{"product_id":"startups-2026","title":"Startups 2026","description":"\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e2026\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e年の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eVC\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e投資はレイトステージでは\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eのモデル開発を加速させ、アーリーステージではフィジカル\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eの実証実験にも拡大しはじめている。また全投資ステージに渡って半導体開発やエネルギー分野など周辺産業にも\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eは新たな投資機会の創出に貢献している。\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e \u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e投資\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e全体の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eトレンドでは、\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAnthropic\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eと\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eOpenAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eが\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eVC\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e市場を牽引したことで、上半期の総投資額は\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e5,100\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e億ドルに達した。投資バブル期の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e3,000\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e億ドルを大幅に上回るほどのスーパーバブルを形成、これにより、全投資分野に占める\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e分野の投資額割合は\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e2023\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e年の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e20%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eから\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e2026\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e年は\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e70\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e～\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e80%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eまで急激に拡大している。\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e \u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e2025\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e年まではスタートアップ投資の主役は\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eVC\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eであったが、今年は初めてプライベートクレジットが\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eVC\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eの投資額を上回るほど、存在感を高めている。特に\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eAI\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eインフラに対する信用取引の増大によって、\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e2026\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e年\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eQ1\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eの\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e20%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eから\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eQ2\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eは\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e64%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eまでシェアを一気に拡大、エクイティファイナンスからデッドファイナンスの転換が起こっている。\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e \u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e投資\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e件数ではアーリーステージが全体の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e46.4%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eで注目を集め、投資額ではレイトステージが全体の\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e70%\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e前後を占める一方、ミドルステージは件数、金額ともに落ち込む現象が起きている。ミドルで詰まることでスタートアップは将来の成長ポテンシャルを摘み取られていることになりかねない。\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e \u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e自社\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e開発ではなく、\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eM\u0026amp;A\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eを積極的に行うことで短期間でバリュエーションを高めるレバレッジ戦略を採用するスタートアップが増えている。つまりスタートアップの\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eExit\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eオプションとして、従来\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eIPO\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eと\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-US; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eM\u0026amp;A\u003c\/span\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eに加え、スタートアップよるスタートアップの買収というシナリオがメジャーになっている。\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e \u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003eレポート形式：PDF (6.8MB)\u003c\/span\u003e\u003c\/p\u003e\n\u003cp style=\"language: ja; margin-top: 2.88pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;\"\u003e\u003cspan style=\"font-size: 12.0pt; font-family: メイリオ; mso-ascii-font-family: メイリオ; mso-fareast-font-family: メイリオ; mso-bidi-font-family: メイリオ; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: ja; text-combine: letters; vertical-align: baseline; mso-text-raise: 0%; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;\"\u003e元データ：PowerPoint、100スライド、A4サイズ\u003c\/span\u003e\u003c\/p\u003e","brand":"Office Gahaku","offers":[{"title":"Default Title","offer_id":67581877354628,"sku":null,"price":500000.0,"currency_code":"JPY","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0379\/8322\/3940\/files\/Startups2026.jpg?v=1790737292","url":"https:\/\/office-gahaku.com\/en\/products\/startups-2026","provider":"Office Gahaku","version":"1.0","type":"link"}