Upon her completion of a secondment at Emerald, Yuko Mori, a secondee from DIC Corporation, offered some key insights from her time with us. As a seasoned professional exploring the nuances of corporate venture capital, she shared her transformative journey, from overcoming cultural and linguistic challenges to mastering the intricacies of financial analysis and deal negotiations. Her experiences highlight the value of international immersion, showcasing key lessons that benefit both her personal growth and the strategic goals of DIC. In this discussion, Yuko reflects on the invaluable skills and perspectives she gained, as well as the broader impact of her time at Emerald.

Q: You’ve just finished a secondment with Emerald. Was this an important step on your professional journey in corporate venture capital?
Mori: It was a very important step and also a big challenge. But also a great opportunity and experience that I hope can serve as an example for others. Many Japanese people, including me, feel nervous about working abroad, especially because we’re not confident in English. But I think it’s important to take this step.
Q: Emerald has a lot of Japanese LPs, and many secondees from Japan, so hopefully our immersion in Japanese culture helped you to feel welcome. What was the most beneficial thing you experienced while you were here?
Mori: Emerald’s understanding of Japanese culture definitely made it easier for me. The most beneficial experience for me was learning about the financial side of deals. I gained deep insights into deal analysis, financial modeling, and understanding startup business models. This knowledge will help me as an LP and when investing directly in startups through my CVC.
Q: What was the most surprising thing you learned?
Mori: There were so many surprises! One big surprise was the level of detail involved in financial modeling. For instance, when creating a financial plan, you need to deeply understand a startup’s business model, customer interactions, cost structures, and human resource plans. This level of detail was new to me, as it’s not something I was accustomed to.
Q: Will you be able to take that knowledge back to your CVC team?
Mori: Definitely! I’ve already listed many points to improve our team. One key lesson is that the initial investment isn’t the end of the process. We need to maintain ongoing communication and collaboration with startups. At Emerald, teams stay engaged with startups even after the initial investment, holding regular meetings to ensure a strong relationship. That’s something we need to adopt.
Q: What do you think is the biggest gain for DIC from sending you as a secondee?
Mori: I think DIC will benefit from having a non-technical person like me focus on financial aspects. Previous secondees concentrated on deal sourcing and IRs, but I learned about financial analysis, negotiation, and the importance of understanding term sheets. Now I know how to carefully evaluate each clause in a term sheet, which is crucial for our investments.
Q: Is there anything you would advise other secondees to do as preparation prior to their time at Emerald?
Mori: Yes, I would recommend that they read the book Venture Deals – be smarter than your lawyer and venture capitalist – by Brad Feld and Jason Mendelson. It introduced me to the technical terms and basic knowledge of venture capital. That preparation made it easier to understand discussions here. And it is written in a way that is easy to understand, even for non-native English speakers.
Q: That’s a great tip. What would you say are the top reasons Japanese companies should consider working with Emerald?
Mori: One reason is Emerald’s broad global perspective. They don’t just focus on Europe or the US but truly invest worldwide. Another reason is the respect Emerald shows for different cultures and backgrounds, which makes communication smoother. The team’s openness and kindness also create a supportive environment for both startups and LPs.

Q: Is there anything else you’d like to share about your time here?
Mori: I want to emphasize how kind everyone at Emerald is. I always felt welcomed and comfortable asking questions. This kindness allowed me to learn more than I expected. It was an incredible experience.
Q: That’s wonderful to hear. I think your openness played a big role in your success here, too. Would you agree?
Mori: Yes, I think being open is very important. If you have anything you want to know about or learn more about, you should say it. Everyone is willing to help, and it will make your time much more meaningful. I used to be shy and hesitant to ask questions, but I realized that relationships are like mirrors—if I smile and open up, others will do the same. This mindset helped me make the most of my time here.
Q: That’s such a valuable insight. Thank you for sharing your experience. We’ve truly enjoyed having you here.
Mori: Thank you! I’m grateful for the opportunity and everything I’ve learned.
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