Japan continues to reform its R&D spending, which is estimated at $168 billion per year. However, critics contend the system still does not sufficiently encourage entrepreneurial and academic investments. In response, the government plans to launch a $93 million venture fund to support new firms. Critics contend that the country has become too dependent on R&D by large corporations. In addition, they argue that increases in R&D spending have not improved the value of the manufacturing sector or the number of scientific publications. However, reforms to the university system made in 2004 have led to greater commercialization of academic research. The creation of a new intellectual property (IP) rights division of Japan’s High Court is also expected to encourage universities to pursue IP protection.

Source: Financial Times