About VURA Capital
Creating Future Value
Creating Future Value
AI is changing the nature of competition between enterprises.
Knowledge, analysis, forecasting, and even execution are rapidly becoming democratized. An era has begun in which efficiency and access to information—once considered sources of competitive advantage—are no longer enough to meaningfully differentiate one enterprise from another.
What matters now is the future an enterprise chooses to pursue, the people it seeks to serve, and the value it intends to create.
VURA Capital Innovation Holdings Inc. exists to increase the number of enterprises that create Future Value by investing in companies, participating in management, and redefining the enterprise itself.
Investing. Operating. Redefining.
We are a Japan-based investment, management, and value creation platform that puts Enterprise Redefinition into practice for the age of AI.
VURA at a Glance
A one-page overview of what we do, how we work with companies, and our management experience.
Explore VURA’s Operating Partnerships
OUR PURPOSE
To Make People Around the World Happy
Our ambition extends beyond corporate profit.
We want enterprises to create new value, enrich people and society, and allow that value to flow into the next future—ultimately contributing to the happiness of people around the world.
That is why VURA exists.
OUR MISSION
To Increase the Number of Enterprises That Continuously Create Future Value Through Social, Technological, and Capital Transformation
Every enterprise has a future that has yet to be discovered.
Potential lying dormant within existing businesses. New value made possible by technology. The inherent capabilities of people and organizations. Capital that can be redirected toward the future.
We integrate investment, management, business, organization, technology, and capital to build systems that enable enterprises to create Future Value continuously—not just once.
OUR PHILOSOPHY
Future Value Theory
Enterprise Value Is Determined Not by the Past, but by the Future
Enterprise value is not determined solely by current earnings or assets already held.
It is shaped by the value an enterprise can create in the future, how consistently it can continue to create that value, and how it can evolve its relationships with society, customers, people, technology, and capital. Expectations for that future—and the enterprise’s ability to realize it—form the foundation of enterprise value.
Future Value Theory is VURA’s management philosophy and theoretical foundation for understanding enterprise value from the perspective of the future.
We translate this theory into management practice through Enterprise Redefinition, reexamining the enterprise across five dimensions: Purpose, Business, Organization, Capital, and Leadership.
WHO WE ARE
Neither an Investment Firm nor a Consulting Firm
VURA is not a passive investment firm that simply provides capital. Nor are we an external advisor whose involvement ends with recommendations.
When appropriate, we invest in companies, enter management, and assume responsibility for decision-making and execution alongside the management team. We work across the areas required to redefine enterprise value—from new company formation, new business creation, AI-led business transformation, and management transformation of PE-backed companies to organization building, sales, alliances, and delivery.
Strategy and execution. Business and technology. Management and capital.
VURA’s distinctive approach is to treat these not as separate disciplines, but as one integrated management challenge.
HOW WE CREATE FUTURE VALUE
Creating Future Value Through Three Integrated Capabilities
BUSINESS｜Social Transformation
Social Transformation
Beginning with the enterprise’s Purpose, we redefine value for customers and society and redesign the business, organization, and management model around it.
Through new business creation, new company formation, transformation of existing businesses, and management and organizational transformation, we help enterprises evolve into organizations capable of continuously creating Future Value.
TECHNOLOGY｜Technology Transformation
Technology Transformation
We use AI and other advanced technologies not only as tools for efficiency, but as forces for creating new customer value and new businesses.
Our work does not end with technology implementation. We integrate the design of operations, data, decision-making, the roles of people and AI, and governance.
CAPITAL｜Capital Transformation
Capital Transformation
We allocate capital not merely as an extension of the past, but toward the areas capable of creating Future Value.
Through investment, M&A, capital policy, business portfolio design, partnerships, and make-or-buy decisions, we build capital structures that enable enterprises to grow continuously.
OUR APPROACH
Investing. Operating. Redefining.
01｜Investing
We assess the future potential of enterprises, businesses, people, and technologies and deploy capital when appropriate. We view investment not simply as the provision of funds, but as a decision to participate in the creation of Future Value.
02｜Operating
We participate in management meetings and business operations, contributing directly to decision-making and execution as part of the management team. Under an agreed mandate and level of authority, we work across business planning, organization building, new services, alliances, sales, and delivery.
03｜Redefining
We look beyond existing industry categories, business models, organizational structures, and conventional measures of value to reconsider the value the enterprise itself should create. We redesign Purpose, Business, Organization, Capital, and Leadership and connect them to new enterprise value.
PRACTICE AND THEORY
From Practice to Theory—and from Theory Back to Practice
VURA’s theories did not begin at a desk.
They began with questions that emerged from the realities of management and transformation: Why does an enterprise exist? What is enterprise value? What should be considered valuable in the age of AI?
We organize the questions and insights gained through practice into books, develop them further through Working Papers, and examine them in relation to existing research and corporate cases. We then return the refined ideas to the practice of management and investment.
Practice → Systematization → Theory → Back to Practice.
Future Value Theory, Enterprise Redefinition, Brain Capital Management, Human-on-the-Loop Management, and the National and Enterprise Value Models all emerged through this cycle.
01｜Discovering Questions Through Practice
We identify the new questions enterprises must address through real-world work in investment, operating partnerships, enterprise transformation, and new business creation.
02｜Organizing Practical Knowledge
We articulate practical insights through books, cases, and frameworks, making them accessible and usable for business leaders and practitioners.
03｜Developing and Examining Theory
Through Working Papers, we clarify the relationship between our ideas and existing research and develop them into research propositions and frameworks that can be examined and tested.
04｜Returning Knowledge to Management Practice
We apply theory and knowledge to management decisions, enterprise transformation, organizational design, and capital allocation. The gap between theory and reality then gives rise to the next set of questions.
TRACK RECORD
A Management Philosophy Grounded in Practice
VURA is grounded in practical experience across diverse business environments—from launching new companies and leading growth businesses to redefining overseas businesses and driving organizational and digital transformation at large enterprises. VURA’s current management engagements, together with the experience its executives and team members gained in previous roles, underpin its ability to execute.
VURA’s Management Engagements | New Company Creation and New Business Launches
VURA participates in the creation of new companies and the launch of new businesses, taking a management role in both strategy and execution. Its involvement spans business planning, management structures, organization building, new services, alliances, sales, and delivery—the capabilities required to bring a business into operation.
Management and Transformation Experience Behind VURA
The following describes experience gained by VURA executives and team members at organizations where they previously worked or held management roles.
Management and Organizational Transformation in Growth Companies
Led management reform as an executive, addressing growth strategy, profitability, decision-making processes, organizational structures, and talent development. These efforts focused on building the management foundations for sustainable growth.
Business Redefinition for an Overseas Owner-Led Company
Developed corporate strategy in response to changing business conditions across multiple major markets, while supporting supporting the redefinition of the existing business and the launch of new businesses applying advanced technologies.
Establishing and Leading an Innovation Organization
Established an organization at a major multinational technology company focused on client profit creation and value delivery through reusable assets, including expertise and technology. Defined a vision for a lab to test new opportunities and led the organization’s operations and initiatives.
Enterprise-Wide Digital Transformation for a Mid-Market company
Drove multi-year transformation from enterprise-wide digital strategy and execution planning through business process reform, AI and systems implementation, operations, and organizational adoption. These initiatives brought together business, organization, people, and technology.
VURA applies these experiences to decision-making and execution in its management engagements, creating future value from within the enterprise.
View Our Operating Track Record
PUBLICATIONS AND RESEARCH
An Intellectual Foundation for Management Practice
VURA publishes the questions emerging from management practice through both books and Working Papers.
Our books are available in Japanese and English. We also publish the VURA Working Paper Series (ISSN 2761-011X), which is made openly accessible with DOIs.
Our work spans Future Value Theory, Enterprise Redefinition, organization and people, Brain Capital Management, Human-on-the-Loop Management, capital allocation, National Value Models, and Enterprise Value Models—extending from enterprise management to the structures of society and nations.
Publication is not an end in itself. This body of work serves as an intellectual foundation for improving the quality of management decisions and returning knowledge to enterprise transformation and investment practice.
COMPANY PROFILE
Company Information
Company Name: VURA Capital Innovation Holdings Inc.
Representative: Naoki Kadowaki, Representative Director, President and CEO
Established: April 2026
Corporate Number: 6010401198360
Capital: JPY 10 million
Head Office: Shiodome Building, 1-2-20 Kaigan, Minato-ku, Tokyo 105-0022, Japan
Business Activities: Investment, Operating Partnerships, and Enterprise Redefinition
Enterprise Value Is Determined Not by the Past, but by the Future
The future is not something to be predicted alone.
It changes according to what an enterprise defines as valuable, where it directs capital, and with whom it chooses to act.
That is why we invest, enter management, and redefine enterprises.
We create Future Value with enterprises and connect that value to people and society.
That is the work of VURA Capital Innovation Holdings.
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Naoki Kadowaki
President & CEO
Graduated from the Faculty of Engineering at Kyoto University.
Began his career as an engineer at Sony Group before joining IBM.
At IBM, he led initiatives in:
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AI
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advanced technologies
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digital transformation
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new business creation
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enterprise-wide transformation
with global experience including an assignment in New York.
He later served as CEO of a PE-backed portfolio company, leading management reform, business growth, and organizational transformation.
Adjunct Lecturer at Keio University Business School
“Digital Technology and Management”
Member of the Japan Association of Corporate Executives (Keizai Doyukai)
Registered Advisor, Ministry of Internal Affairs and Communications (MIC), Local Government Management and Financial Management Enhancement Program
Founder of Future Value Theory.
He developed Future Value Theory, a new management framework for creating future value in the age of AI, and is the author of Future Value Theory: A New Management Theory for Creating Future Value in the Age of AI. He also publishes the Future Value Library series, which explores management, business transformation, leadership, and investment in the AI era.
His life work is to reconnect business, technology, and capital to redefine enterprise value and create the future.
Publication & Research
Naoki Kadowaki, President & CEO of VURA Capital Innovation Holdings Inc. (ビューラキャピタルイノベーションホールディングス株式会社), has developed two management theories for the age of AI — Future Value Theory and Enterprise Redefinition — and publishes them in both book and academic form. There are 27 works in Japanese and English, and 11 academic working papers in the VURA Working Paper Series (ISSN 2761-011X), all released open access under CC BY 4.0 with registered DOIs.
The premise is a single one: enterprise value is determined by the future, not by the past. Everything below — management theory, organizational design, capital allocation, and the national and enterprise value models — is written as one continuous body of work.
1. Future Value Theory Series (6 volumes, English and Japanese)
The core series: the underlying theory, one hundred questions for leaders, enterprise redefinition, and a two-part management novel that carries the same theory as a story. Volume 6 is the complete box set.
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Future Value Theory: A New Management Theory for Creating Future Value in the Age of AI / Japanese edition
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Future Value Theory Q&A: 100 Questions Leaders Must Ask in the Age of AI / Japanese edition
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Enterprise Redefinition: Redefining Purpose, Business, Organization, Capital and Leadership in the Age of AI / Japanese edition
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Future Value Theory: A Management Novel for the AI Era / Japanese edition
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Enterprise Redefinition: Redefining Enterprise for the AI Era / Japanese edition
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Future Value Theory: The Complete Series — Books 1–5 Box Set / Japanese edition
2. AI Management Library (13 volumes, English and Japanese)
A practitioner series written for executives, one theme per volume: what management becomes, organization and people, the theory and the practice of future value, the theory and the practice of enterprise redefinition, measuring enterprise value, capital strategy, case analysis of global leaders, industry creation, AI governance, and management without age as a variable.
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Management in the AI Era 100 Questions: The Future of Management through Future Value Theory / Japanese edition
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What Management Becomes in the Age of AI: The Essence of Management and Strategies for the Future / Japanese edition
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Future Value Theory: The Principles and Framework of Value Creation in the Age of AI / Japanese edition
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Future Value in Practice: A Framework and Actions to Put AI Management into Practice / Japanese edition
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What Enterprise Redefinition Means: A Framework to Rethink the Purpose, Structure, and Value of the Enterprise (paperback) / Japanese edition
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Enterprise Redefinition in Practice: A Practical Guide to Redefine Enterprises and Evolve Strategy, Organization, Culture, and Capital / Japanese edition
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How Enterprise Value Is Measured: A New Framework for Measuring and Evaluating Enterprise Value in the Age of AI / Japanese edition
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Capital Strategy for the Age of AI: Designing, Allocating, and Leveraging Capital to Accelerate Future Value Creation / Japanese edition
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What the Giants Redefined: Learning Enterprise Redefinition Strategy from Global Leaders / Japanese edition
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The Industry Makers, and a Prescription for Incumbents / Japanese edition
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Why Human Governance Breaks in the Age of AI / Japanese edition
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Ageless Management: Remove Age as a Variable from Management / Japanese edition
3. National Value Models and Enterprise Value Models (7 volumes, English and Japanese)
A two-part set. The national value model reads a country through production, transformation and utilization across nine cells; the enterprise value model takes that national structure as given and derives corporate strategy from it. The volumes introduce chokepoints, trust infrastructure, the portability dilemma, and enterprise brain capital, and the final volume places thirty-one companies inside one framework.
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What Determines a Nation's Value in the Age of AI?: Production, Transformation, Utilization, and the Nine Cells / Japanese edition
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When Anyone Can Use AI, Where Do National Differences Remain?: National Brain Capital, Value-Definition Capability, and the Post-AI State / Japanese edition
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Does Having AI Make a Company Strong?: The National Structure You Are Given, and the Nine Cells / Japanese edition
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Power That Falls When Used, Power That Rises When Used: Chokepoints, Trust Infrastructure, and the Portability Dilemma / Japanese edition
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What Will AI Not Replace?: Enterprise Brain Capital and No-Regret Investment / Japanese edition
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Where Do the 31 Companies Stand?: The Interlocking of Four Layers, and the Limits of This Framework / Japanese edition
4. Research Frontier (collected working papers, English and Japanese)
Working Papers No.1 through No.7 collected into a single volume, connecting three layers: capital markets, society and individuals, and enterprise management.
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Research Frontier for a Future Value Creation Architecture in the Age of AI: Seven Papers Connecting Three Layers / Japanese edition
5. VURA Working Paper Series (ISSN 2761-011X)
The company's academic working paper series. All eleven papers are written in English and published open access on Zenodo (CC BY 4.0, with DOIs) and on SSRN. Published by VURA Capital Innovation Holdings Inc.; author Naoki Kadowaki (ORCID: 0009-0009-5295-1506).
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No.1 Future Value Theory: A Management Framework for Enterprise, Capital, and Society in the Age of AI — DOI / SSRN
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No.2 Enterprise Redefinition: Toward an Enterprise Evolution Theory for the Age of AI — DOI / SSRN
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No.3 Enterprise Redefinition Observed: A Multiple-Case Analysis of Eighteen Enterprises in the Age of AI — DOI / SSRN
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No.4 From Job Description to Purpose Description: An Organizational Theory of Dynamic Role Design and Future Value Creation in the Age of AI — DOI / SSRN
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No.5 Brain Capital Management: A Firm-Level Theory of Cognitive Capability, Its Three Constraints, and an Agenda for Its Measurement in the Age of AI — DOI / SSRN
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No.6 The Self-Defined Society: An Institutional Theory of Redefinition Capitalism, Autonomous Value Definition, and Societal Redefinition in the Age of AI — DOI / SSRN
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No.7 Redefinition Capitalism: A Capital Allocation and Macroeconomic Theory of Future Value Creation in the Age of AI — DOI / SSRN
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No.8 Human-on-the-Loop: A Theory of Oversight Capacity, Its Failure Modes, and the Non-Delegable Residual in the Age of AI Agents — DOI / SSRN
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No.9 Ageless Management: A Theory of Cognitive Complementarity, the Audit Value of Experience, and the Lifelong Extension of Brain Capital in the Age of AI — DOI / SSRN
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No.10 National Value Models: A Theory of Resource, Transformation, and Utilization for Nations in the Age of AI, with Critical-Tier Governance — DOI / SSRN
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No.11 From National Value Models to Enterprise Value Models: Chokepoints, Trust Infrastructure, and Corporate Leverage Strategy under the Geoeconomic Scenarios of the AI Era — DOI / SSRN
6. Channels and Media
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VURA Capital Official Channel on YouTube — brand film, CEO conversations, and explanatory videos from the AI Management Library.
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KEIDO Interview with VURA Founder and CEO Naoki Kadowaki — On the purpose behind VURA’s founding, enterprise redefinition, and management where people and AI create the future together. (Published September 29, 2026; in Japanese)
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Business Times leader interview with Naoki Kadowaki (Japanese) — on the shift from a competition of efficiency to a competition of value definition.
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Kanazawa Seaside FM, "Tell us about your company" — guest episode (Japanese, Spotify).