BUSINESSWEEK ONLINE : MARCH 6, 2000 ISSUE
INTERNATIONAL -- ASIAN COVER STORY

Japan's Busy Net Builders...And Two New Net 'Incubators'


Japan's Busy Net Builders...

SOFTBANK CORP.

MASAYOSHI SON, 42, president and CEO, is the master Net empire builder. 
His conglomerate includes stakes in 300 Internet companies in the U.S., Japan 
and Europe. Today, Softbank manages about $4 billion in venture capital funds 
for global investments.

MARKET CAP                      SALES
$180 billion                    4.5 billion
STOCK PRICE                     OPERATING PROFITS
$1648, up 139% in 3 months      161 million (fiscal year to 3/00)*

HIKARI TSUSHIN INC.

YASUMITSU SHIGETA, 35, has invested in more than 70 Web or mobile 
Net-based ventures in Japan and the U.S., including Tumbleweed Communications 
and Phone.com. Shigeta is also developing new businesses that take advantage of 
the growth of the Internet and mobile communications.

MARKET CAP                      SALES
$62.1 billion                   2.4 billion
STOCK PRICE                     OPERATING PROFITS
$2009, up 25% in 3 months       51.5 million (fiscal year to 8/99)

TRANS COSMOS INC.

KOKI OKUDA, 63, has been making strategic investments in Real Networks, 
Liquid Audio, DoubleClick. Last year, his firm set up the local operations for 
Autobytel Japan. The company also formed a $100 million venture fund with Nikko 
Securities last November.

MARKET CAP                      SALES
$11.3 billion                   454 million
STOCK PRICE                     OPERATING PROFITS
$465, up 152% in 3 months       44 million (fiscal year to 3/00)*

INTERQ

MASATOSHI KUMAGAI, 36, is Japan's newest Internet star. A high school 
dropout, Kumagai founded Voicemedia, a multimedia communications company. He 
took interQ public last August. In 1995, he moved into ISP services. Like Son 
and Shigeta, Kumagai is investing in promising startups.

MARKET CAP                      SALES
$7.7 billion                    34.3 million
STOCK PRICE                     OPERATING PROFITS
$630, up 128% in 3 months       6.6 million (fiscal year to 12/99)

*ESTIMATES BY MERRILL LYNCH AND TOKYO-MITSUBISHI SECURITIES


...And Two New Net ''Incubators''


NEOTENY

JOICHI ITO, 33, chairman of Infoseek Japan, operates one of Japan's 
first venture incubators to provide seed financing and support services for 
startups. Ito is incubating four companies and in the next several years plans 
to launch dozens more.

NETAGE

KIYOSHI NISHIKAWA, a veteran of AOL Japan, created Japan's first Net 
venture incubator in 1998. Nishikawa helped launch Tokyo's Bit Valley. One of 
his first success stories was Net Dealers, an online assessment service for 
autos. It was sold to Microsoft's CarPoint.


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RELATED ITEMS
Japan's Net Builders (int'l edition)

ASIA COVER IMAGE: Japan's Net Builders

TABLE: Japan's Busy Net Builders...And Two New Net ``Incubators''

ONLINE ORIGINAL: "The Revolution Is Starting"

ONLINE ORIGINAL: "On the Internet, Size Doesn't Matter"



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