Capital Without Borders? How US, European, and Japanese Investors Are Navigating the New Geopolitics of Innovation

The rules of cross-border innovation investment are being rewritten in real time. The US-Japan $550 billion strategic investment fund is channeling capital into semiconductors, AI, and critical minerals. The EU Chips Act and AI Act are creating new regulatory corridors — and barriers. Japan is quadrupling its AI and semiconductor budget while global investors rediscover Japanese deep tech as an undervalued frontier.

For venture investors operating across these three corridors, the old playbook no longer applies. Tariff negotiations shape deal flow. Export controls redraw supply chains. And a persistent "value-quality mismatch" — where Japanese startups with world-class IP attract lower valuations than comparable US peers — creates both opportunity and friction.

This Strategy Dialogue brings together investors actively deploying capital across the US, Europe, and Japan to address the questions that matter most: Where is cross-border capital actually flowing? What makes partnerships across these corridors succeed or fail? And in a world of increasing geopolitical fragmentation, is borderless innovation still possible — or do we need a new model?