Startups and venture capital work differently in Japan.

The rounds are smaller, the priorities distinct, and while the same terms are used, people quickly discover that the definitions are often subtly different. The game is played differently in Japan.

Today we get a chance to clear up a lot of the confusion as we sit down with James Riney, founder of Coral Capital and head of 500 startups Japan. We talk about some of the most significant changes that Japanese venture capital has seen over the past five years, and we look at how things are going to develop going forward.

James and I also break down the business model behind venture capital funds themselves. It's something that all serious startup founders should understand, but few do.

It's a great conversation, and I think you'll enjoy it.