Why I am stepping down from the Board of Directors of the Japan Venture Capital Association (JVCA)

I am resigning from the Board of Directors of the JVCA and my firm, Eight Roads Ventures Japan, will also cancel its membership.  
 
I want to thank the JVCA for a great experience over the last 5+ years. I have learned so much from the other members of the Board of Directors, been inspired by being able to participate in training sessions and have met so many incredible people from across the venture capital (VC) industry. Over the years, I’ve had the amazing fortune to participate in events and pitch contests where entrepreneurs share their dreams, and I have seen how much our VC industry has progressed and grown.
 
However, I have come to feel strongly that I am no longer able to learn, contribute and grow as a member of the Board of Directors of the JVCA. Recently a serious diversity and inclusion incident occurred involving the JVCA Board of Directors. This incident highlighted for me the depth of the diversity challenge in the JVCA Board of Directors and caused me to decide that I can more effectively use my energy and efforts to support the Japanese venture ecosystem outside of the JVCA. I want to believe that the incident was not intentional, and it didn't come out of malice, but it clearly highlights the need to expand diversity on many dimensions.
 
In a diverse VC and venture community, there is a limit to what such a homogeneous Board of Directors can accomplish. Despite the public commitment the JVCA made in August 2022 to diversity and inclusion, the Board of Directors has not embraced diversity for itself.
 
I am committed to putting my energy and efforts to helping grow and expand the venture ecosystem in Japan. However, this needs to happen in forums that welcome, support and thrive on real diversity.
  
My colleagues and I at Eight Roads Ventures Japan and globally are firmly committed to diversity and inclusion, and our teams around the world reflect this. Our portfolio in Japan remains a work in progress, and we’re proud to see a number of women and non-Japanese people in leadership roles in some of our most successful portfolio companies.
 
We are committed to supporting entrepreneurs and our team members regardless of their age, gender, ethnicity, religion, disability, sexual orientation, or nationality. In order to be a more successful venture capital firm, we need diversity and inclusion. Diversity and inclusion is both the right thing to do and it is good business. 
 
My colleagues and I are not perfect at diversity and inclusion, but that does not keep us from trying. I am certain that there are many people in the venture capital industry in Japan who share our aspirations and goals for diversity and inclusion.
 
My decision to step down from the Board of Directors of the JVCA does not change my commitment to support and build a strong VC ecosystem in Japan. My team and I will continue to support entrepreneurs, work with the many great VC partners we have had the honor to work with, and do our best to strengthen the Japanese venture ecosystem and broader community.
 
Thus, I have decided to step down from the Board of Directors of the JVCA and my firm, Eight Roads Ventures Japan, will also cancel its JVCA membership.

■Author
David Milstein
Managing Partner, Head of Japan
Eight Roads Ventures Japan
David Milstein is the head of Eight Roads Ventures Japan, the venture capital and principle investment business for Fidelity in Japan. Early in his career, David worked for Asahi Glass and then was a founder of Japan Transaction Partners. He then joined the Walt Disney Company Japan as VP of the Interactive Media Group, he was responsible for building and launching the Disney Mobile MVNO service. This business drove the division to its largest revenue and profit ever. He earned an MBA from the Harvard Business School and a BS in Economics from the Wharton School at the University of Pennsylvania.

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