Innovation Network Corporation of Japan (INCJ) to focus on clean energy, environment and healthcare solutions to address global challenges
TOKYO--(BUSINESS WIRE)--GE announced today that it has become one of the founding members of the Innovation Network Corporation of Japan (INCJ), a newly established organization co-funded by the Japanese government and 16 leading private corporations. The purpose of INCJ will be to support the development of new and existing industries to solve the most challenging issues of our time in the fields of energy, the environment and healthcare.
The Japanese government will provide $872 million in equity and $8.5 billion in loan guarantees as part of its latest stimulus package, while private corporations will each invest $5.3 million. [1] Those funds will be used to promote innovation and to promote Japan’s advanced technology resources across a broad spectrum of companies, public entities, universities and research institutes.
For a number of years, GE has worked with partners in Japan to advance technologies that to solve the world’s toughest challenges. These partnerships with Japanese organizations have been an essential part of GE’s strategy, as illustrated by the launch of the Japan Technology Initiative (JTI) in 2004.
“Private-public partnerships are critical for the rapid development and commercialization of technology,” said Jeff Immelt, Chairman and CEO of GE. “Japan has a strong reputation for innovation and manufacturing capabilities. GE welcomes this groundbreaking initiative led by the Japanese government, and we are proud of being the only non-Japanese founding member of INCJ.”
GE’s participation in INCJ is another example of investing in research and development through all economic cycles. “INCJ’s main focus areas fit perfectly with GE’s global initiatives of ecomagination and healthymagination,” says GE Japan President and CEO Yoshiaki Fujimori. “We have already demonstrated our innovation expertise with our first ecomagination-certified MRI solution which was developed in Japan and is becoming a global success story. We believe that our cooperation with the Japanese government and other partners in Japan will greatly contribute to the development of innovative solutions for a sustainable society.”
As part of its efforts to support sustainable growth, the Japanese government is also seeking a new approach to market Japanese technologies abroad. “Japan has a great number of outstanding technologies,” says Keita Nishiyama, head of INCJ task force, Japan’s Ministry of Economy, Trade and Industry. “INCJ is expected to provide a focused cooperative structure to put all those resources together. We believe that Japanese companies will benefit from GE’s expertise in leveraging open innovation on a global scale.”
About GE
GE (NYSE: GE) is an innovative and diversified technology company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, healthcare, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
[1] Editor’s Note: Converted at 94 yen to a dollar.
