On this episode of The Coral Capital Podcast, Founding Partner James Riney and Investor Tiffany Kayo were joined by Phil Wickham, co-founder of Sozo Ventures—a globally-minded VC firm that’s backed breakout U.S. companies expanding into Japan, including the likes of Coinbase, Square & Palantir.

Philip shares rare, behind-the-scenes insights from decades spent bridging Silicon Valley and Tokyo, explaining why Japan is suddenly hot again for global startups—and how to navigate its famously complex corporate and cultural terrain.

Topics explored:

• The four pillars that make Japan a high-margin & high-loyalty market worth cracking
• Lessons from backing companies like Palantir, Square, Coinbase, and Need in Japan
• Why corporate money on your cap table can be more risk than reward—especially in Japan
• What founders consistently get wrong when entering Japan, and how to avoid wasting years

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Phil's Book: https://www.amazon.co.jp/2032年、日本がスタートアップのハブになる：世界を動かす才能を解放せよ-フィル・ウィックハム/dp/4910487042?tag=googhydr-22&source=dsa&hvcampaign=books&gad_source=1

00:00 Trailer

00:48 Introduction

03:06 Selling Japan to Startups

06:21 The Challenges of Entering Japan

09:01 First Steps for Expanding into Japan

13:02 Case Studies: Coinbase & NEED

16:06 Palantir’s Unique Approach to Japan

20:03 The Role of Corporates in Startup Growth

23:42 Targeting the Right Partners in Japan

28:06 Joint Ventures vs Independent Expansion

39:12 Keeping Options Open in Japan

51:05 Japan’s Global Competitive Edge

Connect with Phil: https://www.linkedin.com/in/pwickham/

Connect with James:

X: https://x.com/james_riney

LinkedIn: https://www.linkedin.com/in/jamesriney

Connect with Tiffany:

X: https://x.com/tiffanykayo

LinkedIn: https://www.linkedin.com/in/tiffanykayo/

Learn more about Coral Capital

This episode was produced & distributed with the help of our friends at Atomik Growth.