VC Money -- Nippon Angels Forum

Iura says more than 450 people are on the Forum's mailing list, which started last November, and that 120 usually show up at the Shibuya-based pitching sessions.

"Our sessions usually comprise five 20-minute pitches, and a dozen or more 5-minute pitches. Our judges vet the applicants beforehand, and offer advice -- for free -- on how to improve both the pitch and the plan. Our members are then free to invest in the entrepreneurs that they like. A typical investment is ¥1 million, often more."

Yoshitaro Kumagai, a Japanese angel who spends most of his time in Silicon Valley, says, "The quality of business plans that we see in Japan vs. those from the US is still poor -- and same goes for pitching skills."

Iura agrees, and says that's where the Forum can help. "Brushing up business plans is the best type of investment -- and that's what our consultants offer. It's free for the entrepreneurs. We'll also help them practice their pitches."

Nippon Angels Forum has just opened a new office in Gaien-mae, co-located with Nippon Angel Investment, the organization's commercial alter-ego, which Iura also heads as CEO. "Angel Investment provides seed- to mezzanine-level funding in concert with other VCs," he says.

Has he had any problems? "Actually, about one-third of or angel members don't use computers or email -- but they're very interested in investing in Net startups. This has been difficult, because, to keep costs down, we do all our communicating via the Internet -- no snail mail."

Any problems getting people to attend the pitching sessions? "We ask everyone to remit their attendance fee to us in advance," he says. "It's a small amount, but we don't have problems with no-shows."