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Research · Insights · Analysis

Insights & Research

Investment perspectives, market analysis, and founder resources from AN0 Capital — curated from our research and @an0gel0.

All Founding & IPO Investment Philosophy Capital Strategy Team & Organization
Founding & IPO

From zero to listed company

Founding & IPO

From Founding to IPO — 15 Steps

A step-by-step guide from founding to IPO. First, build a foundation so the company doesn't die. Step 0: Muster the courage to leave your current job and commit to founding. Covers everything from initial revenue to governance, audit preparation, and the listing ceremony.

Aug 2025
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Founding & IPO

Organization Management Failures — A Summary

A candid look at the organization management mistakes made while scaling from a small team to 200+ employees. Covers hiring missteps, premature management layers, culture erosion during rapid growth, and the painful lessons learned through restructuring.

Oct 2023
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Investment Philosophy

How we think about investing

Investment Philosophy

The “Hands-if” Investment Style

We believe the best investor-founder relationship is "Hands-if" — always available when founders need us, without getting in the way. We won't impose our views or call every week. But when you're stuck — fundraising, org issues, cap table decisions — we'll clear our calendar and go deep.

Aug 2023
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Investment Philosophy

70% of Founders Now Say “We’re an AI Company”

But most are just piggybacking on the trend. Companies that simply bolt AI onto their keyword list without building genuine technical moats or differentiated data pipelines face a reckoning. We believe the real opportunity lies in companies where AI is the core engine, not the marketing pitch.

Sep 2025
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Capital Strategy

Fundraising and valuation insights

Capital Strategy

How Valuation Gets Determined at Each Stage

A detailed breakdown of how startup valuations are set from pre-seed through Series A and beyond. Covers the role of comparable transactions, revenue multiples, investor competition, and the founder's negotiating leverage at each stage. Practical advice on avoiding common valuation traps and dilution mistakes.

Oct 2025
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Capital Strategy

Preferred Stock Over J-KISS

Why we recommend deemed preferred stock over J-KISS convertible notes in many seed-stage scenarios. J-KISS is simple, but preferred stock gives both sides clearer governance rights, liquidation preferences, and anti-dilution protection from day one. A practical comparison for Japanese founders choosing their first funding instrument.

Mar 2024
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Team & Organization

Building and scaling teams

Team & Organization

How to Build Your Initial Team

Practical advice on assembling the founding team and first hires. Covers when to bring on a co-founder vs. solo founding, how to evaluate early employees, the importance of culture fit over credentials, and the critical mistake of hiring managers before you have anyone to manage.

Sep 2023
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Team & Organization

Building HR Evaluation Systems

A framework for creating evaluation systems that actually work at a growing startup. Covers grade-based compensation structures, MBO implementation, the right timing to introduce formal evaluations, and how to handle the inevitable pushback. Includes specific mistakes to avoid from personal experience.

Oct 2023
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Press

AN0 Capital in the Media

Forbes JAPAN
The Listed Company Founder Who Became an Angel Investor
SmartRound
"I want to see landscapes I couldn't see through angel investing"
X / Twitter
@an0gel0 — Insights on founding, IPO, and investing
ANGEL PORT
Official Angel Investor Portfolio
PROTOCOL
Investor Profile & Track Record
Facebook
Direct Contact for Founders & Media
Press Kit

For media inquiries

Kunihisa Miyamoto

Kunihisa Miyamoto is the Founder & Managing Partner of AN0 Capital, a seed-stage venture capital firm based in Tokyo. Previously, he founded Net Marketing Inc. (TSE First Section, acquired by Bain Capital for ¥13.5 billion). Since 2022, AN0 Capital has met with over 994 startups and invested ¥437M across 29 companies, focusing on seed-stage IT/web service startups in Japan.

Name
Kunihisa Miyamoto (宮本邦久)
Title
Founder & Managing Partner, AN0 Capital
Previously
Founder & CEO, Net Marketing Inc.
Focus
Seed-stage, IT/web, IPO-aiming startups
Location
Tokyo, Japan
X / Twitter
@an0gel0

For interview requests, speaking engagements, or media inquiries, please reach out via contact form or X DMs.

Want to collaborate?

Whether you're a journalist covering the Japanese startup ecosystem, a podcast host, or a founder with a story to tell — we'd love to connect.

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