Before Dragons ‘ Den in the UK became a global hit and America’s Shark Tank turned startup pitches into mainstream entertainment, there was Manē no Tora ( Tiger of Money or Money Tigers ). This innovative television program, which was first broadcast in Japan in 2001 by Nippon Television and Sony Pictures Television, introduced the firm pitching file to an angel investor section.
Little did anyone know that Money Tigers may start a global pattern that may affect how high-growth entrepreneurship was viewed and admired all over the world. The initial sponsors announced the release of the franchise’s 50th edition in Bangladesh in February 2024. The BBC broadcast the 22nd year of Dragons ‘ Den on January 2. And US ABC-TV’s Shark Tank is in its 16th time.
Cash Tigers wasn’t really about creating thrilling television. Its development was a result of a wider effort by the government and society to enhance Japan’s economic tradition. Against the landscape of a typically risk-averse community and an economy dominated by big corporations, Money Tigers aimed to adjust and actually glamorize innovation.
A wider range of government efforts were put in place to encourage innovation, increase innovative activity, and establish Japan as a world leader in technology and startups. The show was a result of what my partner Ramon Pacheco Pardo and I refer to as” business capitalism,” an era in which businesses have been key players in market economies ‘ ability to compete.
The origins of Money Tigers
In the late 1990s and early 2000s, Japan was at an economical juncture. The early 1990s boom had caused a protracted period of prolonged economic stagnation known as the” Lost Decade.”
Politicians recognised the need to expand the economy, create work, and encourage creativity. Startups, with their potential for dexterity and imagination, as well as their ability to create work for talented younger persons, became a focal point of this change. As Chinese companies competed in world markets, startups also had the ability to infuse creative concepts and talent into their operations.
Policy initiatives including tax incentives for company investments, a shift to regulations that allowed “pension account accessibility” and an entry of American-style employee stock options were among efforts to help entrepreneurs.
However, it was impossible to change a culture that stifled risk-taking and a regulatory setting that punished job mobility immediately. SoftBank’s Masayoshi Son was becoming associated with this innovative type of loud, risky business. And, while a warrior to some, Masa ( as he is now internationally known ) was controversial. He challenged Japan’s economic society and the way enterprise was conducted.
How could people coverage encourage a new generation of risk-takers who are willing to accept the unknowns of starting a business? And how could starting a business get someone a major Asian student may discuss with their families without getting criticized?
Provide Money Tigers. The show, which was a bold experiment, aimed to provide business meetings and conversations between family and friends across Japan.
Its structure was straightforward but strong: aspiring businesspeople presented their business tips to a section of rich angel investors, or “tigers,” who had the authority to finance these thoughts in exchange for equity. The drama of negotiation, the tension of rejection, and the triumph of securing an investment made for compelling viewing.
Money Tigers ‘ unique ability to humanize the entrepreneurial journey was its strength. Viewers witnessed ordinary people making daring decisions to realize their aspirations. The tigers, seated on the other side of a table, represented a mix of skepticism, curiosity and mentorship. Their enlightening inquiries and honest comments not only added drama, but they also provided information on what makes a business viable.
Money Tigers was the first instance of pitching for investment, according to many Japanese viewers. Terms like “equity”, “valuation” and “return on investment” entered mainstream conversation. Building a business with ambitious growth plans, which was once criticized as being too focused on making money, was done in a more endearing manner.
The show began to remove the stigma associated with failure and the ambitious founder by showcasing both the successes and failures of entrepreneurs. Entrepreneurs who left with nothing were frequently praised for their bravery, a message that was especially relevant to younger generations.
The show complemented policy initiatives. Between 1997 and 2001, the Japanese government launched a litany of policy initiatives, including tax incentives for angel investors and the establishment of the startup-friendly stock exchanges. Money Tigers addressed the more difficult cultural context, which was where these government policies created the framework for startups to flourish.
Innovative entrepreneurship has become more prevalent in Japan, despite being still modest in comparison to the size of the Japanese economy. Some of the world’s most well-known venture capital firms have established outposts in Japan, and the nation currently has several startups worth more than US$ 1 billion (unicorns ).
The global legacy
Money Tigers had only a few seasons in Japan ( it stopped running in 2003 ), but its impact was significant. The format was later changed to Shark Tank in the US and then Dragons ‘ Den in the UK in 2005. As of February 2024, “almost US$ 1 billion in investments has been agreed in Dens and Tanks across the globe since the format started,” according to Nippon TV and Sony.
Being an island rather than a leader, the early 2000s were a time of flimsy government initiatives to prevent Japan’s technological advancements from becoming a” Galapagos Syndrome,” which was remarkable but distinct. There was a sense that Japan was developing state-of-the-art technologies, but global consumer markets were not necessarily picking up the innovations.
Ironically, Japan was developing an export that would be a huge hit abroad without being widely known as the same time it was pushing for normalization of entrepreneurship and equity investment through a endearing TV program for its Japanese audience.
Audiences in the UK and US assumed that Dragons ‘ Den and Shark Tank were natural products of their entrepreneur-rich ecosystems. However, they were an adaptation of a state-supported, purposeful effort to change Japanese culture rather than a natural product of their markets.
Robyn Klingler-Vidra is King’s College London’s associate dean for global engagement and associate professor of entrepreneurship and sustainability.
This article was republished from The Conversation under a Creative Commons license. Read the original article.