, board member and partner.

In 2016, Nowcast was merged into another company, and I left my position at that time. To be honest, right before I left, the workload was so intense that I thought, "I've had enough of startups.” But once I got away and out, I again felt I wanted to go back into the world of startups and dedicate it my all. Maybe I'm a little masochistic (laughs).

Also did other work as a freelancer while I was at Nowcast. But this time, I want to make a full commitment and put everything I have into the startup. As my will grew, I started looking for a startup that would employ me. During this process, I approached Mr. Sakamoto of UTEC and asked him if he knew of any interesting startup among his portfolio companies, then he made me an offer to become a Venture Partner.

That offer came in the fall of 2017. UTEC was planning to set up its fourth fund in January of the following year, so they were looking to hire Venture Partners. For me, this offer to become Venture Partner was a totally unexpected proposal, but I decided to accept it because I thought I would enjoy working for UTEC as I would get to provide hands-on support to its portfolio companies

- What type of projects were you involved in UTEC?

As a Venture Partner, I helped five different companies. All of the companies I worked with were interesting and full of exciting projects.

I had two main roles. First was to assist in setting up the back office, which would be the foundation of the company. Most of UTEC's portfolio companies are in the seed or early stage, and so their back-office departments such as finance and admin are not yet in place. This is where I would add value by setting these back-office departments up, including the hiring of employees.

I had a similar experience at Nowcast. But each president of the portfolio company takes setting up the back office differently. Some presidents want to spend their resources onto R&D rather than administration, while others want to prepare for an IPO as soon as possible. While taking their ideas into account, I tried to support them while anticipating future risks and preventing them from fatal failures.

This wasn't particularly a flamboyant role, but it was rewarding. After setting up the back-office department for a startup, I was once asked to join them. I was glad to know that they had trust in me.

The other role I perform is the support of fundraising. This directly affects the startup’s business and therefore it is implies lot of responsibility. Fundraising has some uncertainty as there is a counterparty, and things don't always go as planned. However, it is an exceptionally rewarding experience once we are able to put a deal together.