{"id":6468,"date":"2025-12-15T00:06:06","date_gmt":"2025-12-14T15:06:06","guid":{"rendered":"https:\/\/ikuoch.com\/blog\/?p=6468"},"modified":"2025-12-15T13:35:39","modified_gmt":"2025-12-15T04:35:39","slug":"the-tide-has-changed-%e6%97%a5%e6%9c%ac%e3%81%ae%e3%82%b9%e3%82%bf%e3%83%bc%e3%83%88%e3%82%a2%e3%83%83%e3%83%97%e3%83%bb%e3%82%a8%e3%82%b3%e3%82%b7%e3%82%b9%e3%83%86%e3%83%a0%e3%80%81","status":"publish","type":"post","link":"https:\/\/ikuoch.com\/blog\/2025\/12\/15\/the-tide-has-changed-%e6%97%a5%e6%9c%ac%e3%81%ae%e3%82%b9%e3%82%bf%e3%83%bc%e3%83%88%e3%82%a2%e3%83%83%e3%83%97%e3%83%bb%e3%82%a8%e3%82%b3%e3%82%b7%e3%82%b9%e3%83%86%e3%83%a0%e3%80%81\/","title":{"rendered":"The Tide Has Changed \u2014 \u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3001\u305d\u306e\u73fe\u5b9f\u3068\u6b21\u306e\u4e00\u624b\u3002"},"content":{"rendered":"\n<p>\u3053\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u306f\u3001Substack\u306b\u6295\u7a3f\u3057\u305f\u82f1\u8a9e\u3067\u306e\u30cb\u30e5\u30fc\u30b9\u30ec\u30bf\u30fc\u3092\u65e5\u672c\u8a9e\u306b\u7ffb\u8a33\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u3044\u304f\u3064\u304b\u306e\u30b0\u30e9\u30d5\u3084\u30c1\u30e3\u30fc\u30c8\u304c\u82f1\u8a9e\u306b\u306a\u3063\u3066\u3044\u308b\u70b9\u3092\u3054\u4e86\u627f\u3044\u305f\u3060\u304d\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306f\u3001\u5e38\u306b\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u6570\u5e74\u5f8c\u3092\u8ffd\u3044\u304b\u3051\u3066\u3044\u308b\u3002<br>\u6b63\u78ba\u306b\u8a00\u3048\u3070\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u304c\u4e16\u754c\u306e\u4ed6\u306e\u5730\u57df\u3088\u308a\u3082\u300c\u6570\u5e74\u300d\u3069\u3053\u308d\u304b\u300c\u6570\u5341\u5e74\u300d\u5148\u3092\u8d70\u3063\u3066\u3044\u308b\u3001\u3068\u8a00\u3063\u305f\u65b9\u304c\u3044\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3084VC\u306e\u4e16\u754c\u306b\u8eab\u3092\u7f6e\u3044\u3066\u3044\u308b\u4eba\u306b\u306f\u3001\u3053\u305310\u5e74\u3042\u307e\u308a\u306e\u904e\u5270\u6d41\u52d5\u6027\u304c\u3001\u30ec\u30a4\u30bf\u30fc\u30b9\u30c6\u30fc\u30b8\u30fb\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u62bc\u3057\u4e0a\u3052\u3001\u591a\u304f\u306e\u30e6\u30cb\u30b3\u30fc\u30f3\u3092\u751f\u307f\u51fa\u3057\u3066\u304d\u305f\u3053\u3068\u306f\u3001\u6539\u3081\u3066\u8aac\u660e\u3059\u308b\u5fc5\u8981\u306f\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u30ed\u30b7\u30a2\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u3001\u305d\u3057\u3066\u7c73\u56fdFRB\u306b\u3088\u308b\u6025\u901f\u306a\u5229\u4e0a\u3052\u3092\u304d\u3063\u304b\u3051\u306b\u3001\u305d\u306e\u8cc7\u91d1\u306f\u4e00\u6c17\u306b\u9006\u6d41\u3057\u59cb\u3081\u305f\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u3001\u50d5\u304c\u3088\u304f\u77e5\u308b\u5206\u91ce\u306e\u4e00\u3064\u3067\u3042\u308bVertical Farming\uff08\u5782\u76f4\u8fb2\u696d\uff09\u696d\u754c\u3067\u306f\u3001\u7d2f\u8a087\u5104\u30c9\u30eb\u4ee5\u4e0a\u3092\u8abf\u9054\u3057\u3001\u8a55\u4fa1\u984d23\u5104\u30c9\u30eb\uff08\u7d043,500\u5104\u5186\uff09\u306b\u9054\u3057\u3066\u3044\u305f\u696d\u754c\u306e\u4ee3\u8868\u683c\u3001Bowery\u304c\u30012024\u5e7411\u6708\u306b\u4e8b\u696d\u3092\u505c\u6b62\u3057\u3066\u3044\u308b\uff08PitchBook\u306b\u3088\u308b\uff09\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u50d5\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u4f01\u696d\u3067\u3082\u3042\u308a\u3001\u540c\u3058\u304fVertical Farming\u306e\u4ee3\u8868\u7684\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3060\u3063\u305fInfarm\u3082\u3001\u4e00\u6642\u306f\u30e6\u30cb\u30b3\u30fc\u30f3\u4f01\u696d\u3068\u306a\u3063\u305f\u3082\u306e\u306e\u3001\u6b8b\u5ff5\u306a\u304c\u30892023\u5e749\u6708\u306b\u7834\u7dbb\u3057\u305f\u3002<\/p>\n\n\n\n<p>Crunchbase\u306b\u3088\u308c\u3070\u30012022\u5e74\u4ee5\u964d\u306b\u5012\u7523\u3057\u305f\u30e6\u30cb\u30b3\u30fc\u30f3\u306f\u7d0440\u793e\u306b\u306e\u307c\u308b\u3068\u3044\u3046\u3002\u975e\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308b\u4ee5\u4e0a\u3001\u516c\u306b\u306a\u3063\u3066\u3044\u308b\u4e8b\u4f8b\u306f\u9650\u3089\u308c\u3066\u304a\u308a\u3001\u5b9f\u969b\u306b\u306f\u3082\u3063\u3068\u591a\u3044\u3068\u8003\u3048\u308b\u306e\u304c\u81ea\u7136\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3082\u3088\u304f\u77e5\u3089\u308c\u3066\u3044\u308b\u4e8b\u5b9f\u3060\u3068\u601d\u3046\u304c\u3001CB Insights\u306e\u8abf\u67fb\u3067\u306f\u3001\u30e6\u30cb\u30b3\u30fc\u30f3\u4f01\u696d\u306e80%\u4ee5\u4e0a\u304c\u8d64\u5b57\u3060\u3068\u5831\u544a\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u4e0b\u56f3\u304c\u793a\u3059\u901a\u308a\u3001VC\u30d3\u30b8\u30cd\u30b9\u306f\u7c73\u56fd\u306b\u304a\u3044\u3066\u3082\u5178\u578b\u7684\u306a\u300c\u30d1\u30ef\u30fc\u30ed\u30fc\uff08\u3079\u304d\u4e57\uff09\u300d\u306e\u4e16\u754c\u3060\u3002<br>\u3042\u308b\u610f\u5473\u3001\u305d\u308c\u306f\u300c\u7c73\u56fd\u3060\u304b\u3089\u3053\u305d\u300d\u6210\u7acb\u3057\u3066\u3044\u308b\u69cb\u9020\u306a\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"589\" src=\"http:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-1024x589.png\" alt=\"US\u306eVC\u30de\u30fc\u30b1\u30c3\u30c8\" class=\"wp-image-6241\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-1024x589.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-300x172.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-768x442.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022-1140x655.png 1140w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2024\/09\/Distribution-of-realized-US-VC-Outcomes-over-the-past-decades_2013-2022.png 1388w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u3067\u306f\u3001\u65e5\u672c\u5e02\u5834\u3067\u306f\u4f55\u304c\u8d77\u304d\u3066\u3044\u308b\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u672c\u7a3f\u306e\u30bf\u30a4\u30c8\u30eb\u306b\u3082\u3042\u308b\u901a\u308a\u3001\u65e5\u672c\u306b\u304a\u3051\u308b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u6295\u8cc7\u984d\u306f2022\u5e74\u306b\u7d041\u5146\u5186\u3068\u30d4\u30fc\u30af\u3092\u8fce\u3048\u305f\u304c\u30012025\u5e74\u306b\u306f\u7d047,000\u5104\u5186\u307e\u3067\u6e1b\u5c11\u3059\u308b\u3060\u308d\u3046\uff08Japan Startup Finance\u306e\u6570\u5b57\u3092\u8e0f\u307e\u3048\u305f\u50d5\u306e\u8a66\u7b97\uff09\u3002\u8a73\u3057\u304f\u306f\u4e0b\u56f3\u3092\u53c2\u7167\u3055\u308c\u305f\u3044\u3002\uff08\u51fa\u5178\uff1aSpeeda\u300cJapan Startup Finance 2025 H1\u300d\uff09<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-1024x577.png\" alt=\"\" class=\"wp-image-6470\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-1024x577.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-300x169.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-768x433.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-1536x865.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-2048x1154.png 2048w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/The-Tide-is-changing_Strtup-Finance-2025_H1-1140x642.png 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u307e\u305f\u3001\u8cc7\u91d1\u8abf\u9054\u3092\u5b9f\u65bd\u3057\u305f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u6570\u3082\u30012022\u5e74\u306e4,368\u793e\u3092\u30d4\u30fc\u30af\u306b\u30012025\u5e74\u306b\u306f\u7d042,800\u793e\u307e\u3067\u6e1b\u5c11\u3059\u308b\u3060\u308d\u3046\u3002\u3053\u308c\u306f\u30d4\u30fc\u30af\u6642\u306e\u7d0464%\u306b\u76f8\u5f53\u3059\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-1024x576.png\" alt=\"\" class=\"wp-image-6472\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-1024x576.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-300x169.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-768x432.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-1536x864.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-2048x1152.png 2048w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_General_2025_H1-2-1140x641.png 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-1024x573.png\" alt=\"\" class=\"wp-image-6473\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-1024x573.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-300x168.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-768x430.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-1536x859.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1-1140x638.png 1140w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/New-Funds_Seed-Early-stage_2025_H1.png 1948w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>VC\u30d5\u30a1\u30f3\u30c9\u306e\u65b0\u8a2d\u6570\u304a\u3088\u3073\u8cc7\u91d1\u8abf\u9054\u984d\u3092\u898b\u3066\u3082\u3001\u540c\u69d8\u306e\u50be\u5411\u304c\u78ba\u8a8d\u3067\u304d\u308b\u3002<br>\u65b0\u8a2d\u30d5\u30a1\u30f3\u30c9\u6570\u306f2022\u5e74\u306b154\u672c\u3067\u30d4\u30fc\u30af\u3092\u8fce\u3048\u3001\u30d5\u30a1\u30f3\u30c9\u7dcf\u984d\u306f2023\u5e74\u306e9,763\u5104\u5186\u304c\u30d4\u30fc\u30af\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u7279\u306bSeed\u301cEarly\u30b9\u30c6\u30fc\u30b8\u7279\u5316\u578b\u30d5\u30a1\u30f3\u30c9\u306b\u6ce8\u76ee\u3059\u308b\u3068\u3001\u65b0\u8a2d\u6570\u30fb\u7dcf\u984d\u3068\u3082\u306b2022\u5e74\uff0860\u672c\u30013,663\u5104\u5186\uff09\u304c\u30d4\u30fc\u30af\u3068\u306a\u3063\u3066\u304a\u308a\u3001VC\u5e02\u5834\u5168\u4f53\u3088\u308a\u3082\uff11\u5e74\u65e9\u304f\u300c\u6f6e\u76ee\u300d\u304c\u5909\u308f\u3063\u3066\u3044\u305f\u3053\u3068\u304c\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<p>The tide has changed.\u3000\u6f6e\u76ee\u306f\u3001\u3059\u3067\u306b\u5909\u308f\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u4eca\u3055\u3089\u6562\u3048\u3066\u8a00\u3046\u5fc5\u8981\u3082\u306a\u3044\u304c\u3001\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306e\u5927\u304d\u306a\u7279\u5fb4\u306e\u4e00\u3064\u306f\u3001\u5c0f\u3055\u306a\u6642\u4fa1\u7dcf\u984d\u3067\u3082IPO\u304c\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>\u4f55\u4e8b\u3082\u3001\u826f\u3044\u9762\u3082\u60aa\u3044\u9762\u3082\u4f75\u305b\u6301\u3064\u3002<\/p>\n\n\n\n<p>\u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u5074\u9762\u3068\u3057\u3066\u306f\u3001\u79c1\u81ea\u8eab\u3092\u542b\u3081\u3001\u591a\u304f\u306e\u8d77\u696d\u5bb6\u304c\u300c\u8d77\u696d\u306b\u6311\u6226\u3059\u308b\u300d\u74b0\u5883\u304c\u6574\u3063\u305f\u3053\u3068\u304c\u6319\u3052\u3089\u308c\u308b\u30022000\u5e74\u524d\u5f8c\u306e\u30cd\u30c3\u30c8\u30d0\u30d6\u30eb\u306e\u9803\u3092\u601d\u3044\u51fa\u3059\u3002\u305d\u306e\u52d5\u304d\u306b\u547c\u5fdc\u3059\u308b\u5f62\u3067\u3001VC\u3001CVC\u3001\u5927\u4f01\u696d\u304b\u3089\u306e\u76f4\u63a5\u6295\u8cc7\u3082\u6d3b\u767a\u5316\u3057\u3001\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306f\u78ba\u5b9f\u306b\u80b2\u3063\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-1024x571.png\" alt=\"\" class=\"wp-image-6474\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-1024x571.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-300x167.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-768x428.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-1536x856.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-2048x1142.png 2048w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/30-vs-70_Market-CAP_10B-JPY-1140x635.png 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u4e00\u65b9\u3001\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u5c0f\u578bIPO\u304c\u5927\u91cf\u306b\u751f\u307e\u308c\u3001\u4e0a\u5834\u304b\u30895\u5e74\u7d4c\u3063\u3066\u3082\u6642\u4fa1\u7dcf\u984d100\u5104\u5186\u672a\u6e80\u306b\u7559\u307e\u3063\u3066\u3044\u308b\u4f01\u696d\u304c\u7d0470%\u3092\u5360\u3081\u3066\u3044\u308b\u3002\uff08\u51fa\u5178\uff1a<a href=\"https:\/\/initial.inc\/articles\/growth-market-post-ipo\" class=\"external\" target=\"_blank\">Speeda 2025\u5e7411\u670822\u65e5\u4ed8\u8a18\u4e8b<\/a>\uff09<\/p>\n\n\n\n<p>\u5206\u5c90\u70b9\u306f\u3001IPO\u304b\u3089\u300c2\u5e74\u5f8c\u300d\u306b\u8a2a\u308c\u308b\u3002\u4e0b\u56f3\u304c\u793a\u3059\u901a\u308a\u30015\u5e74\u5f8c\u306b\u6642\u4fa1\u7dcf\u984d100\u5104\u5186\u3092\u8d85\u3048\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u4e0a\u5834\u5f8c2\u5e74\u6642\u70b9\u3067\u307b\u307c\u6c7a\u307e\u3063\u3066\u3057\u307e\u3046\u3002\u305d\u306e\u6761\u4ef6\u306b\u3064\u3044\u3066\u306f\u3001\u6b21\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u6574\u7406\u3057\u305f\u3002\uff08\u51fa\u5178\uff1aSpeeda\u8a18\u4e8b\u3092\u57fa\u306b\u7b46\u8005\u4f5c\u6210\uff09<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-1024x572.png\" alt=\"\" class=\"wp-image-6476\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-1024x572.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-300x168.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-768x429.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-1536x858.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-2048x1143.png 2048w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Graph-separates-the-TWO_Market-CAP-10B-JPY-1140x637.png 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-1024x576.png\" alt=\"\" class=\"wp-image-6475\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-1024x576.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-300x169.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-768x432.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-1536x863.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-2048x1151.png 2048w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/Conditions-to-be-10B-Market-CAP-1140x641.png 1140w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u3082\u3063\u3068\u3082\u3001\u5c0f\u578bIPO\u304b\u3089\u5287\u7684\u306a\u6210\u9577\u3092\u9042\u3052\u305f\u4f01\u696d\u3082\u5b58\u5728\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u4ee3\u8868\u4f8b\u304cSHIFT\u3060\u30022014\u5e74\u306e\u4e0a\u5834\u6642\u306e\u6642\u4fa1\u7dcf\u984d\u306f\u308f\u305a\u304b34\u5104\u5186\u3060\u3063\u305f\u304c\u30012025\u5e746\u6708\u6642\u70b9\u3067\u306f4,677\u5104\u5186\u306b\u307e\u3067\u6210\u9577\u3057\u3066\u3044\u308b\u3002\u5b9f\u306b138\u500d\uff01\u540c\u69d8\u306e\u4f01\u696d\u306f\u3001\u30a2\u30a4\u30b9\u30bf\u30a4\u30eb\u3001\u30aa\u30a4\u30b7\u30c3\u30af\u30b9\u7b49\u3001\u4ed6\u306b\u3082\u3044\u304f\u3064\u304b\u5b58\u5728\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u72b6\u6cc1\u3092\u8e0f\u307e\u3048\u3001\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\uff08TSE\uff09\u306f\u3001\u4e0a\u5834\u5f8c5\u5e74\u4ee5\u5185\u306b\u6642\u4fa1\u7dcf\u984d100\u5104\u5186\u306b\u5230\u9054\u3057\u306a\u3051\u308c\u3070\u4e0a\u5834\u3092\u7dad\u6301\u3067\u304d\u306a\u3044\u3001\u3068\u3044\u3046\u65b0\u305f\u306a\u57fa\u6e96\u3092\u6253\u3061\u51fa\u3057\u305f\u3053\u3068\u306f\u8a18\u61b6\u306b\u65b0\u3057\u3044\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u5c11\u3057\u8a71\u3092\u623b\u3059\u3068\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u6295\u8cc7\u984d\u3001VC\u30d5\u30a1\u30f3\u30c9\u306e\u65b0\u8a2d\u6570\u3001LP\u306b\u3088\u308bVC\u6295\u8cc7\u306f\u3001\u3044\u305a\u308c\u3082\u6e1b\u5c11\u50be\u5411\u306b\u3042\u308b\u3002\u3053\u308c\u306f\u3001\u524d\u8ff0\u3057\u305f\u7c73\u56fd\u5e02\u5834\u306e\u5f71\u97ff\u3082\u4e00\u56e0\u3060\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u305d\u308c\u3060\u3051\u3067\u306f\u306a\u3044\u3002<strong>\u65e5\u672c\u306eVC\u30d5\u30a1\u30f3\u30c9\u306e\u300c\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u4f4e\u3055\u300d\u3082\u5927\u304d\u306a\u539f\u56e0<\/strong>\u3060\u3068\u8a00\u3048\u308b\u3002\u4ee5\u4e0b\u306f\u3001Preqin\u3068\u65e5\u672c\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u5354\u4f1a\uff08JVCA\uff09\u304c\u5171\u540c\u3067\u767a\u8868\u3057\u305f\u30ec\u30dd\u30fc\u30c8\u306e\u8981\u70b9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>2012<\/strong>\u5e74\u306e\u30cd\u30c3\u30c8\u30fb\u30de\u30eb\u30c1\u30d7\u30eb\u306f<strong>3.99<\/strong>\u3068\u3001\u6975\u3081\u3066\u512a\u79c0!<\/li>\n\n\n\n<li>\u4f46\u3057\u3001<strong>2020\u5e74\u4ee5\u964d\u306f1.0\u3092\u4e0b\u56de\u308b\u6c34\u6e96\u304c\u7d9a\u3044\u3066\u3044\u308b<\/strong>\u3002\u307e\u3060\u82e5\u3044\u30d5\u30a1\u30f3\u30c9\u304c\u591a\u3044\u305f\u3081\u3001\u4eca\u5f8c1.0\u3092\u8d85\u3048\u308b\u53ef\u80fd\u6027\u306f\u6b8b\u3055\u308c\u3066\u3044\u308b\u3068\u306f\u3044\u3048\u3001\u53b3\u3057\u3044\u72b6\u6cc1\u3067\u3042\u308b\u3053\u3068\u306f\u5426\u3081\u306a\u3044\u3002<\/li>\n\n\n\n<li>\u3055\u3089\u306b\u300c<strong>PME\uff08Public Market Equivalent\uff09<\/strong>\u300d\u3092\u898b\u308b\u3068\u30012016\u5e74\u304b\u30892021\u5e74\u307e\u3067\u4e00\u8cab\u3057\u3066\u300c<strong>0%<\/strong>\u300d\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002<strong>\u7279\u306b2020\u5e74\u30682021\u5e74\u306f\u3001\u30de\u30a4\u30ca\u30b915\u301c16%\u3068\u3044\u3046\u6c34\u6e96\u3060\u3002<\/strong><\/li>\n\n\n\n<li>\u4eee\u306b<strong>2023\u5e74\u306bTOPIX\u306b\u6295\u8cc7\u3057\u3066\u3044\u308c\u3070\u3001\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u306f\u7d0430%<\/strong>\u3002\u4e00\u65b9\u3001<strong>\u65e5\u672c\u306eVC\u30d5\u30a1\u30f3\u30c9<\/strong>\u306f\u3001\u6d41\u52d5\u6027\u3092\u72a0\u7272\u306b\u3057\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30ea\u30bf\u30fc\u30f3\u306f<strong>\u308f\u305a\u304b5%\u306b\u7559\u307e\u3063\u3066\u3044\u308b<\/strong>\u3002<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"621\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-1024x621.png\" alt=\"\" class=\"wp-image-6479\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-1024x621.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-300x182.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-768x465.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-1536x931.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552-1140x691.png 1140w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/6696800697d193537f74f6d00164b552.png 1970w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"443\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-1024x443.png\" alt=\"\" class=\"wp-image-6480\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-1024x443.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-300x130.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-768x333.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-1536x665.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9-1140x494.png 1140w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/440ed827ef51ec8cb8e417d5d9584ad9.png 1954w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"386\" src=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-1024x386.png\" alt=\"\" class=\"wp-image-6481\" srcset=\"https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-1024x386.png 1024w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-300x113.png 300w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-768x290.png 768w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-1536x580.png 1536w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3-1140x430.png 1140w, https:\/\/ikuoch.com\/blog\/wp-content\/uploads\/2025\/12\/15044005445a3afdd83e767d87709fd3.png 1940w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>\u554f\u984c\u306f\u4f55\u6545\u3001\u65e5\u672c\u306eVC\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u306e\u304b<\/strong>\uff1f\u3060\u3002<\/p>\n\n\n\n<p>\u3072\u3068\u3064\u306f\u3001PREQIN &amp; JVCA\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u3082\u6307\u6458\u3055\u308c\u3066\u3044\u308b\u3068\u304a\u308a\u3001\u6771\u8a3c\u30b0\u30ed\u30fc\u30b9\u5e02\u5834\u306b\u306f\u300c\u6570\u5341\u5104\u5186\u300d\u306e\u6642\u4fa1\u7dcf\u984d\u3067\u3082IPO\u304c\u53ef\u80fd\u3067\u3001\u5c1a\u4e14\u3064\u3001\u305d\u306e\uff17\u5272\u304c\u4e0a\u5834\uff15\u5e74\u5f8c\u306e\u6642\u4fa1\u7dcf\u984d\u304c\u300c100\u5104\u5186\u300d\u306b\u9054\u3057\u3066\u304a\u3089\u305a\u3001\u3080\u3057\u308d\u3001IPO\u6642\u306e\u6642\u4fa1\u7dcf\u984d\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u3053\u3068\u3060\u3002\u305d\u308c\u3067\u306f\u3001VC\u306f\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u306f\u671f\u5f85\u3067\u304d\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3082\u3046\u3072\u3068\u3064\u306e\u5927\u304d\u306a\u8981\u56e0\u306e\u4e00\u3064\u306f\u300c<strong>\u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u591a\u304f\u304c\u3001\u56fd\u5185\u5e02\u5834\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u3053\u3068<\/strong>\u300d\u3060\u3002\u5358\u7d14\u306a\u7b97\u6570\u306e\u8a71\u3060\u304c\u3001\u65e5\u672c\u306e\u4eba\u53e3\u306f\u7d041\u51042,000\u4e07\u4eba\u3002\u4e00\u65b9\u3001<strong>\u82f1\u8a9e\u5e02\u5834\u306f\u3001\u4e16\u754c\u3067\u7d0417\u5104\u4eba<\/strong>\u306b\u306e\u307c\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u305d\u308c\u306b\u95a2\u9023\u3059\u308b\u304c\u3001\u56fd\u5185\u5e02\u5834\u306f\u4eca\u306e\u3068\u3053\u308d\u307e\u3060\u6bd4\u8f03\u7684\u5927\u304d\u3044\uff08\u540d\u76eeGDP\u30d9\u30fc\u30b9\u3067\u4e16\u754c\u7b2c\uff14\u4f4d\u3002\u5b9f\u8ceaGDP\u30d9\u30fc\u30b9\u3067\u540c\u7b2c\uff13\u4f4d\uff09\u3053\u3068\u3067\u3001\u56fd\u5185\u5e02\u5834\u306b\u69d8\u3005\u306a\u30d7\u30ed\u30c0\u30af\u30c8\u3084\u30b5\u30fc\u30d3\u30b9\u3092\u6295\u5165\u3059\u308b\u3001\u826f\u304f\u8a00\u3048\u3070\u300c\u30af\u30ed\u30b9\u30bb\u30eb\u300d\u3067\u58f2\u4e0a\u3092\u4e0a\u3052\u3088\u3046\u3068\u3059\u308b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u591a\u3044\u3002<br>\u8907\u6570\u306e\u30d7\u30ed\u30c0\u30af\u30c8\u3092\u8ca9\u58f2\u3059\u308b\u3088\u308a\u3082\u3001\u3072\u3068\u3064\u306e\u30d7\u30ed\u30c0\u30af\u30c8\u3092\u4ed6\u306e\u5e02\u5834\u306b\u3082\u5c55\u958b\u3059\u308b\u65b9\u304c\u3001\uff08\u4e0a\u624b\u304f\u884c\u3051\u3070\uff09\u30b9\u30b1\u30fc\u30eb\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3060\u308d\u3046\u3002\u73fe\u306b\u6b27\u7c73\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306f\u3001\u305d\u3046\u3044\u3046\u3068\u3053\u308d\u304c\u591a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u3053\u305d\u3001<strong>\u50d5\u306f\u3053\u308c\u307e\u3067\u3001\u6d77\u5916\u5e02\u5834\u306b\u6311\u6226\u3059\u308b\u82e5\u3044\u65e5\u672c\u4eba\u8d77\u696d\u5bb6\u3092\u652f\u63f4\u3057\u3001\u6295\u8cc7\u3057\u3066\u304d\u305f\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u91ce\u7403\u3067\u3044\u3046\u3068\u3053\u308d\u306e\u300c\u91ce\u8302\u82f1\u96c4\u300d\u9078\u624b\u3001\u30b5\u30c3\u30ab\u30fc\u3067\u306f\u300c\u4e2d\u7530\u82f1\u5bff\u300d\u9078\u624b\u306e\u3088\u3046\u306a\u5b58\u5728\u304c\u51fa\u308c\u3070\u3001\u300c\u3060\u3063\u305f\u3089\u30aa\u30ec\u3082\u79c1\u3082\uff01\u300d\u3068\u3044\u3046\u6d41\u308c\u304c\u5275\u308c\u308b\uff08\u8d77\u304d\u308b\uff09\u306f\u305a\u3060\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u3069\u3046\u3059\u308c\u3070\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u7248\u300c\u91ce\u8302\u82f1\u96c4\u300d\u3084\u300c\u4e2d\u7530\u82f1\u5bff\u300d\u3092\u751f\u307f\u51fa\u305b\u308b\u306e\u304b\uff1f\u3000\u6b8b\u5ff5\u306a\u304c\u3089\u50d5\u81ea\u8eab\u306f\u305d\u3046\u306a\u308c\u306a\u3044\u306e\u3067\u3001\u305d\u3046\u3044\u3046\u53ef\u80fd\u6027\u304c\u3042\u308b\u82e5\u8005\u3092\u767a\u6398\u3057\u3001\u8f29\u51fa\u3059\u308b\u4ed5\u7d44\u307f\u3092\u5275\u308a\u305f\u3044\u3002<\/strong><\/p>\n\n\n\n<p><strong>\u8a00\u3046\u307b\u3069\u7c21\u5358\u306a\u3053\u3068\u3067\u306f\u306a\u3044\u306e\u306f\u91cd\u3005\u627f\u77e5\u3057\u3066\u3044\u308b\u304c\u3001\u50d5\u306e\u3053\u306e\u5148\u306e\u4eba\u751f\u306e\u30c6\u30fc\u30de\u3067\u3042\u308b\u3002\u3068\u3044\u3046\u304b\u3001\u305d\u308c\u3057\u304b\u8208\u5473\u304c\u306a\u3044\u3002<\/strong><\/p>\n\n\n\n<p>\u30b5\u30f3\u30d6\u30ea\u30c3\u30b8\u6642\u4ee3\u3001Allen Miner \u306f\u3044\u3064\u3082\u3053\u3046\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u300c\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u8d77\u696d\u5bb6\u3068\u65e5\u672c\u306e\u8d77\u696d\u5bb6\u3092\u6bd4\u8f03\u3057\u3066\u3001\u65e5\u672c\u306e\u8d77\u696d\u5bb6\u304c\u52a3\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u306a\u3044\u3002\u4f46\u3057\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u8d77\u696d\u5bb6\u306b\u3042\u308a\u3001\u65e5\u672c\u306e\u8d77\u696d\u5bb6\u306b\u7121\u3044\u3082\u306e\u304c\u3042\u308b\u3002\u305d\u308c\u306f\u300e<strong>\u4e16\u754c\u304b\u3089\u306e\u6ce8\u76ee<\/strong>\u300f\u3060\u300d\u3002<\/p>\n\n\n\n<p>\u3082\u3046\u3072\u3068\u3064\u3001\u77e5\u308a\u5408\u3044\u306e\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306eVC\u306b\u8a00\u308f\u308c\u305f\u3053\u3068\u304c\u3042\u308b\u3002\u300c<strong>\u65e5\u672c\u4eba\u306e\u554f\u984c\u306f\u3001\u5927\u304d\u306a\u91ce\u671b\u3092\u6301\u305f\u306a\u3044\u3053\u3068\u3060<\/strong>\u300d\u3002\u80fd\u529b\u306e\u554f\u984c\u3067\u306f\u306a\u304f\u3001\u300c<strong>\u30de\u30a4\u30f3\u30c9\u30bb\u30c3\u30c8<\/strong>\u300d\u306e\u554f\u984c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7a81\u304d\u8a70\u3081\u308b\u3068\u3001\u305d\u308c\u306f\u300c\u6559\u80b2\u300d\u306e\u554f\u984c\u306b\u8fbf\u308a\u7740\u304f\u3002\u50d5\u304cEMC\u306e\u5275\u8a2d\u306b\u53c2\u52a0\u3057\u305f\u7406\u7531\u306f\u305d\u3053\u306b\u3042\u308b\u3002<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u306e\u30a8\u30f3\u30c8\u30ea\u30fc\u306f\u3001Substack\u306b\u6295\u7a3f\u3057\u305f\u82f1\u8a9e\u3067\u306e\u30cb\u30e5\u30fc\u30b9\u30ec\u30bf\u30fc\u3092\u65e5\u672c\u8a9e\u306b\u7ffb\u8a33\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u3044\u304f\u3064\u304b\u306e\u30b0\u30e9\u30d5\u3084\u30c1\u30e3\u30fc\u30c8\u304c\u82f1\u8a9e\u306b\u306a\u3063\u3066\u3044\u308b\u70b9\u3092\u3054\u4e86\u627f\u3044\u305f\u3060\u304d\u305f\u3044\u3002 \u65e5\u672c\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u30fb\u30a8<span class=\"excerpt-ellipsis\">&#8230;<\/span><\/p>\n<p><a class=\"more-link\" href=\"https:\/\/ikuoch.com\/blog\/2025\/12\/15\/the-tide-has-changed-%e6%97%a5%e6%9c%ac%e3%81%ae%e3%82%b9%e3%82%bf%e3%83%bc%e3%83%88%e3%82%a2%e3%83%83%e3%83%97%e3%83%bb%e3%82%a8%e3%82%b3%e3%82%b7%e3%82%b9%e3%83%86%e3%83%a0%e3%80%81\/\" itemprop=\"url\">Continue Reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":6481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145,33],"tags":[],"class_list":["post-6468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-funding","category-work"],"_links":{"self":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/6468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/comments?post=6468"}],"version-history":[{"count":17,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/6468\/revisions"}],"predecessor-version":[{"id":6499,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/posts\/6468\/revisions\/6499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/media\/6481"}],"wp:attachment":[{"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/media?parent=6468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/categories?post=6468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ikuoch.com\/blog\/wp-json\/wp\/v2\/tags?post=6468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}