Keio Innovation Initiative was the first impact fund among university-affiliated VCs in Japan, expanding beyond Keio-originated research to back deep-tech startups from other universities and research institutes in fields like regenerative medicine, AI, and health, while building out a formal impact strategy—including a Theory of Change, impact measurement, and shared KPIs with startups—from due diligence through execution. Backed by an unusually large group of investors, including Keio, Nomura, Japan Post Insurance, and major banks and insurers, and led by a CEO with a background spanning journalism, startup operations, and university governance, the fund supports technically complex startups from the lab stage through post-listing, aiming to advance quality of life, social systems, and environmental protection.