In this insightful episode of the Advancing VC Podcast, we sit down with Milana Kuzmanovic, a key figure at World Innovation Lab (WiL), to explore the dynamic intersection of Japanese corporate venture capital, cross-border startup expansion, and fund-of-funds investing. Milana shares her unique journey from working at Citigroup in Tokyo and the IMF to playing multiple strategic roles at WiL, including platform director, chief of staff, and now a principal on the fund-of-funds team.

Listeners will gain a deep understanding of WiL’s dual investment approach—direct investments primarily in B2B SaaS and AI startups at Series B and beyond, and a growing fund-of-funds strategy focused on emerging and established managers, predominantly in the U.S. Milana candidly discusses how WiL leverages its strong Japanese corporate and government LP relationships to drive innovation, emphasizing the importance of trust, cultural fluency, and hands-on support in helping startups expand into Japan. She highlights key lessons for founders on international expansion, such as the dangers of expanding too fast, mistaking early adopters for broad market acceptance, and the critical need for boots on the ground.

The conversation also delves into the evolving landscape of corporate venture, where Milana stresses the necessity of clear strategic objectives, alignment between corporate venture arms and their parent companies, and the role of innovation programs WiL runs to foster an entrepreneurial mindset within large Japanese corporations. On the fund-of-funds side, Milana outlines WiL’s disciplined approach to portfolio construction, balancing alpha-seeking emerging managers with stable, established funds, and shares perspectives on the rise of solo GPs, highlighting both their agility and inherent risks.

Listeners will appreciate Milana’s nuanced take on the long-term nature of LP relationships in Japan, the cultural and operational challenges of cross-border venture, and the evolving venture capital ecosystem amid rapid technological change, including AI. Her reflections on what emerging managers can learn from established firms—and vice versa—offer valuable guidance for investors and founders alike.

Tune in for a comprehensive conversation that blends practical venture insights with cultural context, illuminating how World Innovation Lab is advancing venture capital at the nexus of Japan and Silicon Valley.

Key takeaways include:
– WIL’s strategic dual focus on direct B2B SaaS investments and fund-of-funds in emerging managers
– The importance of cultural trust and localized support for startups entering Japan
– Lessons on disciplined international expansion and market penetration
– How Japanese corporate LPs are increasingly investing in venture funds and innovation programs
– The evolving role and challenges of solo GPs in portfolio construction
– Insights into corporate venture success factors and innovation mindset cultivation
– The vital role of relationship-building and long-term alignment in Japanese LP-GP dynamics
– Perspectives on venture capital’s future amid AI and shifting fund sizes

Whether you’re an LP, GP, founder, or simply passionate about cross-border venture dynamics, this episode offers rare, candid insights into one of the most sophisticated and culturally nuanced venture ecosystems in the world.

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