through industry. Sadao Nagaoka and Kenneth Flamm suggest that Japan still may lack the complementary institutions needed to make U.S.-style industryuniversity partnerships more effective, such as infrastructure for supporting high-tech startups, availability of risk capital, and professional services.500
A number of reforms have been proposed in Japan to address many of these shortcomings. While it is too early to measure progress, the changes implemented over the past decade in Japan’s innovation ecosystem have provided a much stronger institutional framework for success in the 21st century global knowledge economy.
500 Nagaoka and Flamm, op. cit.