技術革新開発資金

(Sep. 5, 2008) The Yomiuri Shimbun
How can planned fund attract outside capital?
イノベーション　開発資金をどう呼び込む（9月5日付・読売社説）

A project has started to establish a new investment fund with government and private-sector money to support research and development of advanced technology.
先端技術の研究開発を支援するため、官民共同で投資ファンドを設立する試みが動きだした。

If it materializes, the fund will help improve the ability of Japanese industry to compete in international markets. The government and the private sector should overcome difficulties and by all means necessary bring it about.
具体化すれば、日本の国際競争力向上に役立とう。課題を乗り越え、何とか実現させるべきだ。

The Economy, Trade and Industry Ministry asked to borrow 50 billion yen from the fiscal investment and loan program in its budget estimate for the next fiscal year to establish the fund, tentatively called Innovation Sozo Kiko.
経済産業省が、来年度予算の概算要求で、５００億円の財政投融資資金の枠設定を求めた「イノベーション（技術革新）創造機構」を創設する構想だ。

In addition to this government money, the ministry plans to bring in private money and international capital, including money from Middle Eastern countries flush from soaring oil prices, to create the fund with 200 billion yen in total.
民間資金と、原油高で潤う中東マネーなど海外資金も取り込み、総額で２０００億円規模のファンドを目指す。

The fund will help promising research and development projects indirectly by financing private funds that invest in them.
有望案件に投資する民間ファンドに創造機構が出資する形で、支援する仕組みだ。

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Making global innovations

The world has entered the age of so-called Open Innovation, a time when innovative technologies are exchanged and used widely beyond corporate or organizational barriers. Apple's iPod and Google are examples of Open Innovation.
世界では、企業や組織の枠を超えて最新技術を融合するオープン・イノベーション時代が到来している。グーグルやアップルのｉＰｏｄ（アイポッド）が象徴だ。

In Japan, however, a company tends to cling to output from its own research and development, failing to ride this global tide.
しかし、日本では、各企業が自前の技術開発に固執しがちで、世界の潮流に乗り切れない。

Japanese companies and universities often lack money to cover necessary expenses for research and development, though they have innovative technologies. Existing private funds are often small and have weaknesses, such as shying away from investing in risky projects.
企業や大学に優れた技術があっても、資金不足で十分に研究開発できないケースが多い。既存の小規模な民間ファンドでは、リスクを伴う投資案件を支援しにくいことが弱点といえる。

What should Japan do to break the old framework and stand out again in international markets? It is often pointed out that the speed of technological innovation, a foundation of international competitiveness, needs to be increased.
従来の殻を打ち破り、どう巻き返すのか。競争力の源泉となるイノベーションの加速が必要なことは、かねて指摘されている。

Technological innovation could be accelerated if the envisaged fund's money had a pump-priming effect that would attract more capital from the private sector. It could create an opportunity for several companies to cooperate with one another. It also is expected to boost Japan's potential for growth.
創造機構の資金が“呼び水”となり民間からの資金が集まれば、技術開発が進むのではないか。複数の企業が連携するきっかけにもなろう。日本の成長力を底上げすることにもつなげたい。

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Potential projects abound

However, there are several obstacles that need to be overcome before the establishment of the fund.
創造機構が日の目を見るまで、乗り越えなければならないハードルも少なくない。

The biggest challenge is whether the government and the private sector can actually collect upwards of 200 billion yen for the fund.
まず、官民共同で２０００億円規模という、巨額資金を本当に集めることができるかどうかだ。

METI has focused its attention on capital from the Middle East and asked the United Arab Emirates and other countries in the region to invest in Japan's fund. The ministry said interest was shown, but that there had not been any official replies. These countries need to be shown detailed fund plans.
経産省は中東マネーに着目し、アラブ首長国連邦（ＵＡＥ）などに創造機構への出資を要請した。中東諸国は関心を示したが、返答はまだだ。ファンドの明確な青写真を示すことが肝心だ。

Also significant is the selection of investment targets. There are many promising projects found in fields such as technology related to natural resources and medicine as well as environmental energy, such as solar power and fuel cells. The fund is expected to make intensive investments in some projects, utilizing knowledge from the private sector.
投資対象の絞り込みも欠かせない。イノベーションで有望なのは太陽光や燃料電池などの環境エネルギーのほか、資源や医療分野だ。民間の知恵を生かしながら、集中的な投資が求められる。

The money the fund has borrowed from the fiscal investment and loan program eventually will have to be paid back. This makes it all the more important to evaluate the potential of an investment target technology accurately. Since research and development always involves risks, the fund must diversify such risks carefully to ensure profits can be made.
創造機構が活用する予定の財投資金は、いずれ返済しなければならない。このため、投資対象となる技術の可能性の見極めが大切だ。技術開発はリスクを伴う以上、リスク分散に目配りし、収益を確保することが重要となろう。
diversify＝多様化する、様々に変化させる、多角的にする

(From The Yomiuri Shimbun, Sept. 5, 2008)
（2008年9月5日02時05分 読売新聞）