[pjan]

Based in Japan here.

First, I don't think the author claims that the risk is the same; quite the opposite IMO. He clearly states that getting a high exit is very difficult here, that sales cycles are longer, ... which, all the same, make for a higher risk. It's however the task of the entrepreneur to take this into account and be successful within this frame.

Having said that, it is an undeniable fact that, in general, Japanese are culturally more risk-averse. Case in point are for example the low seed rounds that can be raised amongst the Japanese investors (i.e. VC not being an entrepreneurial endeavour), the popularity of the idea of life-long employment, ...

"lack of disruptive ideas" actually does ring with me, at least when it comes to web-based companies. "Unique ideas", no doubt about that. But disruptive ideas as 1) having a major impact, 2) being viable, and 3) not a localised clone of a successful foreign company... I do challenge you to name me some.