Social Transformation

Leading change for society's future together with stakeholders

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What Is SX, and Why Is It Needed Now?

SX (Social Transformation) as Envisioned by ICMG Group

A Bridge Connecting Hidden Regional Value to the World
Regions across Japan are home to rich intellectual capital with global potential—advanced research capabilities, unique technologies, outstanding talent, and industries shaped by generations of cultural heritage. Yet much of this value remains underutilized and insufficiently connected to broader society.
ICMG Group is committed to shining a light on this untapped intellectual capital and creating new cycles of value by connecting regions with the world. By uncovering regional potential, reframing it from a global perspective, and transforming it into future-oriented co-creation, we generate sustainable pathways for value creation. This is the essence of the SX (Social Transformation) we advocate.
At the heart of our approach is a co-creation process in which local communities take the lead in rediscovering their own value and refining it together with external partners. To enable this, ICMG Group provides hands-on, execution-oriented support grounded in deep and continuous dialogue. Through the creation of a shared language around regional value, we connect local strengths to global opportunities.
Our initiatives span multiple domains, including the social implementation of knowledge in collaboration with universities and research institutions, support for the global expansion of regional companies, and the integration of regional challenges with the SDGs. Through the realization of SX, we will continue to take on the challenge of creating new, dynamic cycles that connect regions and the world.
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Naoka Sono

ICMG Group Intellectual Capital Management ICM

Community Co-Creation Initiatives that Embody SX

Creating new value for communities and the world through diverse partnerships —From the front lines of co-creation that bring SX to life

At ICMG Group, the essence of SX lies in enabling communities to recognize their own unique strengths and, with a future-oriented perspective, develop those strengths on a global stage. Guided by this philosophy, we implement co-creation initiatives that are deeply rooted in local communities.

1. Envisioning the Future of Communities and Supporting It through Human Capital
—Integrating Grand Design and Talent Development

The starting point of SX lies in making the invisible value of communities visible.
ICMG Group works in close collaboration with local governments to develop “grand designs” that envision the future of each region. By bringing together research outcomes from regional universities, business resources from companies, and public-sector policies, we facilitate careful dialogue to clarify a shared vision and priority issues.
Challenges and aspirations in fields such as healthcare, agriculture, and energy are woven into narratives and presented in the form of “storybooks” that anyone can engage with and discuss. This approach fosters a shared understanding that enables governments, businesses, universities, and residents to align around the same future and begin taking action together.
We also place strong emphasis on developing the people who support regional growth. Through programs such as Global Leader Training (GLT) and Future Center Academy (FCA), we encourage personal transformation among regional leaders, strengthen team capabilities, and enhance the co-creation capabilities and willpower needed to realize a shared vision for the future.
In collaboration with Hokutate Co., Ltd., we also provide team-building support that contributes to cultivating organizational cultures capable of sustaining regional economies. Strengthening human capital is an essential element in enabling communities to independently shape their own future.

Practical Insights in Social Transformation (SX)

ICMG’s SX Initiatives in Practice

[Catamaran]
Bridging Local Value to the World: ICMG Group’s Vision for Regional Co-Creation

Across Japan, regions possess rich intellectual capital—advanced research capabilities, unique technologies, talented people, and deeply rooted industrial cultures. ICMG Group brings these strengths to light and connects them with global markets, building ecosystems that generate new industries, businesses, and talent circulation.
Our current focus is the Global South—particularly the rapidly growing Indian market. In collaboration with leading partners such as Catamaran Ventures, which has supported global companies expanding into India, we are creating new value by combining Japan’s regional strengths with India’s growth engine.
A symbolic example is our collaboration with The 77 Bank through a co-creation fund. Together, we have facilitated advanced technology site visits and dialogue involving Tohoku University’s “NanoTerasu,” cutting-edge materials technologies, and Sendai City’s startup initiatives, fostering a new Japan–India co-creation ecosystem. Similar initiatives are also underway in Yamaguchi Prefecture, linking local manufacturing excellence with emerging market needs in India.
Interest from India is also rising. Organizations such as T-Hub, ICICI Bank, institutional investors, and startups have shown strong enthusiasm for collaboration and investment with high-quality Japanese companies—creating tangible growth opportunities for regional players.
As a platform for co-creation, ICMG Group connects regional and global ecosystems, promotes dialogue, and drives social implementation. By visualizing regional intellectual capital on a global stage, we unlock broader stakeholder engagement and enable the creation of new value.
From region to global—connecting with the world to shape the future of value creation.
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Challenges Our Clients Face

OPPORTUNITY

Measuring outcomes through proprietary leading indicators to build a solid foundation of trust that accelerates co-creation with local communities.

CHALLENGE

Failure to verbalize the uniqueness of the "local" against the global

CHALLENGE

We have not drawn up an overall strategy as a "region" for the future.

How did we help?

As the world undergoes a major shift from the past to the future, a grand design for a new era is now required. ICMG Group will accompany you through the process of integrating the tacit knowledge of multiple stakeholders into a grand design for a new era by strategically leveraging the knowledge and experience of the global innovation ecosystem. We will work together to create a grand design for society, regions, and companies for the coming era. Then, we will lead the social implementation of the grand design, including business investment as the ICMG Group, to realize the grand design and give shape to its social impact.
With the emergence of future challengers around the world, including a diverse range of startups, how to develop future strategies for a new era was a serious challenge. The ICMG Group works together with innovation ecosystems around the world to think together and jointly envision future strategies for a new era. ICMG Group will then work with us globally, including Singapore, to implement the grand design into society. ICMG Group is truly the best partner for co-creating the future.

Domestic Local government

Our Presence

5Number of government innovation-related contracts
5Number of open innovation facilities supported

Our Services

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Future-Discovering Co-Creation Program

ICMG supports the implementation of open innovation by supporting co-creation with the diverse stakeholders in ICMG's network, while making making the invisible ideas and value that lie dormant within companies tangible.

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Realization of a co-creation platform that strategically connects with the world

Leveraging ICMG's global network, ICMG provides a hybrid digital/real platform where all kinds of companies, from global giants to start-ups, can share their knowledge opportunities.

Our Joint Ventures

Not only by accompanying but by becoming "practitioners" ourselves, we will innovate and confront social challenges together with wilful leaders.

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Greenway Grid Global Pte Ltd

A joint venture established in Singapore by TEPCO Power Grid, Chubu Electric Power’s power transmission and distribution division, and ICMG Group. This joint venture in the power transmission and distribution sector was established following the merger of the power generation divisions of TEPCO and Chubu Electric Power Company (JERA), Japan’s largest electric power company. JERA is engaged in the development, investment, and operations of overseas power transmission and distribution projects in Asia, as well as renewable energy and next-generation infrastructure.

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CleanGrid Partners Pte. Ltd.

A joint venture between WEnergy Global Pte Ltd and ICMG Group. Manages renewable energy funds in collaboration with local partners.

Our Experts

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Creating and Expanding the Co-Creation Ecosystem through International Finance

Yu Aruga

Director, CFO and Global Investment Executive, ICMG Group

Director, ICMG Ventures

Fund manager accredited by the Monetary Authority of Singapore

Member of the Securities Analysts Association of Japan

Certified Management Accountant

University College London M.A. in Urban Economic Development

He was in charge of fund raising, investment and liquidity management in Morgan Stanley's finance division. Later, as a founding member of the Singapore subsidiary of a boutique investment bank, he developed the corporate finance business model for Japanese, Indian, and Southeast Asian companies. He was involved in VC investments in India and advisory services for capital tie-ups to APAC companies.He was also in charge of sourcing and DD for the establishment of a global fund of funds. After that, he worked at Nomura Research Institute Singapore as a consultant in the smart city and agriculture fields, and as an advisor for investment in energy business, before joining ICMG Ventures. He is currently engaged in sourcing and DD of investment targets in Asia and networking with VC firms. He lives in Singapore.

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Creating cool and shining adults who will lead Japan to be a respected country in the world again.

Naoka Sono

ICMG Group Intellectual Capital Management ICM

Middlesex University BA Joint Honours Degree Management with Accounting

Joined Accel Corporation (now ICMG) in 2002. She has been involved in many projects, mainly for the Hitachi Group, in which he helped visualize intellectual capital and utilize it to create value. In 2009, after the birth of her first child, she became upset with the stagnant postpartum environment and launched a postpartum support business. After 12 years of management experience, she returned to ICMG in 2022. She is currently leading a program to uncover human and intellectual capital, the core of the Discovery Phase, which is the starting point for sustainable corporate value enhancement.

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We will continue to be a challenger toward realizing the richness of a diverse and inclusive society.

Makoto Kigawa

External Director, ICMG Special Advisor

Yamato Holdings, Inc. External Director

Oki Electric Industry External Director

Seven Bank, Ltd. External Director

Higo Bank, Ltd. External Director

Author of "Creating Future Markets" (Nikkei BP, Inc.)

Bachelor of Commerce, Hitotsubashi University

After working for Fuji Bank and Mizuho Corporate Bank, he joined Yamato Transport Co., where he was in charge of structural reforms to make the company a holding company and to realize its growth strategy. He also served as President and Representative Director of Yamato Transport, President and Representative Director of Yamato HD, Chairman of Yamato Transport, and President of the Yamato Group Research Institute, Inc.He has also served as Vice President of the Keizai Doyukai (Japan Association of Corporate Executives) and as a member of the Hitotsubashi University Management Council. He currently serves as an outside director of Seven Bank, Oki Electric Industry, Higo Bank, and others.

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We will think and act to realize the society as it should be, a new society.

Yoshihiko Shimizu

ICMG Group Advisor

Former Vice President and Representative Director, Sumitomo Mitsui Banking Corporation Former President and Representative Director, SMBC Nikko Securities Former Chairman, Yamanashi Prefectural Federation of People's Associations Director, United Nations Association for UNHCR

Bachelor of Commerce, Waseda University

In 1978, he joined Sumitomo Bank (currently Sumitomo Mitsui Banking Corporation). After achieving a number of successes in corporate sales, he held several important positions, including Managing Executive Officer, General Manager of Corporate Banking Division, Director and Senior Managing Executive Officer, and was appointed Representative Director and Vice President of the bank in 2012. He joined SMBC Nikko Securities in 2015 after retiring from the bank, and was appointed President and Representative Director of SMBC Nikko Securities in 2016, and Chairman and Representative Director in April 2020, leading the company's development.He was appointed to the Board of Directors of Sumitomo Mitsui Financial Group from June 2020 to June 2021. He is currently serving as an advisor to several domestic and foreign funds as well as an advisor to industrial companies. He helps each company realize its mission of contributing to environmental, social, and corporate governance in Japan and beyond. He also serves as President of the Yamanashi Prefectural Association of People's Associations and as a board member of the United Nations Association for UNHCR, promoting local economic development and Japan's cooperation with the international community.

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Creating a society in which each and every one of us can fulfill our potential.

Takehiko Ogi

External Director of ICMG

Professor, Kyushu University Business School

Author of "The Law of Decline: The Silent Killer Eroding Japanese Companies" (Toyo Keizai Inc.) Having graduated from the University of Tokyo, Faculty of Law, he holds a B.A. from the Woodrow Wilson School of International Relations, Princeton University, N.J., and an M.A. from the University of California, Berkeley, D. (Economics), Graduate School of Economics, The University of Tokyo

He has served in the Ministry of International Trade and Industry (now the Ministry of Economy, Trade and Industry), as the President and Representative Director of Tsutaya Online, Representative Director and Managing Director of Culture Convenience Club, President and Representative Executive Officer of Kanebo (seconded from the Industrial Revitalization Corporation of Japan), President and Representative Director of Maruzen (now Maruzen CHI Holdings),and President and Representative Director of Japan Human Resources Development Organization. He has always been involved in the forefront of corporate and social reform.

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Create innovations that are intrinsically meaningful to the world.

Yusuke Tsuji

ICMG Group Advisor

Vice-Chairman, Keizai Doyukai Asia Committee

Kyoto University Graduate School of Engineering

Part-time lecturer at the University of Tokyo

He joined J.P. Morgan as a new graduate and later, ICMG. He has led numerous co-creation innovation projects, programs, and platforms based on "Purposeful & Impactful Innovation - creating innovations that have intrinsic meaning for the world". In addition to the execution of projects from ideation to commercialization with clients, he has extensive experience in leading the grand design, detailed design, and execution of corporate strategy, innovation strategy, innovation process, organizational design, and various system designs such as HR systems (including many under the direct supervision of the president).He led the creation of a strategic alliance and joint initiative with UNDP GCTISD in the area of SDGs (obtained approval from UN NY headquarters). He was also elected as Judging Panel and Mentor for various global programs, and on top of that, he teaches a class on Innovation for Well-being at the University of Tokyo.

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Imagine. Innovate. Interact. Connect to Co-Create.

Becoming innovation partners to co-create the future