Makuake revolutionizes traditional retail by establishing a "support purchase" culture that validates ideas before they launch.
Before we discuss your company, I’d like to start with some broader macro trends. Japan has long been known for its rich history in manufacturing. But when people think about startups and innovation today, they often picture San Francisco or Europe. That said, we’re now witnessing a shift. Japanese startups like yours—and companies such as SmartNews and Mercari—are scaling globally and gaining international recognition. Why do you think this shift is happening now? What changes have made it possible for Japanese startups to step onto the global stage? And if possible, I’d also like to hear your thoughts on the challenges Japanese companies face when trying to expand overseas.
Certainly. If I were to pinpoint a timeframe, I believe this shift began roughly 15 years ago. That period stands out vividly for me personally because I visited Vietnam in 2010, and that experience led me to view the world from a more global perspective—through the international flow of capital, business, and information. Looking back, around that time what you might call a “global challenge movement” started gaining real momentum. Major Japanese tech companies such as Rakuten, DeNA, and GREE began making large-scale efforts to expand internationally. These weren’t small experiments—some companies were investing hundreds of millions of dollars (or comparable amounts) into overseas expansion. That was highly visible, and it was inspiring: it made people think, “Japanese companies can take bold steps like this?”
As a result, building a global business became not just “possible,” but also something people aspired to. In other words, it started to feel “cool.” Of course, not all of those early initiatives succeeded. But what mattered was that Japan’s startup ecosystem began internalizing the knowledge, experience, and mindset needed to go global. Venture capital firms and entrepreneurs started viewing internationalization not as an exception, but as a natural next step. At Makuake, we adopted that same mindset from the beginning. We believed a business could—and should—integrate global thinking from day one. Mercari, for example, was founded 12–13 years ago, right in the middle of that transition. Looking back, I’m convinced that the ecosystem’s cultural shift—greater openness to global insight and ambition—was critically important in shaping the kinds of companies emerging from Japan today.
As for the challenges that remain: put simply, we still have work to do in developing truly unique technologies and business models that can compete globally. To be frank, I sometimes feel frustrated—for example, China is producing far more cutting-edge technologies today. Another issue is that many Japanese startups find it difficult to embed global business operations into their organizations from the outset. As a result, they tend to remain stuck in a domestic mindset. Many companies become inward-looking simply because they lack the people and systems needed to expand internationally.
With that context, I’d like to ask about your company’s vision. It’s fascinating that something you launched in 2013 has evolved over the past 12 years into a platform where innovative products and companies can be born and grow. Could you describe Makuake’s vision in your own words? And how do you view the core strengths that have enabled your growth over the past decade?
Absolutely. One of the biggest drivers behind founding Makuake was recognizing a growing gap between what consumers and businesses were looking for, and what existing social and economic structures actually made possible. We live in an era where people’s interests and lifestyles are becoming increasingly diverse. This acceleration is happening around the world, including Japan. Social media has played a major role by enabling people to access information aligned with their personal interests. As people connect more deeply with what they love, they also place greater value on self-expression and individuality. There is a growing acceptance of the idea that “it’s okay to be myself.”
But here’s the gap: traditional economic systems are still optimized for mass production, mass advertising, and mass distribution. Products that don’t scale easily often get stopped before they reach the market because the risk is too high—manufacturers would have to carry inventory risk to bring new ideas to life. We realized that under this system, only products that can be made in large quantities and sold in large quantities tend to reach the world. That means many “niche” ideas—ideas with real potential—get discarded. We decided to solve that problem.
At first, we described Makuake as a crowdfunding platform. But we quickly noticed something unexpected: companies weren’t using our service in the traditional sense of “raising funds.” Instead, they were using it as a way to launch products without holding inventory—testing demand through pre-orders while minimizing risk. That realization led us to reposition the platform not as “finance,” but as a retail platform.
We saw Makuake becoming a powerful debut stage for new products. Over time, we built the framework we call “Plan–Debut–Growth.” Not every company succeeds immediately at launch, and many don’t have high-quality data or feedback at the planning stage. Through the platform, we’ve accumulated a vast amount of consumer insight: what’s trending, who is engaged, and how preferences are shifting. With more than 3.2 million users, we can understand target segments and emerging interests with great precision. That led us to create Makuake Insight, a service that allows companies to understand customers clearly before launching a new product. For example, if a manufacturer has an idea but lacks confidence, we can analyze platform trends to validate whether the concept aligns with changing consumer needs. Or if a company has strong technical capabilities but doesn’t know what to build, our data can spark ideas—such as increasing interest in solo camping, or heightened awareness of PM2.0 particles rather than pollen.
Once a company has a solid concept, it can use our member base to conduct interviews and surveys with precisely the target users—improving the quality of the planning stage. Then, after launching on Makuake, it can use Makuake Insight to analyze performance and develop a more effective strategy for a broader market release.
That’s a very thoughtfully designed ecosystem. Could you share a concrete example—a case study—of how this “Plan–Debut–Growth” model has worked successfully?
Of course. One example we often discuss is a company that makes wallets for storing cash and cards. They wanted to make it feel more natural for Japanese consumers to carry the My Number card while protecting personal information. They used Makuake Insight to validate the concept with Makuake members and gained the traction they needed. From there, they launched on Makuake and refined their marketing. Essentially, we wanted even small companies to be able to follow a data-driven product development process like the one used by large companies such as UNIQLO or MUJI. We named this Plan–Debut–Growth framework the “PDG Cycle,” and our goal is to democratize the product innovation process. We want to use the PDG Cycle to provide support—similar to what R&D teams at large companies like Canon or NEC do—but faster and more flexibly.
Speaking of data, Makuake holds enormous consumer insight. How are you leveraging that for overseas markets—whether to support global brands entering Japan or to expand your own global presence?
Great question. One area we are especially focused on is high-end gadgets and products coming from markets such as China and North America. We have deep respect for what these companies are building, and we believe many of their innovations deserve a foothold in Japan.
What makes Makuake valuable is that these companies can test demand in Japan before holding local inventory. That’s extremely attractive for overseas brands, and many are already launching in Japan through our platform. To strengthen this further, we recently formed a partnership with SoftBank C&S, a major domestic distribution player. Together, we help these brands expand into mainstream retail channels and scale beyond the initial Makuake launch. I recently visited an AI company in China, and they told me, “We were able to enter Japan thanks to Makuake.” We also see strong demand for Makuake Insight from overseas manufacturers. Interestingly, they value the service highly because they don’t have deep knowledge of the Japanese market. As a result, we see significant potential to expand this insight service globally.
I also understand you launched a Global Partnership Program and have begun holding events overseas. Could you tell us more about your international outreach efforts?
Yes, of course. Our international partnerships serve two main functions. First, we support on-the-ground execution in Japan: creating Makuake campaign pages, running digital advertising, and navigating Japan’s marketing environment—which is unfamiliar to many overseas companies. Second, hosting these events helps increase awareness. For example, when we hold Makuake seminars in China, several hundred companies attend. They are extremely eager to learn how to succeed in the Japanese market. The same is true in Korea—our events attract many participants. This isn’t surprising. Japan is the world’s third- or fourth-largest economy. For many global brands, entering Japan is a top priority, and Makuake functions as a valuable gateway.
Makuake Business Model
Looking ahead, do you believe Makuake can become a truly global platform—one that enables innovation in every direction, not only from Japan?
Yes—that’s exactly what we aim to become. Today, we support Japanese companies expanding globally and overseas companies entering Japan. But in the long term, we want to build a platform that enables data-driven product development and distribution in every direction.
We are exploring the infrastructure needed so companies can use our Plan–Debut–Growth framework when entering Europe, testing the U.S. market, and so on. We’ve also learned from failure. In the past, we tried to launch a “one-size-fits-all global platform” from Japan, but it didn’t work. Our messaging didn’t resonate across markets, and we couldn’t adapt to local needs.
That experience taught us how important it is to build localized strategies for each region—partnering with strong local distributors, placing products in country-specific online malls, integrating with dominant e-commerce platforms, and more. Our new approach is to tailor each market expansion to that market’s specific dynamics.
If you had to name just one region to prioritize above all others going forward, which would it be?
Without hesitation, the United States. I believe the gap between the market’s potential and our current level of activity there is extremely large. It’s a market we must strengthen.
Makuake Website, highlighting various popular and upcoming projects
Finally, you listed on the Tokyo Stock Exchange in 2019. How did the IPO affect your trajectory—both in terms of benefits and challenges?
I think there were two major impacts. One was financial: the IPO gave us capital to strengthen our foundation and invest in long-term growth. But the second impact may have been even more important: a shift in recognition and trust. Before listing, we explained to manufacturers: “We’re not a financial platform—we’re a retail platform. You can pre-sell without holding inventory, and that has real meaning for your business.” Many were skeptical. After the IPO, we were recognized as a company with a proven track record. That credibility opened doors across Japan—from local businesses to major media—and became a turning point that allowed us to scale with greater confidence.
If we were to have this conversation again five years from now, where would you like Makuake to be? And how would you like the global business community—including investors and consumers—to view the company?
Five years from now, I want Makuake to be recognized globally as “the place where innovation debuts”—a launchpad for world-class products and ideas. I want us to be seen not merely as a retail player, but as a vital part of the global innovation ecosystem. Whether it’s a startup in Tokyo, a hardware company in Berlin, or a design studio in Seoul, I want creators everywhere to think, “If you want to launch something new and bold, Makuake is where you start.”
For more information, visit their website at: http://makuake.co.jp/corporate/company/
0 COMMENTS