HONOLULU— John Mitton of JapanWorks took time out of his schedule to visit JAIMS and speak to current Intercultural Management Program (ICMP) students about his work with venture capital businesses. Specifically his talk was about "Steps that Successful IT Start-up Companies Take as They Grow Toward Profitability and Eventual IPO or Acquisition."

Mitton, one of the three partners of JapanWorks, outlined six stages of successfully starting a business: turning ideas into a business, networking and promoting, structure/control, raising capital, getting to work, and crossing the chasm. From defining a business opportunity, to selecting a proper CEO, and even choosing the right office space, Mitton brought up key decisions for each stage that could determine the success or failure of a company.

In addition to outlining key issues for each stage, Mitton brought up hurdles and mistakes of some companies that he's seen fail. According to Mitton, Pride could be one of the worst enemies for some companies. He discussed examples of where CEO's who could no longer help their company grow, had to swallow their pride and step aside for someone more qualified to take over, or else watch their company eventually fail.

"Founders of the company need to remember that they are a shareholder first, and employee second," Mitton said.

The same goes for friends, Mitton explained. "Some of these companies, their CEO has friends working for them that can no longer do anything for the company. They need to be fired, and that's hard-that's really hard-but it's for the good of the company and the shareholders."

After the session, Mitton took the time to speak with ICMP students for possible internship at JapanWorks based in Utah.

JapanWorks Co., LLC was founded in 1992 to support technology relationships between U.S. and Japanese partnerships. Since inception, the company's focus has grown increasingly strategic with emphasis on bringing development stage capital into U.S. startups and facilitating marketing and technology partnerships. JapanWorks also acts as a general partner in InterPacific Management Group, LLC and in Geode Venture Partners, LLC, both Japan-sourced venture funds targeting U.S. technology investments.