スタートアップを取り巻く環境について 〜スタートアップとエンジニアリング〜

東京大学 松尾研究室 様向け講演資料

Transcript

1. Ί΋Γʔ (Kei Inoue)
   ελʔτΞοϓΛऔΓר͘؀ڥʹ͍ͭͯ
   ʙελʔτΞοϓͱΤϯδχΞϦϯάʙ
   2023 ೥ 5 ݄ 22 ೔ @ ౦ژେֶ দඌݚڀࣨ ༷޲͚ߨԋࢿྉ
   
   

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2. Ί΋ΓʔʢKei Inoueʣ
   m3m0r7
   1994 ೥ 5 ݄ੜ·Εɻෳ਺ͷελʔτΞοϓ΍
   ্৔اۀͰιϑτ΢ΣΞΤϯδχΞͱͯ͠ै
   ࣄɻ2020 ೥ʹגࣜձࣾτϥʔφͰΤϯδχΞ
   ϦϯάϚωʔδϟʔ݉ςοΫϦʔυΛ 1 ਓ໨
   ͷΤϯδχΞͱͯ͠ैࣄɻ2022 ೥ 1 ݄ΑΓࣥ
   ߦ໾һ CTO ʹब೚ɻ2023 ೥ 5 ݄຤Λ΋ͬͯ
   ୀ೚༧ఆɻ
   
   memory1994
   m3m0r7
   

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3. 
   

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4. ελʔτΞοϓͷఆٛ
   ελʔτΞοϓͱ͓ۚ
   ελʔτΞοϓͱ࠾༻
   ελʔτΞοϓͱΤϯδχΞϦϯά
   
   1
   2
   3
   4
   ߨԋ໨࣍
   

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5. ελʔτΞοϓͱΩϟϦΞ
   
   5
   ߨԋ໨࣍
   

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6. ελʔτΞοϓͷఆٛ
   
   

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7. ͦ΋ͦ΋ελʔτΞοϓͱ͸
   
   

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8. Ҿ༻: ελʔτΞοϓͷ੒௕ʹ޲͚ͨϑΝΠφϯεʹؔ͢ΔΨΠυ - ܦࡁ࢈ۀল

   https://www.meti.go.jp/policy/newbusiness/houkokusyo/
   fi
   nanceguidance.pdf
   
   ͦ΋ͦ΋ελʔτΞοϓͱ͸
   ελʔτΞοϓ͸Πϊϕʔγϣϯͷ୲͍खͰ͋Γզ͕ࠃܦࡁͷ
   ະདྷΛݗҾ͢ΔاۀͱͳΔ͜ͱ͕ظ଴͢ΔձࣾͰ͋Δ͜ͱ
   

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9. ελʔτΞοϓͱϕϯνϟʔͷ૬ҧ఺
   - ελʔτΞοϓ͸Πϊϕʔγϣϯͷ୲͍खɻՃ͑ͯ୹ظؒͰΠάδοτ (M&A
   ΍ IPO)Λ໨ࢦ͢اۀͷ͜ͱͰ͢ɻ
   - ϕϯνϟʔ͸ࢢ৔ʹग़͍ͯΔطଘͷϏδωεϞσϧΛϕʔεʹࣄۀΛల։ͯ͠
   ͍Δ΋ͷͰ͢ɻ
   - ྆ऀ͸ɼ͠͹͠͹ಉҰͷҙຯͰ࢖ΘΕΔ͜ͱ͕͋Γ·͢ɻ
   
   ͦ΋ͦ΋ελʔτΞοϓͱ͸
   

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10. اۀن໛ͷఆٛ
    اۀن໛ʹ͸ҎԼͷΑ͏ʹఆ͕ٛ͋͋Γ·͢ɻ
    
    ͦ΋ͦ΋ελʔτΞοϓͱ͸
    ۀछ খن໛ʢྵࡉʣاۀ
    தখاۀ

    ʢҎԼͷ͍ͣΕ͔ͷ৚݅Λຬ͍ͨͯ͠Δʣ
    ࢿຊۚ ैۀһ਺
    ੡଄ۀɾͦͷଞ 20 ਓҎԼ 3 ԯҎԼ 300 ਓҎԼ
    Էചۀ 5 ਓҎԼ 1 ԯԁҎԼ 100 ਓҎԼ
    খചۀ 5 ਓҎԼ 5000 ສҎԼ 50 ਓҎԼ
    αʔϏεۀ 5 ਓҎԼ 5000 ສҎԼ 100 ਓҎԼ
    ग़య: தখاۀجຊ๏ΑΓ
    

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11. اۀن໛ͷఆٛ
    - ελʔτΞοϓ͸Πάδοτ͍ͯ͠ͳ͚Ε͹ɼઌ΄Ͳͷاۀن໛ͷఆٛͷ

    ͲͪΒͱ΋औΕ·͢ɻ
    - ͭ·ΓɼελʔτΞοϓ͸খن໛اۀͰ΋͋ΓɼதখاۀͷՄೳੑ΋͋Γ͑
    Δɻதখاۀͷཁ݅Ҏ্Λຬ͍ͨͯ͠Ε͹େاۀͷՄೳੑ΋͋Γ͑·͢ɻ

    ͔͠͠ɼখن໛اۀ΍தখاۀ͕ελʔτΞοϓͱ͸ݶΒͳ͍఺ʹ͸஫ҙͰ
    ͢ɻ
    - ΋ͪΖΜʮେاۀ≠େखاۀʯͰ͢ɻ
    
    ͦ΋ͦ΋ελʔτΞοϓͱ͸
    

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12. ελʔτΞοϓͷੜଶ
    
    

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13. ελʔτΞοϓͷઃཱ਺
    - ϕϯνϟʔؚΊ೥ؒ͋ͨΓͷ։ۀ਺͕ 13 ສࣾͰ͋Δ͜ͱʹରͯ͠ɼ

    ελʔτΞοϓ͸ͦͷ͏ͪͷ໿ 0.13% Ͱ͋Δ ໿ 1,800 ࣾ [Ҿ༻1] ͕֘౰͠·
    ͢ɻ
    - ͳ͓ɼ։ۀ͞Εͨاۀͷ͏ͪ൒਺ۙ͘͸౗࢈͍ͯ͠Δ [Ҿ༻2] ͷ͕ݱঢ়Ͱ͢ɻ
    - Ͱ͸ɼͳͥ౗࢈ͯ͠͠·͏ͷ͔ɻελʔτΞοϓ͕Πάδοτ͢ΔͨΊʹ͸ɼ

    ඞཁཁ͕݅͋Γ·͢ɻͦΕ͸ച্ͱརӹΛ্͛Δͱ͍͏͜ͱͰ͢ɻ
    
    ελʔτΞοϓͷੜଶ
    [Ҿ༻1]: https://www.mof.go.jp/public_relations/
    fi
    nance/202004/202004m.pdf
    [Ҿ༻2]: https://keiei.freee.co.jp/articles/c0400004
    

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14. ελʔτΞοϓͷΠάδοτઓུ
    
    

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15. Πάδοτͷछྨ
    - Πάδοτʹ͸େ͖͘෼͚ͯʮM&AʢMerges and Acquisitionsɼ߹ซɾങ
    ऩʣʯͱʮIPO (Initial Public O
    ff
    ering, ্৔)ʯͷ 2 ͕ͭ͋Γ·͢ɻ
    - M&A ͸ɼʮM&A ͨ͠ʯͱ͍͏ͱʮങऩͯ͠΋Βͬͨʢച٫ͨ͠ʣʯͱ͍͏ҙ
    ຯ߹͍Ͱ࢖ΘΕΔ͜ͱ͕ଟ͍Ͱ͢ɻ
    - ଟ͘ͷελʔτΞοϓاۀ͸ IPO Λ໨ࢦ͠·͢ɻ͜Ε͸ɼ౤ࢿՈʹΑΔظ଴஋
    ͕͋Δ͔ΒͰ͢ʢޙड़ʣɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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16. M&A ཁ݅
    - M&A ʹ͸ޙड़ͷ IPO ͷཁ݅ͱൺ΂ࡉ͔͍ཁ݅͸͋Γ·ͤΜɻ
    - ͔͠͠ɼച٫࣌ͷՁ֨Λࢉఆ͢ΔͨΊʹόϦϡΤʔγϣϯʢاۀՁ஋ධՁʣΛ
    ٻΊΔඞཁ͕͋Γ·͢ɻ
    - όϦϡΤʔγϣϯΛٻΊΔࡍʹ͸ࡒ຿ࡾදͱݺ͹ΕΔɼP/LʢPro
    fi
    t and
    LossɼଛӹܭࢉॻʣɼBS (Balance Sheetɼ௞आରরද)ɼCF ʢCash Flowɼ
    ΩϟογϡϑϩʔܭࢉॻʣΛ༻͍ͯɼ߲࣍Ͱղઆ͍ͯ͠ΔΞϓϩʔνํ๏Ͱࢉ
    ग़͠·͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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17. M&A ཁ݅
    όϦϡΤʔγϣϯͷܭࢉʹ͸ҎԼͷํ๏͕Α͘࢖ΘΕ·͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    Ξϓϩʔνํ๏ ධՁର৅ ܭࢉख๏
    ίετΞϓϩʔν ७ࢿ࢈ ฽Ձ७ࢿ࢈๏ɼ࣌Ձ७ࢿ࢈๏
    ΠϯΧϜΞϓϩʔν কདྷͷརӹ DCFʢDiscounted Cash Flowʣ๏
    ϚʔέοτΞϓϩʔν ࢢ৔Ձ஋ ྨࣅձࣾൺֱ๏
    ग़య: https://the-owner.jp/archives/5757
    

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18. M&A ཁ݅
    - ಛʹόϦϡΤʔγϣϯͷࢉఆ͸ M&A ʹΑΔച٫͚࣌ͩͰ͸ͳ͘ɼاۀ͕ϑΝ
    Πφϯεʢޙड़ʣΛߦ͏ࡍʹ΋සग़͠·͢ɻ
    - όϦϡΤʔγϣϯͷ΄͔ʹɼॏཁͳͷ͸σϡʔσϦδΣϯεʢDDʣͰ͢ɻ
    - DD ͸ܦӦʹ͓͚Δॏཁࢦඪʢച্ɾརӹͷن໛ɼίʔϙϨʔτΨόφϯεɼ
    IT ΨόφϯεͳͲʣΛදͨ͠΋ͷͰ͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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19. IPO ཁ݅
    - ্৔ͱ͍ͬͯ΋ࢢ৔͕͍͔ͭ͋͘Γ·͢ɻྫ͑͹ʮ౦ژূ݊औҾॴʢ౦ূʣʯ
    ͕༗໊Ͱ͕͢ɼ౦ূʹ΋ʮϓϥΠϜʯʮελϯμʔυʯʮάϩʔεʯʹ෼͔Ε
    ͍ͯ·͢ʢैલ͸ɼҰ෦ɼೋ෦ɼϚβʔζɼJASDAQ Ͱͨ͠ʣɻ
    - ·ͨɼࠃ಺ʹݶͬͯݴ͑͹ɼ౦ূҎ֎ʹ΋ʮ໊ݹ԰ূ݊औҾॴʢ໊ূʣʯ΍
    ʮ෱Ԭূ݊औҾॴʢ෱ূʣʯɼʮࡳຈূ݊औҾॴʢࡳূʣʯ͕͋Γ·͢ɻ
    - ΞϝϦΧͩͱʮφεμοΫূ݊औҾॴʢNASDAQʣʯ΍ʮχϡʔϤʔΫূ݊औ
    ҾॴʢNYSEʣʯͳͲ͕͋Γ·͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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20. IPO ཁ݅
    - IPO ཁ݅͸ɼͲͷূ݊औҾॴʹ্৔͢Δ͔ʹΑͬͯҟͳΓ·͢ɻ
    - ͱ͸͍͑ɼଟ͘ͷূ݊औҾॴͰ͸ʮ࣌Ձ૯ֹʯʮྲྀ௨גࣜ਺ʯʮ༗Ձূ݊ใࠂ
    ॻʯͰఆΊΒΕͨཁ݅Λຬͨ͢ඞཁ͕͋Γ·͢ɻ
    - ࣌Ձ૯ֹ͸ʮגՁ×גࣜൃߦ਺ʯͰٻΊΒΕ·͕͢ɼ্৔લ͸όϦϡΤʔγϣ
    ϯ͔Βɼ࣌Ձ૯ֹ૬౰Λࢉग़͠·͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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21. ελʔτΞοϓͷ୹ظతͳ໨ඪ
    - ଟ͘ͷελʔτΞοϓ͸౤ࢿՈ͔Βड͚ͨ౤ࢿʹΑͬͯӡӦ͞ΕΔͨΊɼ୹ظ
    తʹ M&A ΍ IPO ؚΊΠάδοτઓུΛ਱ߦ͠ͳ͚Ε͹ͳΓ·ͤΜɻ
    - ౤ࢿՈ͸౤ࢿ͓ͨۚ͠ͱגࣜΛҾ͖׵͑ʹΩϟϐλϧήΠϯʢגࣜΛച٫ͨ͠
    ࡍʹಘΔརӹʣͰച্Λ͍͋͛ͯ·͢ɻΏ͑ʹɼελʔτΞοϓ͸౤ࢿΛड͚
    ͔ͨΒʹ͸ɼ౤ࢿՈʹؐݩ͠ͳ͚Ε͹ͳΓ·ͤΜɻ
    - ౤ࢿՈ͔Β౤ࢿΛड͚ͯɼܦӦΛߦ͏ελʔτΞοϓͷ͓ۚࣄ৘͸Ͳ͏ͳͬͯ
    ͍ΔͷͰ͠ΐ͏͔ɻ࣍ʹͯղઆ͠·͢ɻ
    
    ελʔτΞοϓͷΠάδοτઓུ
    

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22. ελʔτΞοϓͱ͓ۚ
    
    

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23. ϑΝΠφϯεͷछྨ
    
    

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24. ϑΝΠφϯεͷछྨ
    - ϑΝΠφϯε͸ɼ޿ٛʹʮࢿۚௐୡʯͱ͍͏ҙຯͰ࢖ΘΕ·͢ɻձࣾΛܦӦ͢
    Δ্ͰɼϑΝΠφϯε͸ॏཁͰ͢ɻ
    - ϑΝΠφϯεͷख๏͸େ͖͘Θ͚ͯ σοτϑΝΠφϯεɼΤΫΠςΟϑΝΠφ
    ϯε ͷ 2 ͕ͭ͋Γ·͢ɻ
    - ଞʹ΋ࣗݾࢿۚʹΑΔܦӦ΍ɼձࣾͷച্͚ͩͰܦӦ͢Δํ๏΋͋Γ·͢ɻ

    ͔͠͠ɼελʔτΞοϓͷॳظɼಛʹ 1 प໨ͱݺ͹ΕΔىۀՈͰ͋Δ৔߹͸ɼ
    σοτ΍ΤΫΠςΟʹΑΔϑΝΠφϯεख๏͕ओྲྀͰ͢ɻ
    
    ϑΝΠφϯεͷछྨ
    

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25. σοτϑΝΠφϯε
    - σοτϑΝΠφϯεͱ͸ۜߦͳͲ͔Β༥ࢿΛड͚Δɼ͍ΘΏΔʮ༗རࢠෛ࠴ʯ
    ͷ͜ͱΛࢦ͠·͢ɻגΛ౉͢ඞཁ͕ͳ͍͜ͱ͔Βɼܾٞݖ΁ͷӨڹ͕ͳ͍ͱ
    ͍ͬͨ͜ͱ͕σοτϑΝΠφϯεͷେ͖ͳϝϦοτͰ͢ɻ
    - ·ͨɼձܭʹ͓͍ͯଛۚࢉೖͰ͖ΔͨΊɼઅ੫ޮՌ΋͋Γ·͢ɻ
    - σϝϦοτ͸༗རࢠෛ࠴ͱ͍͏͜ͱ͔Βɼ͋ΔҰఆֹΛฦࡁ͠ଓ͚ͳ͚Ε͹ͳ
    Γ·ͤΜɻ
    
    ϑΝΠφϯεͷछྨ
    

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26. ΤΫΠςΟϑΝΠφϯε
    - ࣗࣾͷגΛ౤ࢿՈʹച٫͢Δ͜ͱͰɼࢿۚΛௐୡ͢Δํ๏Ͱ͢ɻσοτϑΝΠ
    φϯεͱ͸ҟͳΓɼݪଇฦࡁ͢Δඞཁ͕ͳ͍ͷ͕େ͖ͳಛ௃Ͱ͢ɻ
    - ·ͨɼ༷ʑͳ౤ࢿՈ͕ೖΔ͜ͱͰɼ౤ࢿՈ΋ଛΛͨ͘͠ͳ͍͜ͱ͔ΒɼגओͰ
    ͋Δ౤ࢿՈͷ஌ݟΛ΋ͬͯɼձࣾΛ੒ޭͤ͞Δಓے΋ཱͯ΍͘͢ͳΓ·͢ɻ
    - ಛʹ VC (Venture CapitalɼϕϯνϟʔΩϟϐλϧ) ͷωοτϫʔΫΛ࢖ͬͯɼ
    ༷ʑͳԸܙΛड͚ΒΕΔͷ΋ҰͭͷϝϦοτͰ͢ɻ
    
    ϑΝΠφϯεͷछྨ
    

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27. ձࣾͷϑΣʔζ
    ࢿۚௐୡֹʹԠͯ͡ɼձࣾͷϑΣʔζ͕࣍ͷΑ͏ʹҟͳΓɼ࠷ऴతʹΠάδοτ
    Λ໨ࢦ͍ͯ͘͜͠ͱʹͳΓ·͢ɻ·ͨɼ͜ΕΒͷϑΣʔζͷ͜ͱΛʢ౤ࢿʣϥ΢
    ϯυͱ͍ͬͨΓɼεςʔδͱ͍͍·͢ɻ
    
    ϑΝΠφϯεͷछྨ
    γʔυ
    γϦʔζA
    γϦʔζB
    IPO
    γϦʔζC
    
    
    Ҏ߱
    ΤϯδΣϧ
    M&A
    

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28. ձࣾͷϑΣʔζ
    ౤ࢿϥ΢ϯυ͝ͱʹௐୡͰ͖Δֹۚʹ͍ͭͯɼݫີͳఆٛ͸͋Γ·ͤΜ͕ɼ֓Ͷ
    ҎԼͷදͷΑ͏ͳֹۚΛௐୡ͢Δ͜ͱʹͳΓ·͢ɻ·ͨɼM&A ͷ৔߹͸ɼ

    ϥ΢ϯυͷ్தͰച٫͢Δ͜ͱ΋େ͍ʹ͋Γ͑·͢ɻ
    
    ϑΝΠφϯεͷछྨ
    ౤ࢿϥ΢ϯυ ผ໊ ౤ࢿֹۚ ձࣾͷϑΣʔζ
    ΤϯδΣϧ
    γʔυεςʔδ
    ਺ඦສʙ਺ઍສ PoC (Proof of conceptɼԾઆݕূ) ͷஈ֊
    γʔυ ਺ઍສʙ਺ԯԁ
    ϓϩμΫτͷ։ൃ΋͘͠͸ɼϕʔλςετظؒɻ

    PMF ʢProduct Market FitɼϓϩμΫτͷࢢ৔ద߹ʣͷݕূ։࢝
    γϦʔζ A ΞʔϦʔεςʔδ ਺ԯԁʙे਺ԯԁ PMF ݕূਅͬ୞தɻऩӹԽΛ໨ࢦͨ͢ΊͷࢼߦࡨޡΛߦ͏ஈ֊
    γϦʔζ B ϛυϧεςʔδ े਺ԯԁʙ਺ेԯԁ ऩӹͷ҆ఆԽ͔ΒɼΑΓࣄۀΛεέʔϧͤ͞Α͏ͱ͢Δஈ֊
    γϦʔζ C Ҏ߱ ϨΠλʔεςʔδ ਺ेԯʙ਺ඦԯ
    ࣄۀͷεέʔϧ͔ΒΠάδοτ΁ɻ৔߹ʹΑͬͯ͸ɼߋʹࢿۚௐୡΛ
    ߦͬͯγϦʔζ DɼγϦʔζ E... ΁ଓ͘ɻ
    

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29. ͳͥࢿۚௐୡΛ͢Δͷ͔
    
    

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30. ձ͕ࣾച্Λ্͛ΔͨΊʹ͸
    - ձࣾͷܦӦʹඞཁͳཁૉͱͯ͠ώτɾϞϊɾΧωͱݴΘΕ͍ͯ·͢ɻ
    - ച্Λ্͛Δʹ͸ɼ্هͷඞཁͳཁૉ͔Βɼ༏लͳਓΛूΊͯՁ஋ͷ͋Δϓϩ
    μΫτΛఏڙ͍ͯ͘͠ඞཁ͕͋Γ·͢ɻ
    - ༏लͳਓΛूΊͯՁ஋ͷ͋ΔϓϩμΫτΛఏڙ͢ΔͨΊʹ΋ɼ͓͕ۚඞཁͱͳ
    Γ·͢ɻ
    
    ͳͥࢿۚௐୡΛ͢Δͷ͔
    

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31. ച্Λ্͛ΔͱԿ͕خ͍͠ͷ͔
    - ച্Λ্͛ΔͱόϦϡΤʔγϣϯ্͕͕Γɼࢿۚௐୡ࣌ͷ্ֹ͕͕ۚΓ·͢ɻ
    - ݁Ռతʹ্৔࣌ͷ࣌Ձ૯ֹ͕େ͖͘ͳΓɼ౤ࢿՈ΍૑ۀऀͷ࣋ͪגͷՁ஋΍

    ετοΫΦϓγϣϯߦ࢖࣌ͷՁ஋͕ߴ͘ͳΓ·͢ɻ
    - ͭ·ΓɼΩϟϐλϧήΠϯΛଟ͘΋Β͑Δͱ͍͏͜ͱʹͳΓ·͢ɻ
    - ͦͷͨΊɼελʔτΞοϓ͸ɼച্Λ্͛ΒΕΔΑ͏ͳ࢓૊ΈΛ࡞Δඞཁ͕͋
    Γ·͢ɻͦͷ͍͔ͭ͘ͷཁૉʹɼࢢ৔ن໛ͳͲ͕͕͋Γ·͢ɻ
    
    ͳͥࢿۚௐୡΛ͢Δͷ͔
    

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32. ࢢ৔ن໛͔ΒͷόϦϡΤʔγϣϯ
    
    ͳͥࢿۚௐୡΛ͢Δͷ͔
    TAM
    SAM
    SOM
    - TAM ʢTotal Addressable Marketʣ͸ɼαʔϏ
    εશମͷ֫ಘͰ͖Δࢢ৔ن໛ɻ
    - SAM (Serviceable Available Market) ͸ɼࣗࣾ
    ͰऔΓ͏Δ࠷େͷࢢ৔ن໛ɻ
    - SOM (Serviceable Obtained Market) ͸ɼࣗࣾ
    Ͱ࠷େͰΞϓϩʔνʢܖ໿ͳͲʣͰ͖ΔͰ͋Ζ
    ͏ࢢ৔ن໛ɻ
    

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33. ࢢ৔ن໛͔ΒͷόϦϡΤʔγϣϯ
    
    ͳͥࢿۚௐୡΛ͢Δͷ͔
    TAM
    A ࣾ

    αʔϏε
    C ࣾ

    αʔϏε
    B ࣾ

    αʔϏε
    - ڝ߹ͷαʔϏε͕͋Δ৔߹͸ɼTAM ͷதͰͷ

    ސ٬ͷऔΓ߹͍ʹͳΓ·͢ɻTAM ͕େ͖͚Ε͹
    େ͖͍΄Ͳڝ߹͕ډΔՄೳੑ͕ߴ͍Ͱ͢ɻࠃ಺
    ͩͱ࣍ͷϖʔδهࡌͷʮࣗಈंʯʮݐઃʯʮෆ
    ಈ࢈ʯʮҩྍʯ͕ಛʹେ͖͍Ͱ͢ɻ
    - ελʔτΞοϓͱͯ͠߈ΊΔ΂͖ࢢ৔͸ॏཁͳ
    ࢦඪͷҰͭͱݴ͑·͢ɻ
    

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34. ࢢ৔ن໛͔ΒͷόϦϡΤʔγϣϯ
    - ࠃ಺ʹ͓͍ͯࢢ৔ن໛͕େ͖͍ྖҬ
    ͸ࠨهͷਤͷͱ͓ΓͰ͢ɻ
    - ಛʹ௚ۙͰɼҩྍܥ΍ෆಈ࢈ܥ

    ελʔτΞοϓ͕ଟ͍ͷ͸ɼ͜ͷ

    ࢢ৔ن໛͕େ͖͍͔ΒͰɼόϦϡ
    Τʔγϣϯ͕෇͖΍͍͔͢Βͱݴ͑
    ΔͷͰ͸ͳ͍Ͱ͠ΐ͏͔ɻ
    
    ͳͥࢿۚௐୡΛ͢Δͷ͔
    Ҿ༻: https://stat.visualizing.info/msm
    ग़య: https://www.mof.go.jp/pri/reference/ssc/results/data.htm#01 ๏ਓاۀ౷ܭௐࠪ ݁Ռʢ೥࣍ʣ - ࡒ຿ল
    

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35. ձࣾͷଘଓΛṌ͚ͯ
    
    

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36. ձ͕ࣾੜ͖࢒ΔͨΊʹ͸
    - ձ͕ࣾࢿۚௐୡΛߦ͏ʹ͸ɼ౤ࢿՈʹରͯ͠ʮ౤ࢿ͸ N ഒͰճऩͰ͖·͢Αʯ
    ͱ͍͏੒௕ઓུΛࣔ͞ͳ͚Ε͹͍͚·ͤΜɻ
    - ͜ͷ౤ࢿՈʹݟͤͨΓɼܦӦ૚Ͱڞ༗͢Δ੒௕ઓུͷ͜ͱΛΤΫΠςΟʔε
    τʔϦʔͱ͍͍·͢ɻ
    - ΤΫΠςΟʔετʔϦʔΛඳ͘͜ͱ͕ͦ͜ CEO ΍ CTO ΛؚΊͨܦӦ૚ͷ

    େ͖ͳ໾ׂͷҰͭʹͳΓ·͢ɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    

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37. ձ͕ࣾੜ͖࢒ΔͨΊʹ͸
    - ձࣾ͸࠷ऴతʹɼࣗ෼͕ͨͪܝ͛ΔϏδϣϯΛୡ੒͢ΔͨΊʹɼ3 ೥ޙɼ5 ೥
    ޙͷະདྷΛඳ͍͍ͯ͘ඞཁ͕͋Γ·͢ɻ
    - ͨͩɼϏδϣϯΛୡ੒͢Δʹͯ͠΋ɼࢿຊ੓ࡦ͕͏·͘ߦ͔ͳ͚Ε͹ɼͦΕ΋
    ׎͑ΒΕ·ͤΜɻΏ͑ʹɼΤΫΠςΟʔετʔϦʔ͕ॏཁͱͳ͖ͬͯ·͢ɻ
    - IPO ͸ࢿຊ੓ࡦͷҰ؀ͱͯ͠ɼϏδϣϯΛୡ੒͢ΔͨΊͷҰͭͷखஈͰ͋Γɼ
    ΰʔϧͰ͸͋Γ·ͤΜʢॏཁʣɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    

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38. ձ͕ࣾੜ͖࢒ΔͨΊʹ͸
    - ΤΫΠςΟετʔϦʔΛୡ੒͢ΔͨΊʹɼ༏लͳਓࡐΛूΊɼͦͯ͠Ձ஋ͷ͋
    ΔϓϩμΫτΛ࡞͍ͬͯ͘ඞཁ͕͋ΔͷͰ͢ɻ
    - ΤΫΠςΟʔετʔϦʔΛ༏लͳਓࡐʹΘ͔Γ΍͘͢຋༁ͨ͠ΓɼઓུΛ

    ఏࣔͰ͖Δ͜ͱ͕༏लͳܦӦ૚͕͍ΔҰͭͷࢦඪͰ͋Δͱߟ͑·͢ɻ
    - ͦͯ͠ɼΤΫΠςΟʔετʔϦʔΛୡ੒͢ΔͨΊʹ͸ɼόϥϯεΛݟͯ౤ࢿͱ
    Ωϟογϡʢ͓ۚʣԹଘΛ࣮ߦ͍ͯ͘͠ඞཁ͕͋Γ·͢ɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    

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39. ౤ࢿͱΩϟογϡԹଘ
    - ձࣾ͸ࢿۚௐୡͰಘ͓ͨۚͱɼച্Ͱಘ͓ͨۚɼձࣾͷࣗݾࢿۚͰӡӦΛ͠·
    ͢ɻ͜ΕΒͷ͓ۚͰɼձ͕ࣾଘଓͰ͖ΔظؒΛϥϯ΢ΣΠͱ͍͍·͢ɻ
    - ϥϯ΢ΣΠ͕௕͚Ε͹௕͍΄ͲɼͦͷձࣾͷόʔϯϨʔτʢࢧग़ʣ͕௿͔ͬͨ
    Γɼͦ΋ͦ΋ΩϟογϡΛ५୔ʹ͍࣋ͬͯΔͱݴ͑·͢ɻ৔߹ʹΑͬͯ͸ద੾
    ͳ౤ࢿΛ͍ͯ͠ͳ͍ɼͱ͍͏ݟํ΋Ͱ͖Δ͔΋͠Ε·ͤΜɻ
    - ΤΫΠςΟʔετʔϦʔʹଇΔͨΊʹɼ͍ͭ౤ࢿΛ͢Δ΂͖͔ɼΩϟογϡΛ
    Թଘ͢΂͖͔ࢥྀΛॏͶͳ͚Ε͹ͳΓ·ͤΜɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    

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40. ౤ࢿͱΩϟογϡԹଘ
    - ಛʹॳظͷελʔτΞοϓ͸ɼࢿۚ೉ʹͳΓ͕ͪ
    Ͱ͢ɻਓ݅අ͕ߴ͘ͳͬͯ͠·͑͹ɼͦΕ͚ͩϥ
    ϯ΢ΣΠ͕୹͘ͳͬͯ͠·͍·͢ɻ
    - Ώ͑ʹɼετοΫΦϓγϣϯʢޙड़ʣ΍גͷ഑෍
    ͳͲͰਓ݅අΛݮΒ͢ͱ͍͏ࢪࡦ͕औΒΕ·͢ɻ
    - ച্΋ॱௐͳͷʹɼϥϯ΢ΣΠ͕୹͘ɼ࣍ͷࢿۚ
    ௐୡΛܴ͑ΒΕͣਫ਼ࢉʢ౗࢈ʣͯ͠͠·͏ձࣾ΋
    গͳ͋͘Γ·ͤΜɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    γʔυͷௐୡ γϦʔζ A ͷௐୡ
    ࣌ؒ࣠
    ౗࢈
    ࠓ೥ 1 ೥ޙ
    ൒೥ޙ
    1 ೥ޙͷௐୡ·Ͱ

    ࣋ͪͨ͑͜ΒΕͨΒ

    ੜ͖࢒ΕΔ
    ௐୡΛܴ͑ΒΕͣʹ

    ࢿۚγϣʔτͰ౗࢈
    ϥϯ΢ΣΠ൒೥ ϥϯ΢ΣΠ 1 ೥
    ࣍ͷࢿۚௐୡΛ1೥ޙͩͱԾఆͨ࣌͠
    

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41. ౤ࢿͱΩϟογϡԹଘ
    - Ͱ͸ɼϥϯ΢ΣΠΛ௕͘͢ΔͨΊʹ΋ɼࢿۚௐୡͷαΠΫϧΛૣΊΕ͹͍͍ͷ
    Ͱ͸ͳ͍͔ɼͱߟ͑Δ͔΋͠Ε·ͤΜɻ
    - ͔͠͠ɼͦΕ͸ෆՄೳͰ͢ɻෆՄೳͰ͋Δཧ༝Λ߲࣍Ͱղઆ͠·͢ɻ
    
    ձࣾͷଘଓΛṌ͚ͯ
    

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42. ࢿۚௐୡαΠΫϧ
    
    

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43. ΤΫΠςΟετʔϦʔͱͷ݉Ͷ߹͍
    - ౤ࢿՈ͸ஶ͍͠੒௕ΛελʔτΞοϓʹ๬ΜͰ͍·͕͢ɼͦΕ͸ΤΫΠςΟʔ
    ετʔϦʔʹଇͬͯͰ͢ɻ
    - ্৔Λ͢Δͱɼۀ੷༧૝ͷച্ͷဃ཭͸ 10%ɼརӹͷဃ཭͸ 30% ·Ͱͱ͞Ε
    ͍ͯ·͢ɻ͜Ε͸ɼԼ͕ͬͯ΋্͕ͬͯ΋ಉ༷Ͱ͢ɻ
    - ͦΕ͚ͩɼۀ੷༧૝͸ॏཁͰ͋Δͱ͍͏͜ͱͰ͢ɻελʔτΞοϓ΋ IPO Λ໨
    ࢦ͢ͷͰ͋Ε͹ɼྫ֎Ͱ͸͋Γ·ͤΜɻ
    
    ࢿۚௐୡαΠΫϧ
    

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44. ΤΫΠςΟετʔϦʔͱͷ݉Ͷ߹͍
    - ্৔͍ͯ͠ͳ͍ͳΒɼؔ܎͕ͳ͍ͷͰ͸ͱߟ͑Δ͔΋͠Ε·ͤΜɻ

    ͔͠͠ɼ౤ࢿՈʹͯ͠ΈΕ͹ɼച্͕ཚߴԼͯ͠ɼ਺ϲ݄ޙɼ਺೥ޙͷۀ੷༧
    ૝͕Ͱ͖ͳ͍αʔϏεʹ౤ࢿ͍ͨ͠ͱࢥ͏Ͱ͠ΐ͏͔ɻಛʹ IPO Λ໨ࢦͯ͠
    ͍ΔελʔτΞοϓʹରͯ͠Ͱ͢ɻ
    - ͭ·Γɼۀ੷༧૝͸९कͭͭ͠ɼஶ͍͠੒௕Λ੒͠਱͛Δۀ੷༧૝ΛٻΊΒΕ
    ͍ͯΔͱ͍͏͜ͱʹͳΓ·͢ɻ
    
    ࢿۚௐୡαΠΫϧ
    

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45. ࢢگͱόϦϡΤʔγϣϯͷ݉Ͷ߹͍
    - ࢿۚௐୡʹ͓͍ͯʮ͍͘Βௐୡ͍ͨ͠ʯΛܾΊͳ͚Ε͹ͳΓ·ͤΜɻௐୡֹΛ
    ܾΊΔʹ͸ɼ֓Ͷձࣾͷࢢگײɼϥϯ΢ΣΠɼόϦϡΤʔγϣϯɼΤΫΠ
    ςΟʔετʔϦʔ͔Βࢉग़͞ΕΔ͜ͱʹͳΓ·͢ɻ
    - IPO ࣌ͷ࣌Ձ૯ֹΛߴΊΔͨΊʹ͸ɼࢿۚௐୡ࣌ʹҎલͷϥ΢ϯυΑΓ΋ߴ͍
    ஋ஈͰגࣜΛ౤ࢿՈʹങͬͯ΋Β͏ඞཁ͕͋Γ·͢ɻ
    - ͔͠͠ɼࢢگʢϛΫϩܦࡁʹݶΒͣੈքܦࡁͷಈ޲ʣ΋Өڹ͖ͯ͠·͢ɻ
    
    ࢿۚௐୡαΠΫϧ
    

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46. ࢢگͱόϦϡΤʔγϣϯͷ݉Ͷ߹͍
    - ଟ͘ͷ౤ࢿՈ͕ʮࠓ͸͓ۚΛԹଘ͢Δ΂͖ͩʯͱ౤ࢿΛौΕ͹ɼࢿۚௐୡʹ΋
    ࠔ೉Λ͖ͨ͠·͢ɻ͜ͷࢢگͱ͍͏ͷ͸ɼྲྀߦΓපͷӨڹͰ͋ͬͨΓɼϦʔϚ
    ϯγϣοΫͷΑ͏ͳ౤ࢿۜߦ͕ܦӦഁ୼͢ΔͰ͋ͬͨΓɼ༷ʑͳཁૉ͕͋Γ·
    ͢ɻ
    - ྫ͑͹ҿ৯ؔ࿈ελʔτΞοϓͰ͋Ε͹ɼྲྀߦΓපʹΑͬͯ֎ग़͕ݮΕ͹ɼސ
    ٬͕ݮΓɼΤΫΠςΟʔετʔϦʔ͕ୡ੒Ͱ͖ͳ͘ͳΓɼ݁Ռͱͯ͠όϦϡ
    Τʔγϣϯ΋Լ͕ΔՄೳੑ͕͋Δͱ͍͏ͷ͸ݴ͏·Ͱ΋͋Γ·ͤΜɻ
    
    ࢿۚௐୡαΠΫϧ
    

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47. ࢢگͱόϦϡΤʔγϣϯͷ݉Ͷ߹͍
    - όϦϡΤʔγϣϯΛԼ͛ͯࢿۚௐୡ͢Δ͜ͱΛμ΢ϯϥ΢ϯυͱ͍͍·͢ɻ༨
    ஊͰ͕͢ɼμ΢ϯϥ΢ϯυ IPO ͱ͍͏ݴ༿΋͋Γɼ͜Ε͸લճͷࢿۚௐୡ࣌
    ΑΓ΋௿͍όϦϡΤʔγϣϯͰ IPO ͢Δͱ͍͏͜ͱͰ͢ɻ
    - μ΢ϯϥ΢ϯυΛσϝϦοτ͸ɼྫ͑͹γϦʔζ B Ͱௐୡ͢Δͱ͍͏͜ͱ͸ɼ
    ͦͷόϦϡΤʔγϣϯͰ౤ࢿՈ͕ೖ͖͍ͬͯͯΔ͜ͱʹͳΓ·͢ɻ࣍ʹμ΢ϯ
    ϥ΢ϯυͰௐୡ͢ΔͱɼγϦʔζ B ͰגΛऔಘͨ͠౤ࢿՈ͕ଛ͢Δ͜ͱʹͳΔ
    ͷͰɼᰗ᪥ʢͻΜ͠Ύ͘ʣΛങ͏Մೳੑ΋͋Γ·͢ɻ
    
    ࢿۚௐୡαΠΫϧ
    

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48. ࢢگͱόϦϡΤʔγϣϯͷ݉Ͷ߹͍
    - ଞʹ΋ɼ௿͍όϦϡΤʔγϣϯͰ৽͍͠౤ࢿՈ͕ೖΔ͜ͱʹΑΓɼ࣋גൺ཰ʹ
    ΋ӨڹΛٴ͠·͢ɻ͜ΕΛגͷرബԽͱ͍͍·͢ɻ
    - ձࣾ͸౤ࢿՈ͕૿͑Ε͹૿͑Δ΄ͲɼܦӦͷ࠷దԽ͕೉͘͠ͳ͖ͬͯ·͢ɻ
    - ಛʹ໰୊ͳͷ͸ɼ౤ࢿՈ͸ΩϟϐλϧήΠϯΛಘΔ͜ͱΛੜۀʢͳΓΘ͍ʣͱ
    ͍ͯ͠ΔͷͰɼIPO ࣌ʹෳ਺౤ࢿՈΑΔച٫Ͱɼ࣌Ձ૯ֹ͕Լ͕ͬͯ͠·͏͜
    ͱ΋ߟ͑ΒΕ·͢ɻ౤ࢿՈͷ਺͕૿͑Ε͹૿͑Δ΄Ͳ͜ͷՄೳੑ͸ߴ͍Ͱ͠ΐ
    ͏ɻ
    
    ࢿۚௐୡαΠΫϧ
    

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49. ࢢگͱόϦϡΤʔγϣϯͷ݉Ͷ߹͍
    - ຊདྷ͸ɼগͳ͍౤ࢿՈͰɼόϦϡΤʔγϣϯߴ͘ɼଟֹͷΤΫΠςΟϑΝΠφ
    ϯε͕Ͱ͖ΔͱɼܦӦʹͱͬͯେ͖ͳϝϦοτͱͳΓ·͢ɻ
    - ಛʹגࣜձࣾͷ࣋גൺ཰͸ܾٞݖͷ݉Ͷ߹͍͔ΒඇৗʹॏཁͳࢦඪͰ͢ɻ
    
    ࢿۚௐୡαΠΫϧ
    ࣋גൺ཰ ݖར
    33.4% Ҏ্
    גओ૯ձͷಛผܾٞͷ൱ܾ͢ΔݖརΛ༗͢Δ

    ※ಛผܾٞͱ͸ɼܾٞݖΛ࣋ͭ 2/3 Ҏ্ͷגओͷࢍ੒͕ඞཁͱͳΔܾٞͷ͜ͱ
    50% Ҏ্
    גओ૯ձͷී௨ܾٞΛ୯ಠͰՄܾ͢Δ͜ͱ͕Ͱ͖Δ
    
    ※ී௨ܾٞͱ͸ɼܾٞݖΛ࣋ͭגओͷա൒਺ͷࢍ੒͕ඞཁͱͳΔܾٞͷ͜ͱ
    66.7% Ҏ্ גओ૯ձͷಛผܾٞͷՄܾ͢ΔݖརΛ༗͢Δ
    ஫ҙ: ձࣾ๏ͰఆΊΒΕ͍ͯΔ΋ͷΛҰ෦ൈਮͨ͠΋ͷͰ͢ɻଞʹ΋࣋גൺ཰ 1% Ҏ্΍ 3% Ҏ্ɼ 90% Ҏ্ͷఆٛ΋͋Γ·͢ɻ
    

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50. ετοΫΦϓγϣϯ
    
    

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51. ετοΫΦϓγϣϯʹ͍ͭͯ
    - ্৔࣌ʹόϦϡΤʔγϣϯ͕ߴ͘෇͚͹ɼετοΫΦϓγϣϯʢSOʣߦ࢖࣌
    ͷֹۚ͸૬౰ͳ΋ͷʹͳΓ·͢ɻ
    - ྫ͑͹ɼ࣌Ձ૯ֹ 500 ԯԁͰ্৔ͨ͠ձࣾʹࡏ੶͓ͯ͠ΓɼετοΫΦϓγϣ
    ϯΛ 0.1%͍࣋ͬͯͨͱͨ͠Βɼ໿ 4,000 ສͷΩϟϐλϧήΠϯ͕ೖΓ·͢
    ʢ஫1ʣɻ
    - גͷอ༗౓߹͍ʹΑΔͷͰɼ౤ࢿՈ͸͜ΕҎ্ͷརӹΛಘΒΕΔ͜ͱʹͳΓ·
    ͢ɻ
    
    ετοΫΦϓγϣϯ
    ஫1: ॳ஋΍ͦͷޙͷ஋ಈ͖ʹΑΔɻ·ͨɼߦ࢖࣌͸ৡ౉ӹ՝੫ͱͯ͠໿ 20% ΄Ͳͷ੫͕͔͔ۚΓ·͢ɻ

    ౰֘ͷֹۚ͸՝੫෼Λআֹ͍ͨۚͰ͢ɻߦ࢖ֹʹΑͬͯҟͳΓ·͢ɻ
    

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52. ετοΫΦϓγϣϯʹ͍ͭͯ
    - SO ʹ͸େ͖͘෼͚ͯແঈ SOɼ༗ঈ SO ͕͋Γ·͢ɻ
    - ແঈ SO ͸੫੍ద֨Λड͚ΔͨΊͷ৚݅Λຬͨ͞ͳ͚Ε͹ߦ࢖࣌ͷϝϦοτ͕গ
    ͳ͍Ͱ͢ʢຊདྷ͸ 20% ͷ՝੫ͰࡁΉ΋ͷ͕ɼڅ༩ॴಘ՝੫Ͱ࠷େ 55% ͷ੫͕ۚ
    ൃੜ͢Δʣɻ
    - ༗ঈ SO ͸੫੍ద֨ͷ৚͕݅ແ͍୅ΘΓʹݖརΛಘΔͨΊʹ͸͓ۚΛࢧ෷͏ඞཁ
    ͕͋Γ·͢ɻ
    - ͦΕͧΕɼݖརΛߦ࢖Ͱ͖ΔΑ͏ʹ͢ΔͨΊͷ৚݅΋ҟͳΓ·͢ɻ
    
    ετοΫΦϓγϣϯ
    

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53. ετοΫΦϓγϣϯʹ͍ͭͯ
    - SO ͱ͍͏ͷ͸ൃߦ͞Εͨ࣌఺ͷόϦϡΤʔγϣϯͰʮߦ࢖͢ΔݖརΛങ͏
    ʢ·ͨ͸औಘ͢ΔʣʯͰ͋Γɼߦ࢖࣌ʹ͸ͦͷ࣌఺ͷόϦϡΤʔγϣϯͷגՁ
    Λࢧ෷͏ඞཁ͕͋Γ·͢ɻ
    - ͦΕΛ્ࢭ͢ΔͨΊʹ༧Ί SO Λൃߦͯ͠ϓʔϧ͓ͤͯ͘͞৴ୗ SO ͱ͍͏΋
    ͷ͕͋Γ·͕͢ɼ2023 ೥ 5 ݄ʹΑΓɼߦ࢖࣌ʹڅ༩՝੫ͱͯ͠ѻ͏ݟղ͕ࣔ
    ͞Ε͍ͯ·͢ʢ௥هʣɻ
    
    ετοΫΦϓγϣϯ
    

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54. ετοΫΦϓγϣϯʹ͍ͭͯ
    - ͭ·Γ SO ͷൃߦ࣌ظʹΑͬͯ͸ߦ࢖ֹ͕େ͖͘ͳͬͯ͠·͍ɼΩϟϐλϧή
    Πϯ͕গͳ͘ͳΔՄೳੑ΋͋Γ·͢ɻ
    - γʔυͰೖΔͱ SO ͷΩϟϐλϧήΠϯ͸ߴ͘ͳΔ͕ɼڅ༩͸௿͘ͳΓ΍͢
    ͘ɼϨΠλʔεςʔδʹ޲͔͑͹޲͔͏΄ͲɼSO ͷΩϟϐλϧήΠϯ͕௿
    ͘ɼڅ༩΋ී௨͔ͦΕҎ্ʹͳΓ΍͍͢ͱݴ͑·͢ʢSO ͷൃߦ࣌ظͱɼ෇༩
    ͷׂ߹ʹΑΔͨΊɼྫ֎΋͋Δʣɻ
    
    ετοΫΦϓγϣϯ
    

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55. ελʔτΞοϓͱ࠾༻
    
    

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56. ࠾༻ͷน
    
    

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57. ࠾༻͢Δ͓͕ۚͳ͍
    - γʔυ͔ΒΞʔϦʔʹ͔͚ͯ͸ɼPMF ͤͨ͞Γɼച্Λ৳͹ͨ͢Ίʹ΋ϓϩ
    μΫτΛ։ൃ͢Δඞཁ͕͋Γ·͢ɻ
    - ͔͠͠ɼͦ΋ͦ΋ਓ͕͍ͳ͍ঢ়گͰ͋Δ͜ͱ͔ΒɼϓϩμΫτ։ൃΛ୲͏ਓࡐ
    Λ࠾༻͢Δඞཁ͕͋Γ·͢ɻ
    - ͜͜Ͱɼग़ͯ͘Δ໰୊͕ʮελʔτΞοϓ͸͓͕ۚͳ͍ʯͱ͍͏໰୊Ͱ͢ɻ
    - ैۀһҰਓΛ࠾༻Λͯ͠͠·͏ͱɼͦΕ͚ͩϥϯ΢ΣΠ͕୹͘ͳΓ·͢ɻ
    
    ࠾༻ͷน
    

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58. ࠾༻͢Δ͓͕ۚͳ͍
    - ϥϯ΢ΣΠ͕୹͘ͳͬͯͰ΋ɼՁ஋ͷ͋ΔϓϩμΫτΛ࡞ΕΔਓࡐΛܦӦ૚͕
    ݟۃΊͯ࠾༻͍͔ͯ͠ͳ͚Ε͹͍͚·ͤΜɻ
    - ॳظͷ౤ࢿֹʹ΋ΑΓ·͕͢ɼਓࡐͷ࠾༻Λ͢ΔͷͰ͸ͳ͘ɼϓϩμΫτͷ։
    ൃܦݧ͕ͳ͍ϘʔυϝϯόʔʢܦӦϝϯόʔʣͷ୭͔͕։ൃ͢Δબ୒Λ͢Δ͜
    ͱ΋͋Γ·͢ɻ
    - ॳظϝϯόʔͷ࠾༻Λࣦഊͯ͠͠·͏ͱɼձࣾʹͱͬͯࣄۀܧଓͱ͍͏ҙຯͰ
    க໋తʹͳΔՄೳੑ΋͋Γɼ༨ܭ৻ॏʹͳΓ·͢ɻ
    
    ࠾༻ͷน
    

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59. ࠾༻͢ΔίωΫγϣϯ͕ͳ͍
    - Ծʹɼ·ͱ·͓͕ͬͨۚ͋ͬͨͱͯ͠΋ɼΤϯδχΞΛ࠾༻͢ΔͨΊͷίωΫ
    γϣϯΛϘʔυϝϯόʔͷ୭͔͕͍࣋ͬͯͳ͍ͱɼ࠾༻ͦͷ΋ͷ͕͏·͘ਐΈ
    ·ͤΜɻ
    - ީิऀ͔Βͯ͠ΈΕ͹ɼ೥ʹ໿ 1,800 ࣾઃཱ͞ΕΔελʔτΞοϓ͔ΒϚον
    ϯάͯ͠ೖࣾ͢Δͷ͸ࢸ೉Ͱ͢ɻ
    - ·ͨձࣾʹͯ͠ΈΕ͹ɼࠃ಺ͷ IT ΤϯδχΞͷ૯਺͕໿ 130 ສਓͱݴΘΕͯ
    ͍ΔதͰɼࣗࣾʹϚον͢ΔਓࡐΛ୳͢ͷ͸ɼͦΕͦ͜ࠔ೉Ͱ͢ʢҾ༻1ʣɻ
    
    ࠾༻ͷน
    Ҿ༻1: https://codezine.jp/article/detail/17030 - 2022 ೥
    

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60. ࠾༻͢ΔίωΫγϣϯ͕ͳ͍
    - ΤϯδχΞ΍σβΠφʔΛؚΉ༗ޮٻਓഒ཰͸ 2022 ೥ 2.79 ഒͰ͋Γɼ͜ͷ਺
    ࣈ͔Βݟͯ΋໌Β͔ʹਓखෆ଍Ͱ͋Δ͜ͱ͕Θ͔Γ·͢ʢҾ༻1ʣɻ
    - ʮIT ਓࡐനॻ 2020ʯʹΑΕ͹ɼIT ਓࡐͷ "࣭" ͕ෆ଍͍ͯ͠Δͱߟ͍͑ͯΔ
    اۀ͕ɼ͓͓Αͦ 8 ׂҎ্Ͱ͋Δͱ͍͏͜ͱ͕ࣔ͞Ε͍ͯ·͢ʢҾ༻ 2ɼ஫
    1ʣɻ·ͨɼಉ༷ʹ IT ਓࡐͷ "ྔ" ͕ෆ଍͍ͯ͠Δͱߟ͍͑ͯΔاۀ΋ɼ͓͓
    Αͦ 8 ׂҎ্Ͱ͢ʢҾ༻ 2ɼ஫2ʣɻ
    
    ࠾༻ͷน
    Ҿ༻1: https://jsite.mhlw.go.jp/tokyo-hellowork/content/contents/001135801.pdf
    Ҿ༻2: https://www.ipa.go.jp/archive/publish/hjuojm0000007e6n-att/000085255.pdf
    ஫ 1, ஫ 2:ʮେ෯ʹෆ଍͍ͯ͠Δʯɾʮ΍΍ෆ଍͍ͯ͠ΔʯΛՃ͑ͨ਺Ͱ͢
    

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61. ࠾༻͢ΔίωΫγϣϯ͕ͳ͍
    - Ճ͑ͯɼ໿ 130 ສਓͱ͍͏ͷ͸࿑ಇਓޱ͔ΒΈͯ΋গͳ͘ɼଞࣾͱͷऔΓ߹͍
    ͱͳΓɼ͍ΘΏΔϨουΦʔγϟϯͱݺ͹Ε͍ͯ·͢ɻ
    - ͦͷͨΊɼΤϯδχΞ࠾༻ʹ͓͍ͯɼձࣾͷϓϨθϯεྗ΍ίωΫγϣϯྗ͸
    ඇৗʹॏཁʹͳΓ·͢ɻ
    - ίωΫγϣϯ͕ͳ͚Ε͹ɼΤʔδΣϯτ΍ଟ͘ͷ࠾༻ഔମʹ͓ۚΛࢧ෷ͬͯɼ
    ࠾༻Λ͢Δ͔͋͠Γ·ͤΜ͕ɼԾʹ࠾༻͕͏·͘ߦͬͯ΋ॾ໰୊͕࢒Γ·͢ɻ
    ॾ໰୊ʹ͍ͭͯ͸߲࣍ʹͯղઆ͠·͢ɻ
    
    ࠾༻ͷน
    

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62. ࠾༻Ҏޙ
    
    

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63. ΤϯδχΞͷධՁ
    - ΤϯδχΞܦݧͷͳ͍Ϙʔυϝϯόʔ͸ΤϯδχΞΛධՁ͢Δ͜ͱ͸Ͱ͖·ͤ
    ΜɻΤϯδχΞΛධՁ͢ΔͨΊͷύϥϝʔλʔ͕ଟ͗͢ΔͨΊͰ͢ɻ
    - ಛʹδϟοδ͕೉͍͠ͷ͸ٕज़ྗͰ͠ΐ͏͔ɻӦۀ͸ɼ਺ࣈʹ௚઀൓ө͞Ε·
    ͕͢ɼٕज़ྗͱ͍͏ύϥϝʔλʔ͸਺ࣈʹ൓ө͞Ε·ͤΜɻ
    - ٕज़ྗʹͯ͠΋ಘҙෆಘҙ͕ΤϯδχΞʹ͋Γɼྫ͑͹ɼWeb ϑϩϯτΤϯ
    υ͕ಘҙɼػցֶश͕ಘҙ…ɼͳͲଟذʹ౉Γ·͢ɻ͜ΕΒΛʮٕज़ྗ͕͋
    Δʯͱδϟοδ͢Δͷ͸ࢸ೉ͷۀͰ͢ɻ
    
    ࠾༻Ҏޙ
    

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64. ΤϯδχΞͷධՁ
    - ྫ͑͹ϦϦʔεͨ͠ػೳ͕ɼԿʹٴ΅͢ͷ͔ʹ͍ͭͯ΋ύϥϝʔλʔ͕ଟ͘ଘ
    ࡏ͠·͢ɻྫ͑͹ɼػೳ։ൃͰ͋Δ͕ɼDX (Developer eXperienceɼ։ൃऀ
    ମݧ)Λ޲্ͤ͞Δ৔߹΋͋Γ·͢ɻػೳ։ൃͰ͸ͳ͍͕ɼະདྷͷ։ൃऀମݧʹ
    ౤ࢿΛ͢Δ͜ͱ΋͋Ε͹ɼ଍ݩͷෆ۩߹ͷൃੜΛ๷͍ͩΓͳͲ…ɻ
    - ͜ΕΒΛద੾ʹδϟοδ͢ΔͨΊʹ͸ɼॻ͍ͯ͋ΔϓϩάϥϜΛཧղ͠ɼͦͷ
    ϓϩάϥϜ͕Կʹରͯ͠Өڹൣғ͕͋Δͷ͔Λཧղ͠ɼ։ൃϝϯόʔʹͲͷΑ
    ͏ʹӨڹ͕͋Δͷ͔ɼཧղ͠ͳ͚Ε͹͍͚·ͤΜɻ
    
    ࠾༻Ҏޙ
    

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65. ΤϯδχΞͷධՁ
    - ͞ΒʹɼͦΕ͕ΤϯδχΞຊਓͷύϑΥʔϚϯεͳͷ͔ٕज़ͷਐาʹΑΔ

    ύϑΥʔϚϯεͳͷ͔ͳͲɼͦΕҎ֎ͷ༷ʑͳύϥϝʔλʔ͕૊Έ߹Θͬͯ͞
    ͍ΔͷͰ͢ɻ
    - ͦ͜·ͰͰ͖Ε͹ɼͦͷϘʔυϝϯόʔ͸΋͸΍ʮΤϯδχΞʯͱ͍ͬͯ΋ա
    ݴͰ͸ͳ͍Ͱ͢ɻΏ͑ʹɼΤϯδχΞͷධՁ͸ΤϯδχΞ͔͠Ͱ͖ͳ͍ͷͰ
    ͢ɻ
    - ΤϯδχΞͷධՁΛ਺ࣈʢओʹ P/LʣͰදͤΔͱɼߟ͍͑ͯΔܦӦ૚΋͍·͢
    ͕ɼຊ࣭తʹ͸ෆՄೳͰ͋Γҙຯ͕͋Γ·ͤΜɻ
    
    ࠾༻Ҏޙ
    

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66. ΤϯδχΞͷධՁ
    - ΋ͪΖΜɼ౤ࢿՈ͔Β͸ٻΊΒΕΔ৘ใͰ͸͋ΔͷͰɼԿ͔͠Βͷࣄۀ KPI
    (Key Performance Indicatorɼॏཁۀ੷ࢦඪ) ͱབྷΊͯߩݙ౓߹͍Λ͍ࣔͯ͠
    ͘͜ͱʹͳΓ·͢ɻ
    - ͔͠͠ɼࢢگײɼࢢ৔ͷχʔζͳͲʹϛεϚον͕͋ΓɼϏδωεαΠυͰച
    Εͳ͚Ε͹ɼΤϯδχΞͷධՁ΋૬ରతʹԼ͕Δ͜ͱʹͳΓ·͢ɻ
    - Ώ͑ʹɼ͜ΕΒͷ৘ใ͸ຊ࣭తʹҙຯ͕ͳ͍ͱݴ͑·͢ɻͦΕΑΓ΋։ൃύ
    ϑΥʔϚϯε͕ग़͍ͯΔ͔ɼՁ஋ͷ͋Δػೳ΍ϓϩμΫτ͕ੈͷதʹग़͍ͤͯ
    Δ͔Λࢦඪʹ͢Δ΄͏͕·݈ͩશͱݴ͑ΔͰ͠ΐ͏ɻ
    
    ࠾༻Ҏޙ
    

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67. ΤϯδχΞͷධՁ
    - ͞Βʹ਺ࣈΛ௥Θͳ͍ͱ͍͏͜ͱ͔ΒɼϏδωεαΠυͱΤϯδχΞͷؒͰ

    ᫁᫟͕ੜ·ΕΔ͜ͱ΋͋Γಘ·͢ɻ
    - ʮࣗ෼ͨͪ͸਺ࣈΛ௥͍ͬͯΔͷʹ͋ͷ෦ॺ͸௥͍ͬͯͳͯ͘ψϧ͍ʯʮ਺ࣈ
    Ͱ౴͑ΒΕͳ͍ΤϯδχΞ͸࿩ʹͳΒͳ͍ʯͱ͍͏Α͏ͳϋϨʔγϣϯ͕ੜ·
    ΕΔͷͰ͢ɻ
    - ୭͔ͷ଍ΛҾͬுΔΑ͏ͳɼ۪͔ͳ͜ͱΛ͢ΔͷͰ͸ͳ͘ɼձࣾΛ੒௕ͤ͞Δ
    ͨΊʹɼ͓ޓ͍͕͓ޓ͍ͷΧϧνϟʔΛཧղ͠Α͏ͱ͢Δͷ͕ຊདྷ͋Δ΂͖࢟
    Ͱ͢ɻ
    
    ࠾༻Ҏޙ
    

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68. ΤϯδχΞͷධՁ
    - ΤϯδχΞ͸࠷ऴతʹධՁ͞Ε͍ͯͳ͍ʢঢڅ͠ͳ͍ͳͲʣͱײ͡Ε͹ɼࣗ਎
    ͷΩϟϦΞϏϧσΟϯάͷͨΊʹ΋ɼస৬Λҙࢥܾఆ͢Δ͜ͱ΋සൟʹ͋Γ·
    ͢ɻ
    
    ࠾༻Ҏޙ
    

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69. ϓϩμΫτʢίʔυؚΉʣͷධՁ
    - ࠾༻͕͏·͘ߦͬͯɼΤϯδχΞͷධՁ͕ԾʹͰ͖ͯ΋ɼݱঢ়͋ΔϓϩμΫτ
    ͷʮٕज़తෛ࠴ͷฦࡁϩʔυϚοϓʯ΍ʮٕज़ઓུʯͷධՁ͕ඞཁͰ͢ɻ
    - ࣄۀ͕ϐϘοτͨ͠Γɼސ٬ͷχʔζ͕มԽͨ͠Γɼ։ൃʹඞཁͳΤίγες
    Ϝ͕มԽ͢Δ͜ͱͰʮٕज़తෛ࠴Ͱ͸ͳ͍ʯίʔυ͕ಥ೗ʮٕज़తෛ࠴ʯͱͳ
    Δ͜ͱ΋͋Γ͑·͢ɻ
    - ͦͷͨΊɼ͜ΕΒΛదٓධՁͰ͖ΔΑ͏ͳ૊৫Ͱ͋ͬͨΓϝϯόʔ͕ඞཁͰ͋
    Δ͜ͱ͸ݴ͏·Ͱ΋͋Γ·ͤΜɻ
    
    ࠾༻Ҏޙ
    ஫: ٕज़తෛ࠴ͱ͍͏ݴ༿͸΢ΥʔυɾΧχϯΨϜࢯ͕ఏএͨ͠ݴ༿Ͱɼຊདྷ͸ʮεϐʔυͱ඼࣭ΛτϨʔυΦϑʯͨ͠΋ͷΛࢦ͠·͢ɻ
    ͔͠͠ɼʮݹ͍ίʔυʯʮݟ௨͕͠ѱ͍ίʔυʯͳͲɼDX Λ๦͛Δݴ༿ͱͯ͠౓ʑޡ༻͞Ε͓ͯΓɼຊࢿྉͰ΋ɼͦͷޡ༻ʹଇΔ΋ͷͱ͠·͢ɻ
    

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70. ૊৫ͷεέʔϧʹ଱͑Δ
    
    

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71. ίϛϡχέʔγϣϯύεͷ૿େ
    - ઢܗతʹैۀһ͕૿͑Δ͜ͱͰɼίϛϡχέʔγϣϯͷ΍ΓऔΓ͕൥ࡶʹͳͬ
    ͖ͯ·͢ɻ
    - ίϛϡχέʔγϣϯ͕૿͑Δ͝ͱʹ৘ใͷ఻ୡ͕͏·͘ߦ͔ͣɼ৘ใ͕ܽ೗͠
    ͨঢ়ଶͰձ࿩͢Δ͜ͱʹͳΓɼຊ౰ʹ఻͍͑ͨ͜ͱ͕఻ΘΒͳ͘ͳΓ·͢ɻ
    - ಛʹελʔτΞοϓͰɼ৘ใ͕ܽ೗ͯ͠͠·͏ͷ͸ɼ࠷ѱͷ৔߹ɼ૊৫่յΛ
    ΋ى͔͜͠Ͷͳ͍఺͔Βக໋తͰ͢ɻΏ͑ʹɼେ੾ͳͷ͸༏लͳਓࡐΛগ਺ਫ਼
    ӶͰճ͢͜ͱͰ͢ɻ
    
    ૊৫ͷεέʔϧʹ଱͑Δ
    

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72. ίϛϡχέʔγϣϯύεͷ૿େ
    - ίϛϡχέʔγϣϯύεΛݮΒͨ͢Ίʹɼ෦ॺ
    ΍νʔϜʹ෼ׂΛ͠·͕͢ɼଞνʔϜͷಈ͖͕
    ೺ѲͰ͖ͳ͘ͳΓɼϋϨʔγϣϯ͕ى͜Γ΍͢
    ͘ͳΓ·͢ɻ
    - ૊৫͕େ͖͘ͳΔʹͭΕͯɼίϛϡχέʔγϣ
    ϯύεΛ͋͑ͯஅઈ͢ΔΧϧνϟʔͷৢ੒΋

    ܦӦ૚ͷҙࢥܾఆͱͯ͠͸ॏཁͰ͠ΐ͏ɻ
    
    ૊৫ͷεέʔϧʹ଱͑Δ
    Ӧۀ෦ ։ൃ෦
    B ͞Μ͸։ൃ෦௕΍ɼC ͞Μ͕΍͍ͬͯΔ͜ͱ͕Θ͔Βͳ͘ͳΓ·͢ɻ
    ͦ΋ͦ΋Ӧۀ෦ͷϝϯόʔ͕։ൃ෦ͷϝϯόʔͷۀ຿Λ

    ཧղͨ͠΄͏͕͍͍ͷͰ͠ΐ͏͔ɻ
    A D
    Ӧۀ෦௕ ։ൃ෦௕
    ୅දऔక໾
    C
    B
    ʁ
    ʁ
    A ࣾͷྫ
    

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73. ίϛϡχέʔγϣϯύεͷ૿େ
    - ઌ΄ͲͷਤͷྫͰ B ͞Μ͕։ൃ෦௕΍ C ͞Μʹରͯ͠ʮۀ຿Λ໌Β͔ʹͯ͠
    ΄͍͠ʯͱ͍͏࿩͕͋ͬͨ࣌ɼখ͍͞૊৫Ͱ͋Ε͹ɼ·ͩྑ͍Ͱ͠ΐ͏ɻ
    - ͔͠͠ɼ૊৫͕εέʔϧ͍ͯ͠Δঢ়گͰɼҟͳΔ৬छͷਓʢ։ൃ෦ʣ͕ɼଞͷ
    ҟͳΔ৬छͷਓʢӦۀ෦ʣʹղઆΛ͠ͳ͍ͱ͍͚ͳ͍ঢ়گ͸ɼ༷ʑͳίϯςΩ
    ετͷڞ༗΍ۀ຿ͷ؅ঠͷཧղ͕ඞཁͱͳΓɼ݁Ռͱͯ͠૬खͷ࣌ؒΛୣ͏͜
    ͱʹͳΓ·͢ʢٯ΋વΓʣɻ
    - ͞Βʹݴ͑͹ɼ஌Γ͍ͨͱࢥͬͨਓͷ৬੹΍ܦݧʹΑͬͯɼ૬खͷۀ຿ʹର͠
    ͯͷղ૾౓͕ҟͳΔͨΊɼ଍ฒΈΛἧ͑ͯ఻͑Δ͜ͱ͸૬౰ʹࢸ೉Ͱ͢ɻ
    
    ૊৫ͷεέʔϧʹ଱͑Δ
    

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74. ίϛϡχέʔγϣϯύεͷ૿େ
    - ͜ΕΛڐ༰ͯ͠͠·͏ͱɼ෦ॺʹਓ͕૿͍͖͑ͯɼ૊৫͕εέʔϧ͢Δͨͼʹ৽
    ͘͠ೖͬͨϝϯόʔʹࣗ਎͕΍͍ͬͯΔ͜ͱΛ໌Β͔ʹ͍͔ͯ͠ͳ͚Ε͹ͳΓ·
    ͤΜɻ
    - ձࣾ͸ͦͷਓୡʹɼಛఆͷۀ຿ΛҰ೚͍ͯ͠ΔͨΊɼຊདྷ͸ଞ৬੹ͷਓͷۀ຿
    Λؾʹ͢Δඞཁ͸ͳ͍͸ͣͰ͢ɻ
    - ͔͠͠ؾʹͳΔͷ͸ࣄ࣮ͱͯ͋͠ΔͰ͠ΐ͏ɻΏ͑ʹɼ͋͑ͯίϛϡχέʔγϣ
    ϯύεΛஅઈ͢Δͱ͍͏Χϧνϟʔৢ੒Λ͢Δͱ͍͏ͷ͸ɼ͋ΔϑΣʔζ·Ͱਐ
    ΜͩاۀͰ͸ݕ౼͢΂͖ͩͱݴ͑·͢ɻ
    
    ૊৫ͷεέʔϧʹ଱͑Δ
    

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75. ελʔτΞοϓͱΤϯδχΞϦϯά
    
    

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76. ͳͥΤϯδχΞϦϯά͕ඞཁͳͷ͔
    
    

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77. มಈඅͱݻఆඅͱτοϓϥΠϯ
    - ྫ͑͹ݐઃۀ΍ҿ৯ళͷΑ͏ͳ࿑ಇू໿ܕϏδωε͸ɼ࢓ࣄͷڙڅʹରͯ͠ઢ
    ܗతʹਓࡐ͕ඞཁʹͳΓ·͢ɻ
    - ਓࡐΛඞཁͱ͢Δͱ͍͏͜ͱ͸ͦΕ͚ͩਓ݅අɼͭ·Γݻఆඅ͕͔͔ͬͯ͘Δ
    ͜ͱʹͳΓ·͢ɻ
    - རӹ෯Λ޲্ͤ͞ΔͨΊʹ͸ɼ͜ͷมಈඅͱݻఆඅΛ࡟ݮ͢Δඞཁ͕͋Γ·
    ͢ɻച্ରݻఆඅͱมಈඅʹ͓͚Δɼརӹ෯ͷׂ߹ͷ͜ͱΛݶքརӹ཰ͱ͍͍
    ·͢ɻ
    
    ͳͥΤϯδχΞϦϯά͕ඞཁͳͷ͔
    

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78. มಈඅͱݻఆඅͱτοϓϥΠϯ
    - ·ͨɼݶքརӹ཰ͷվળ͚ͩʹݶΒͣτοϓϥΠϯʢച্ߴʣΛ৳͹͢͜ͱ΋
    ҰͭΤϯδχΞϦϯάͷେ͖ͳ໾ׂͰ͢ɻ
    - ಛʹ SaaS ࣄۀͷ৔߹͸ɼΞοϓηϧ΍ΫϩεηϧΛؚΊ LTV (Life Time
    Valueɼސ٬ੜ֔Ձ஋) ΍ ARPU (Average Revenue Per Userɼސ٬ฏۉ୯Ձ)
    Λ৳͹͍ͯ͘͜͠ͱ͕ॏཁͰ͢ɻ
    
    ͳͥΤϯδχΞϦϯά͕ඞཁͳͷ͔
    

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79. มಈඅͱݻఆඅͱτοϓϥΠϯ
    - ΤϯδχΞϦϯά͸ɼࠨਤͷΑ͏ʹɼݶքར
    ӹ཰ͱച্ߴΛ্͛ΔͨΊʹඞཁͰ͢ɻ
    - ΤϯδχΞϦϯά౤ࢿͷ ROI (Return On
    Investmentɼඅ༻ରޮՌ) ͸ɼ౤ࢿҎલͱൺ
    ΂ݶքརӹ཰্͕͕Ε͹ɼͦΕ͸ΤϯδχΞ
    Ϧϯά౤ࢿͷ ROI ͕ߴ͍ͱߟ͑Δ͜ͱ΋Ͱ͖
    ·͢ʢ஫ 1ʣɻ
    
    ͳͥΤϯδχΞϦϯά͕ඞཁͳͷ͔
    ஫1: ݱ৔ͷʮܦݧ׳Εʯ΍ʮ1 ਓʹ 2 ਓ෼΍ΒͤΔʯͳͲͰݶքརӹ཰͕ߴ͘ͳΔ͜ͱ΋͋Γ·͢ɻ
    ΤϯδχΞϦϯά౤ࢿ ROI ΛͲͷΑ͏ʹ਺ࣈ΁൓өͤ͞Δ͔ɼձࣾͷࢦ਑Λఆٛ͢Δඞཁ͕͋Δͱ͍͑·͢ɻ
    ച্ߴ
    ݻఆඅ
    ࣍ͷࢿۚௐୡΛ1೥ޙͩͱԾఆͨ࣌͠
    มಈඅ + ݻఆඅ
    ଛӹ෼ذ఺
    ݶքརӹ཰
    มಈඅ཰
    

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80. ੜ࢈ੑͱਓ݅අ
    
    

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81. ੜ࢈ੑͷ޲্Λ͢Δ͜ͱͰ૬ରతͳਓ݅අ࡟ݮ
    - ੜ࢈ੑΛ޲্ͤ͞Δ͜ͱͰɼ૬ରతʹਓ݅අΛ࡟ݮ͢Δͱ͍͏ɼݟͤํΛ͢Δ
    ͜ͱ͕͠͹͠͹͋Γ·͢ɻ
    - Ұਓ͋ͨΓͷॲཧͰ͖Δ՝୊ͷ਺͕૿͑Ε͹ɼຊདྷ 2 ਓͰ݄ 60 ສԁඞཁͩͬ
    ͨۀ຿͕ 1 ਓ 30 ສԁͰॆ଍͢Δͱͨ͠৔߹ɼ30 ສԁͷརӹ޲্͕ݟࠐΊ·
    ͢ɻ
    - ͜ͷΑ͏ʹΤϯδχΞϦϯάΛ࣮ࢪ͠ɼੜ࢈ੑΛ޲্ͤ͞Δ͜ͱͰɼຊདྷඞཁ
    ͳਓ݅අΛѹॖ͢Δ͜ͱ͕Ͱ͖ΔͷͰ͢ɻ
    
    ੜ࢈ੑͱਓ݅අ
    

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82. ੜ࢈ੑͷ޲্Λ͢Δ͜ͱͰ૬ରతͳਓ݅අ࡟ݮ
    - ͔͠͠ɼͳͥɼͦ΋ͦ΋ਓ݅අΛ࡟ݮ͠ͳ͚Ε͹ͳΒͳ͍ͷͰ͠ΐ͏͔ɻͦΕ
    ͸ɼ೔ຊͷ࿑ಇج४๏ʹ͓͚Δղޏن੍ͷݫ͠͞ʹ༝དྷͯ͘͠Δ΋ͷͰ͢ɻ
    - ձࣾͱϚον͍ͯ͠ͳ͍ϝϯόʔΛ࠾༻ͯ͠͠·ͬͨΒɼύοέʔδʢ※1ʣΛ
    ౉ͯ͠ղޏͨ͠ͱͯ͠΋ʢ※2ʣɼ৔߹ʹΑͬͯ͸ҧ๏ʹͳͬͯ͠·͍·͢ɻ
    - ͦͷͨΊɼϛεϚονͳਓࡐΛ࠾༻ͯ͠͠·ͬͨͱ͖ʹ͸ࡒ੓తʹଟେͳӨڹ
    Λٴ΅ͯ͠͠·͍·͢ɻ࠾༻ʹ৻ॏʹͳΔͷ΋ᰐ͚·͢ɻ
    
    ੜ࢈ੑͱਓ݅අ
    ※1: ղޏ࣌ʹ਺ϲ݄෼ͷڅ༩Λ·ͱΊͯࢧ෷ͬͨΓɼୀ৬ۚΛࢧ෷ͬͨΓͯ͘͠ΕΔ͜ͱ
    ※2: ৔߹ʹΑͬͯ͸స৬ઌͷձࣾΛѺટͯ͘͠ΕΔΑ͏ͳاۀ΋͋Γ·͢ɻ
    

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83. ੜ࢈ੑͷ޲্Λ͢Δ͜ͱͰ૬ରతͳਓ݅අ࡟ݮ
    - ͜ͷΑ͏ͳଆ໘͔Β΋ɼʢͦΕ͕ࠃ΍ܦࡁʹͱͬͯൃలతͰ͋Δ͔͸ൈ͖ʹ͠
    ͯʣͰ͖ΔݶΓਖ਼ࣾһΛগͳ͘͠ɼ૬ରతʹਓ݅අΛ࡟ݮͯ͠རӹ෯Λ޲্͞
    ͤΑ͏ͱಇ͘ͷ͸ݴ͏·Ͱ΋͋Γ·ͤΜɻ
    
    ੜ࢈ੑͱਓ݅අ
    

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84. ελʔτΞοϓͱΩϟϦΞ
    
    

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85. ελʔτΞοϓͱେखاۀ
    
    

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86. ΩϟϦΞͷબͼํ
    - ͜͜·Ͱͷ಺༰ΛݟΔͱʮελʔτΞοϓ͠ΜͲͦ͏ʯͱ͍͏ͷΛײ૝ͱͯ͠
    ࣋ͬͨਓ΋͍Δ͔ͳͱࢥ͍·͢ɻζόϦͦͷͱ͓ΓͰɼ൱ఆͷ͠Α͏΋͋Γ·
    ͤΜɻ
    - ಇ͘ͱ͍͏͜ͱ͸ɼਓੜͷ 1/3 Λ๋͛Δ΋ͷͰ͢ɻԿͷͨΊʹಇ͖͍ͨͷ͔ɼ
    ಇ͘໨త͸څྉͷͨΊͳͷ͔ɼࣗ෼ࣗ਎ͷεΩϧΛ্͍͖͍͛ͯͨͷ͔ɼ͍Ζ
    ΜͳϑΝΫλʔ͔Βࣗ෼ͷΩϟϦΞΛߟ͑Δͱྑ͍Ͱ͢ɻ
    
    ελʔτΞοϓͱେखاۀ
    ※: େखاۀͱ͸ɼେاۀͷ͜ͱͰ͸ͳ͘ɼೝ஌౓͕ߴ͘୭΋͕஌͍ͬͯΔاۀͷ͜ͱΛࢦ͠·͢ɻ
    

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87. ΩϟϦΞͷબͼํ
    
    ελʔτΞοϓͱେखاۀ
    ελʔτΞοϓ

    ʢγʔυɾΞʔϦʔʣ
    ελʔτΞοϓ

    ʢϨΠλʔʣ
    େاۀ

    ʢελʔτΞοϓͷ IPO Ҏޙʣ
    େखاۀ

    ʢ஌໊౓ͷߴ͍اۀʣ
    ૊৫ ະ੒ख़ ͋Δఔ౓੒ख़ ੒ख़ ੒ख़
    ೥ऩ
    جຊ௿͍
    
    ੒Ռओٛʢ࣮ྗओٛʣ
    ͦΕͳΓʹग़Δ
    
    ੒Ռओٛʢ࣮ྗओٛʣ
    ੒Ռओٛʢ࣮ྗओٛʣ ೥ޭংྻ
    ঢڅ దٓ૬ஊ
    څ༩ςʔϒϧʹଇΔ

    ʢIPO ͷཁ݅ͱͯ͋͠ΔͨΊʣ
    څ༩ςʔϒϧʹଇΔ͕

    ֹ͕খ͍͞Մೳੑ͕͋Δ
    څ༩ςʔϒϧʹଇΔ͕

    ֹ͕খ͍͞Մೳੑ͕͋Δ
    ΩϟϐλϧήΠϯ
    ਺ઍສʙ਺ԯԁʢ਺ेԯԁʣ

    ※ όϦϡΤʔγϣϯٴͼ SO ΍ੜגͷ෇༩ׂ߹ʹΑΔ
    ਺ඦສʙ਺ઍສ
    
    ※ όϦϡΤʔγϣϯٴͼ SO ΍ੜגͷ෇༩ׂ߹ʹΑΔ
    ࣋גձ

    ※ ॏ໾ͷ৔߹ SO ͕ྫ֎Ͱ

    ෇༩͞ΕΔ͜ͱ΋͋Δ
    ࣋גձ
    ࡒ੓ঢ়گ ໌೔౗࢈͢Δ͔΋͠Εͳ͍
    ҆ఆ࢝͠Ί͍ͯΔ

    ʢIPO ͷཁ݅ͱͯ͋͠ΔͨΊʣ
    ҆ఆ͍ͯ͠Δ ҆ఆ͍ͯ͠Δ
    ࡋྔ੍

    ʢΨόφϯεؚʣ
    ෯޿͍

    ʢ෼ঠ͞Ε͍ͯͳ͍ʣ
    ͋Δఔ౓෼ঠԽ͞Ε͍ͯΔ

    ʢIPO ͷཁ݅ͱͯ͋͠ΔͨΊʣ
    ෼ঠ͞Ε͍ͯΔ ෼ঠ͞Ε͍ͯΔ
    

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88. ΩϟϦΞͷબͼํ
    - ελʔτΞοϓ͸૊৫͕ະख़Ͱ͋ΔՄೳੑ΋େ͍ʹ͋Γ͑·͢ɻ৔߹ʹΑͬͯ
    ͸ɼ૊৫่յ͕ى͜ΔՄೳੑ΋গͳ͋͘Γ·ͤΜɻ
    - ͦ͏͍͏ҙຯͰ͸ɼ૊৫͕੒ख़ͨ͠େखاۀΛબͼɼ૊৫ͮ͘ΓͳͲͷܦݧΛ
    ੵΜͰ͔ΒɼελʔτΞοϓʹߦ͘ͱྑ͍͔΋͠Ε·ͤΜɻ
    - ਓੜ͸༗ݶͳͷͰɼʢ͜ͷߨԋؚΊʣଞऀͷҙݟ͸ࢀߟఔ౓ʹɼ࠷ऴతʹ͸ࣗ
    ਎Ͱߟ͑ͯɼࣗ෼ʹͱͬͯ࠷ળͷΩϟϦΞ͕ݟ͚͍ͭͯ͘͜ͱ͕େࣄͰ͢ɻ
    
    ελʔτΞοϓͱେखاۀ
    ૊৫่յɾ่յ͔͚ͨ͠ࣄྫ:

    https://speakerdeck.com/kosako/zu-zhi-falsebeng-huai-tozai-sheng-sofalsezhong-dehe-wokao-e-gan-zitafalseka-sositeben-dang-nibi-yao-datutamofalse - Retty
    https://seleck.cc/1347 - Ϋϥεϝιου
    https://www.motivation-cloud.com/hr2048/30221 - άουύον
    

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89. 
    ͝ਗ਼ௌ͋Γ͕ͱ͏͍͟͝·ͨ͠ɻ
    

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