Tech specifically is dependent on venture capital because it requires upfront costs and produces something that is not a valuable asset in liquidation. This bas

Tech specifically is dependent on venture capital because it requires upfront costs and produces something that is not a valuable asset in liquidation. This basically guarantees that tech will go somewhere with large liquid capital markets... of which the US is the largest by huge margin. That said, there is ample indication that companies will continue to outsource to foreign talent (eg. Google laying off California workers and hiring Indians). Between outsourcing and remote work, it's increasingly possible to start a business in one location, but employee people globally. I think the real outcome, which we're already seeing, is that companies pay for their training content. It fully integrates into the existing venture system ("simply" raise more money), integrates into existing laws, and feeds into the existing tech economy. In order for the startup ecosystem to leave the US, there would need to be either free-flowing checks rivaling the US or a dramatic regulatory change. Japan just doesn't have either, even with this new policy.