NEWSWEEK: Can you save the Japanese economy? SON: I hope we will be able to contribute. All kinds of entrepreneurs and venture capitalists are taking a more active role.
How will Nasdaq change Japan? The stock exchange was a very closed market. Because of Nasdaq Japan, the Tokyo Stock Exchange is changing. That’s good for everybody.
Is Japan ready for an Internet revolution? Until recently I was pessimistic. But now, many young entrepreneurs say: “I’m gonna change the world.” Our young generation of e-entrepreneurs are speaking Silicon Valley’s language. I’m getting a lot more optimistic.
What barriers remain? In the United States, rules regulate the dominant player and open opportunities to new ones. In Japan, the government regulates newcomers to protect the surviving giant.
What is your advice for Prime Minister Keizo Obuchi’s administration? That the Internet revolution should happen, even in Japan.
What was it like growing up as a Korean resident in Japan? It made me think about human life. What is citizenship? What is race? I asked such philosophical questions over and over. But now I’m past that stage and I don’t care.
What restrictions did you face? We [can’t] become government employees or get elected to political office. Koreans were never accepted into top-class companies. I heard many stories from my uncles and elders. I said: “Well, if that is the case, I would rather use my Korean name.”
How did it feel knowing the traditional success path was blocked? I said: “If they don’t want to accept me, that’s fine. I’m going to prove that a human is a human, and that any human with a passion and intelligence can be equal.” That was good motivation to fight more strongly. Those were feelings I had when I was much younger. I have already forgotten most of that.
How did you go to California for school? I told my parents I’d like to see the most advanced place in the world, where people of all races and nationalities go to pursue the American Dream. My mother cried. Uncles, aunts, friends and teachers all tried to stop me. When I went, there were all kinds of people with different-colored skin and different backgrounds living happily. Young guys with passion and a big vision could start up crazy companies. I said: “I want to be one of those crazy guys.”
What did you learn in California? Americans are much more creative. Younger guys have the same opportunity as older guys. Even people without capital: so long as they create a good business plan, there are always venture capitalists who will listen. It’s not like this in Japan. That gave me encouragement.
Who were your mentors? Mr. Honda and Mr. Matsushita were definitely heroes for entrepreneurs in Japan. After I started Softbank, Bill Gates and Steve Jobs.
When your shares fell in 1997, did critics attack you for challenging the old order? We did too many things that tried to change the business rules. Some Japanese executives called us immoral."
How often do you confront such attitudes? I must say that it is not over.
