CTO から見た，なぜスタートアップ 初期のソフトウェア設計は壊れがちなのか

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Ί΋Γʔ $50͔ΒݟͨɼͳͥελʔτΞοϓ   ॳظͷιϑτ΢ΣΞઃܭ͸յΕ͕ͪͳͷ͔ גࣜձࣾτϥʔφࣥߦ໾һ$50

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@2020 Torana, Inc.

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@2020 Torana, Inc. ձࣾʹ͍ͭͯ ͓͔͛͞·Ͱ͝ར༻͍͍͍ͨͩͯΔ͓٬༷͸ ਓҎ্ͱͳΓ·ͨ͠   ܧଓ཰͸˞ ɼ஌ҭ؝۩ͷαϒεΫαʔϏεར༻ऀ/P˞   0 4000 8000 12000 16000 2015 2016 2018 2020 2021 2022 ˞೥݄͔Β೥݄·Ͱͷར༻࣮੷͔Βࢉग़   ˞೥݄51$ϚʔέςΟϯάௐ΂

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@2020 Torana, Inc. ฐࣾ֓ཁ ϑϧλΠϜʹ͓͚ΔϓϩμΫτ։ൃ෦ϝϯόʔͷൺ཰ 3% 6% 12% 3% 30% 45% ϓϩμΫτ։ൃ෦ ΦϖϨʔγϣϯ౷ׅຊ෦ ϚʔέςΟϯάຊ෦ ίʔϙϨʔτຊ෦ ϓϩμΫτઓུ෦ ࣄۀاըຊ෦ ͏ͪϓϩμΫτ։ൃ෦ϝϯόʔͷϙδγϣϯ͝ͱͷൺ཰  (2023 ೥ 1 ݄࣌఺) 1 ਓ 2 ਓ 4 ਓ 5 ਓ 3 ਓ 1 ਓ CTO ΤϯδχΞϦϯάϚωʔδϟʔ όοΫΤϯυ ϑϩϯτΤϯυ SRE ΤεΧϨʔγϣϯΤϯδχΞ + ۀ຿ҕୗ 2 ໊

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@2020 Torana, Inc. @2020 Torana, Inc. Ί΋Γʔ ࣗݾ঺հ 1)1Ͱ+7.Λ࣮૷ͨ͠ΓຊΛॻ͍ͯͨΓͯ͠ ·͢ɻೕ༮ࣇ޲͚஌ҭ؝۩ͷαϒεΫϦϓγϣϯ αʔϏεʮτΠαϒʂʯΛఏڙ͢Δגࣜձࣾ   τϥʔφͰ$50Λ͍ͯ͠·͢ɻ !NNS

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Έͳ͞Μ͸ɼελʔτΞοϓʹೖࣾͯ͠   ͜͏ࢥͬͨ͜ͱ͸͋Γ·ͤΜ͔

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ʮͲ͏ͯ͜͠͏ͳΔ·Ͱ์ஔͨ͠ʯ

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ʮͻͲ͗͢ΔίʔυͰಡΊͳ͍ʯ

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ʮͳΜͰ͜͏ͳΔલʹɼ   ରࡦΛ͠ͳ͔ͬͨʁʯ

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ͳͥελʔτΞοϓ͸   ιϑτ΢ΣΞઃܭ͕յΕ͕ͪͳͷ͔

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ͦͷιϦϡʔγϣϯ΋ؚΊͯ

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ṖΛຊ೔ղ͖໌͔͍͖ͯ͠·͢

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@2020 Torana, Inc. ͋͐͡Μͩ ελʔτΞοϓͷ͓ۚࣄ৘ ΤϯδχΞͷ࠾༻ࣄ৘ ϓϩμΫτ։ൃઓུͷࣄ৘ ·ͱΊ

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ελʔτΞοϓͷ͓ۚࣄ৘

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ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ελʔτΞοϓ͕͓ۚΛಘΔखஈ͸ɼجຊʮσοτϑΝΠφϯεʯ͔   ʮΤΫΠςΟϑΝΠφϯεʯɼʮച্ˠ७རӹΛ૿΍͢ʯͷࡾ୒ σοτϑΝΠφϯε͸ۜߦ΍ެݿ͔Βͷ༥ࢿ ΤΫΠςΟϑΝΠφϯε͸ɼגࣜΛ෼ׂ͠ɼͦΕΛ౤ࢿՈʢΤϯδΣϧ ΍7$ͳͲʣʹചΓɼ୅ΘΓʹ͓ۚΛಘΔ ܦӦਞͷݪࢿ͔ۚΒ։ۀ͢Δ͜ͱ΋͋Γ͑Δ͕ɼେֹ͖͍ۚʹ͸ͳΓͣ Β͍

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ σοτϑΝΠφϯε͸आۚ ͭ·ΓརࢠΛ෇͚ͯฦ͞ͳ͍ͱ͍͚ͳ͍ɻ ࣮͸גࣜΛ౉͢Θ͚Ͱ͸ͳ͍ͷͰܦӦݖʹӨڹ͕ͳ͔ͬͨΓɼଞʹ ΋ϝϦοτ͸େ͖͍ʢྫ͑͹ձܭ্ͷϝϦοτͳͲʣ͕ɼͦͷ෼σϝ Ϧοτ΋͋Δ ྫ͑͹ɼݪଇ୅දࣗ਎͕อূਓͱͳΔͨΊɼձ͕ࣾ௵Εͯ΋੹೚Λ   ෛ͏ඞཁ͕͋Γ·͢ ༨ஊσοτϑΝΠφϯεΛߦΘͳ͍ܦӦΛແआۚܦӦͱݴ͍·͢

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ΤΫΠςΟϑΝΠφϯεͰɼͲΕ͘Β͍͓ۚʹͰ͖Δͷ͔ ελʔτΞοϓॳظͷධՁֹ͸ɼݴ༿ΛڪΕͣʹݴ͏ͳΒࢴ੾Εʹۙ ͍ɻ ͪͳΈʹɼධՁֹͷ͜ͱΛόϦϡΤʔγϣϯͱݴ͍·͢ɻ ελʔτΞοϓ͸ɼ͜ͷࢴ੾Εʹରͯ͠όϦϡΤʔγϣϯΛ্͛ͯ ͍ͬͯɼ౤ࢿՈʹؐݩ͍ͯ͘͠ඞཁ͕͋Γ·͢ɻ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ΤΫΠςΟϑΝΠφϯεͰɼͲΕ͘Β͍͓ۚʹͰ͖Δͷ͔ ౤ࢿՈ͔Βͷ౤ࢿʹ͸ɼஈ֊ʹ෼͚ͨ΋ͷ͕͋Γ·͢ɻ͜ΕΛʮ౤ࢿ ϥ΢ϯυʯͱ͍͍·͢ɻ ౤ࢿΛड͚͓ͨۚࣗݾࢿۚͰձ͕ࣾଘଓͰ͖ΔظؒΛʮϥϯ΢Σ Πʯͱݴ͍·͢ɻ ਓΛ࠾༻͢Δͱ͜ͷϥϯ΢ΣΠ͕୹͘ͳΓ·͢ʢޙ΄Ͳղઆʣɻ ౤ࢿՈʹରͯ͠ɼͲΕ͚ͩՁ஋ͷ͋ΔձࣾͱͳΔͷ͔੒௕ઓུΛݟͤ ͳ͚Ε͹ͳΒͳ͍ʢ͜ΕΛΤΫΠςΟετʔϦʔͱ͍͍·͢ʣɻ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ΤΫΠςΟϑΝΠφϯεͰɼͲΕ͘Β͍͓ۚʹͰ͖Δͷ͔ ͦ͏͠ͳ͍ͱɼੜ͖࢒Ε·ͤΜɻ ੒௕ઓུ͕௓ͶΕ͹௓ͶΔ΄ͲόϦϡΤʔγϣϯ্͕͕ΔͷͰɼ   ΤΫΠςΟετʔϦʔΛߟ͑Δʹ͋ͨͬͯɼΤϯδχΞϦϯά͸   ཁʹͳΓ·͢ɻ ͳͥͳΒɼଟ͘ͷαʔϏε͸͋ΔҰఆͷ࠷దԽΛՌͨ͢ͱച্ͱίε τߏ଄ʢʹݶքརӹ཰ʣ͕มΘΒͳ͍··ʹͳΔ͔Βʢച্͕৳ͼ ͯ΋ઢܗతʹɼݻఆඅɾมಈඅ͕৳ͼΔͨΊʣɻ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻ɿhttps://www.smbc-card.com/hojin/magazine/bizi-dora/accounting/limit_pro fi t.jsp ਓ݅අɼ෱རްੜඅɼ஍୅Ո௞ɼ   ਫಓޫ೤අɼ޿ࠂએ఻අɼݮՁঈ٫අ ͳͲ ฐࣾͷ৔߹ɼ͓΋ͪΌͷ࢓ೖΕɼ   ഑ૹඅʢӡ༌ձࣾʣɼ ফ໣඼අʢμϯϘʔϧʣͳͲ ※ ※ ΤϯδχΞϦϯάͰมಈඅɾݻఆඅΛ  ݮΒ͍ͯ͘͠ඞཁ͕͋Δ ΤϯδχΞϦϯάͰτοϓϥΠϯΛ  ৳͹͍ͯ͘͠ඞཁ͕͋Δ ΤϯδχΞ͕རӹΛ  ૿΍ͨ͢Ίʹ͸…

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ച্ˠ७རӹΛ૿΍͢ ച্ʺձ͕ࣾ࢖͑Δ͓ۚɻച্͔ΒൢചݪՁΛऔΓআ͖ʢʹૈ རʣɼ͔ͦ͜Β͞Βʹൢ؅අΛऔΓআ͖ʢʹӦۀརӹʣɼͦͯͦ͜͠ ͔ΒӦۀ֎අ༻ΛऔΓআ͖ʢʹܦৗརӹʣɼ࠷ޙʹɼಛผଛӹ๏ਓ ੫ΛऔΓআ͍ͨͷ͕ʮ౰ظ७རӹʯͰ͢ɻ ച্Λ্͛ͯ΋ɼൢചݪՁ΍ൢ؅අͷΩϟογϡΞ΢τ্͕ճ͍ͬͯ ͨΒɼձࣾ͸Ӭٱʹ੺ࣈʢརӹ͕ϚΠφεঢ়ଶʣɻ ΩϟογϡϑϩʔʹࡌΔ७ࢿ࢈ΛಘΔʹ͸ɼ্هͷ७རӹ͕ඞཁʹ ͳΔɻ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ച্ˠ७རӹΛ૿΍͢ ελʔτΞοϓͩͱച্ͦͷ΋ͷΛ্͛ΒΕ͍ͯͳ͍ͷͰɼ७རӹ΋ ͳ͘ɼ੺ࣈͰ͋Δ͜ͱ͕ଟ͍ɻ ҰํͰɼडୗܥͷձࣾͩͱͲ͏͔ɻγεςϜΛೲ඼ͨ͠ཌ݄຤ࢧ෷͍   αΠτͱ͍͏ձࣾͷํ͕ଟ͍͔ͱࢥΘΕ·͢ɻ   ͦ͏ͨ࣌͠ʹɼച্͸্͛΍͍͢ͱ͍͏؍఺͕େ͖͍Ͱ͢ɻൢചݪՁ ΋΄ͱΜͲਓ݅අʹͳΔͰ͠ΐ͏ɻ ͦ͏ͨ࣌͠ʹࢿۚ܁Γͷෆ҆͸ελʔτΞοϓΑΓ͸গͳ͍ͱߟ͑Β Ε·͢ʢΩϟογϡΠϯͷλΠϛϯά͕༧ଌ͖ͭ΍͍ͨ͢Ίʣɻ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ച্ˠ७རӹΛ૿΍͢ ൢചݪՁͱ͸Կ͔ʁฐࣾͷ৔߹Ͱ͋Ε͹ʮ͓΋ͪΌͷ࢓ೖΕඅ༻ʯ ͕֘౰͢Δɻ ൢ؅අ͸ɼਓ݅අɼ෱རްੜඅɼ஍୅ʢΦϑΟεͱͯ͠आΓ͍ͯΔ΋ ͷʣͳͲؚ͕·ΕΔɻ ಛผଛӹͱ͸ɼྫ͑͹ձࣾʹ০ͬͯ͋Δߴڅͳֆ΍ᆵΛച٫ͨ࣌͠ʹ ಘΒΕΔ΋ͷͰ͢ʢʹಛผརӹʣɻ৘ใ࿙ӮʹΑΔอূ΍ɼ͓٬༷΁ ͷฦ͕ۚൃੜͨ͠৔߹͸ଛࣦʹͳΓ·͢ʢʹಛผଛࣦʣɻ

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@2020 Torana, Inc. ༨ஊɿڅ༩͕ೖΔ࢓૊Έ څ༩ څ༩ څ༩ ໾ॴɾۚ༥ެݿɾলி ैۀһ ैۀһ ैۀһ ೔ຊ੓ࡦۚ༥ެݿ͔Βͷ༥ࢿ ਓࡐ։ൃࢧԉॿ੒ۚ ޏ༻ҡ࣋ؔ܎ͷॿ੒ۚ ޏೖؔ܎ͷॿ੒ۚ…ͳͲ (੓෎ܥ|ಠཱܥ|ۚ༥ܥ|ίʔϙϨʔτ)VC ϑΝϯυ VC ਌ձࣾɾۚ༥ػؔɾͦͷଞෳ਺ͷࣄۀձࣾ ৴ୗۜߦɾۜߦ͔Βͷ༥ࢿ ݸਓ౤ࢿՈɾ༬ۚɾࢿ࢈ӡ༻ͳͲ ݸਓ౤ࢿՈʢΤϯδΣϧʣ  ໾һͷࣗݾࢿۚͳͲ ༷ʑͳܦ࿏͔ΒࢿۚௐୡɾརӹΛಘͯ څ༩ͱͯ͠ࢧ෷͍ͬͯ·͢ ͓ۚΛूΊΔ ͓ۚΛूΊΔ ࠃຽ զʑ͕ࢧ෷͍ͬͯΔ  ফඅ੫ɾॴಘ੫ͳͲ ࢿ࢈Ո ๅ͘͡౰ͯͨਓ EXIT ͰΩϟϐλϧήΠϯ͕ೖͬͨਓ ༗໊εϙʔπબख ༗໊اۀͷࣾ௕ɾձ௕ͳͲ ໾຿ఏڙʢडୗͰ੒Ռ෺ͷೲ඼ͳͲʣͷରՁ B to B αʔϏε B to C αʔϏε ໾຿ఏڙʢྫ: ͓΋ͪΌͷड͚औΓʣͷରՁ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/ ࠷ॳ͸͜ΕͬΆͬͪʂ ਓΛҰਓޏ͏ͱ 1 ೥ϥϯ΢ΣΠ͕ ࣋ͨͳ͍Մೳੑ͕͋Δ PoC ͷஈ֊ʢProof of conceptʣ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/ ·ͩϓϩμΫτ͕ੈʹग़͍ͯͳ͍ɼ   ΋͘͠͸ɼβςετͳͲͷظؒɻ PMF ʢProduct Market Fitʣ͢Δ͔   Ͳ͏͔ͷݕূ

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/ ॳճͷϢʔβʔΛ૿΍͢ஈ֊

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/ Ϣʔβʔʹܧଓͯ͠࢖ͬͯ΋Β͏   औΓ૊ΈΛݕ౼͢Δஈ֊ʢʹΑΓച্Λ ૿΍͢ʹ͸Ͳ͏͢Δ͔ʣ ࠇࣈԽΛ͢ΔͨΊʹ͸Ͳ͏ͨ͠Β   Α͍͔Λߟ͍͑ͯ͘ஈ֊

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ Ҿ༻: https://www.utokyo-ipc.co.jp/column/investment-round/ IPO ΍ M&A ͳͲ͕ݟ͍͑ͯΔஈ֊

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@2020 Torana, Inc. ελʔτΞοϓ͸ΨνͰ͕ۚͳ͍ ༨ஊɿձࣾʹ͕ۚ͋Δ͔Ͳ͏͔ΛݟΔʹ͸Ͳ͏͢Ε͹͍͍͔ʁ جຊతʹ͸ܾࢉެࠂʢʹ௞आରরදʹόϥϯεγʔτʣٴͼ׭ใΛ ݟΔ͜ͱΛ͓קΊ͠·͢ɻେ఍ͷاۀ͸ωοτʹެ։͞Ε͍ͯ·͢ ʢ˞ʣɻ ෼͔Δ৘ใͱͯ͠͸ɼΩϟογϡΠϯɼΩϟογϡΞ΢τɻ͔͜͜Β ϥϯ΢ΣΠͳͲ͋Δఔ౓༧ଌ͕Ͱ͖·͢ɻ ্৔اۀͰ͋Ε͹ɼ*3ͳͲΛݟΕ͹Α͍͔ͱࢥ͍·͢ɻ ಡΈํ͸ׂѪ͠·͢ɻ ※1: ҰൠతͳձࣾͰ͸هࡌ͍ͯ͠ͳ͍৔߹͸ձࣾ๏ʹΑΓҧ๏Ͱ͢ɻ

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ΤϯδχΞͷ࠾༻ࣄ৘

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ લͷηΫγϣϯ͔ΒɼελʔτΞοϓʹ͸͓͕ۚͳ͍͜ͱ͕Θ͔ͬͨɻ ࣮͸ɼΤϯδχΞͷ࠾༻΋ΩϟογϡΠϯ΍౤ࢿϥ΢ϯυͳͲͷঢ়گ ʹԠͯ͡ઓུΛΘ͚Δඞཁ͕͋Γ·͢ɻ ͍͖ͳΓ௒ઈܹڧΤϯδχΞΛ࠾༻͢Δͷ͸ඇৗʹࠔ೉Ͱ͢ɻ ͳ͔ͥʁ࣍ͷਤΛݟͯΈ·͠ΐ͏ɻ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ೥ऩ 1,000 ສͷΤϯδχΞ ೥ऩ 500 ສͷΤϯδχΞ 1,000 ສͷࢿۚௐୡ  (γʔυϥ΢ϯυ) 1 ԯԁͷࢿۚௐୡ (γϦʔζ A ϥ΢ϯυ) 2 ೥ ϥϯ΢ΣΠ͕ 2 ೥͋Γ  ࣍ͷࢿۚௐୡ·Ͱੜ͖࢒ΕΔ ϥϯ΢ΣΠ͕ 1 ೥͔͠ͳ͍  ͭ·Γ࣍ͷࢿۚௐୡ͕ؒʹ߹Θͣɼ ࢿۚγϣʔτ͢Δ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ܦӦଆͱͯ͠͸ͲͪΒΛબͿ͔ʁ ઌ΄Ͳͷਤ͸Θ͔Γ΍͘͢͢ΔͨΊʹ؆қత͕ͩɼ͜ΕҎ֎ʹ΋   ઌ΄Ͳग़ͨച্ݪՁ΍ൢ؅අͳͲ͕ՃΘΔɻ ࣄۀઓུٴͼܦӦઓུʹΑΔ͕ɼສͷΤϯδχΞΛબͿՄೳੑ͕ ߴ͍ɻ ϥϯ΢ΣΠΛ৳͹ͤΔ΄͏͕ɼͦͷظؒதʹ༷ʑͳࢪࡦΛߦ͑Δͱ͍ ͏఺͕େ͖͍

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͜͜Ͱࢥ͏͸ͣͰ͢

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͙͢ʹࢿۚௐୡ͢Ε͹͍͍ͷͰ͸ʁ

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࣮͸ͦ͏͸ߦ͖·ͤΜʜ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͙͢ʹࢿۚௐୡΛ͢Ε͹͍͍ͷͰ͸ʁ ࢿۚௐୡΛ͢Δʹ͸ɼࣄۀ্ͷ,1*ʢձһ਺Ͱ͋ͬͨΓɼ(.7ʢྲྀ ௨ֹɼάϩεʣͳͲʣͱ͍ͯ͠Δ਺ࣈͷ੒௕ઓུΛূ໌͢Δඞཁ͕͋ Γ·͢ʢʹΤΫΠςΟετʔϦʔʣɻ ͜ͷ࣌ʹΑ࣋ͪ͘ग़͞ΕΔͷ͕ࡒ຿ࡾදʢ1- #4 ' $'ʣͷͭ ͷ1-ʢଛӹܭࢉॻɼ1SP fi UBOE-PTTʣͰ͢Ͷɻ ਺ࣈ͕Ұؾʹ্͕ͬͨͱͯ͠΋ɼͦΕҎޙ্͕͕Βͳ͚Ε͹ɼ੒௕͕ ಷԽ͍ͯ͠ΔΑ͏ʹݟड͚ΒΕͯ͠·͍·͢

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͙͢ʹࢿۚௐୡΛ͢Ε͹͍͍ͷͰ͸ʁ άϩεΛݟΔαʔϏε͸ྲྀ௨ֹ͕͋ΔΑ͏ͳαʔϏεɼ#UP#΍ $UP$ɼྫ͑͹"NB[PO΍ָఱͷΑ͏ͳ&$αΠτ΍ϝϧΧϦͷΑ ͏ͳϑϦϚΞϓϦͳͲ͕֘౰͠·͢ɻ ҰํͰձһొ࿥਺Λ,1*ͱ͍ͯ͠ΔΑ͏ͳձࣾ͸#UP$͕ଟ͍Ͱ ͠ΐ͏ɻฐࣾͳͲ͸ձһొ࿥਺Λ,1*ͱͯ͠ஔ͍͍ͯ·͢ɻ 17Λ,1*ʹ͍ͯ͠Δͷ͸޿ࠂऩೖͰ੒Γཱ͍ͬͯΔαʔϏεͰ͢ɻ ྫ͑͹(BNF8JUIͷΑ͏ͳήʔϜ߈ུαʔϏε͕֘౰͠·͢ɻ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͙͢ʹࢿۚௐୡΛ͢Ε͹͍͍ͷͰ͸ʁ ࣮͸ɼࡒ຿ॾද্ʢ˞ʣɼ*10Ҏޙʹ͍ͭͯ͸ച্ͷ༧࣮มಈ͸ ʢརӹ͸ʣʹཹΊͳ͚Ε͹ͳΓ·ͤΜʢ˞ʣɻ͜Ε͸   ্ํमਖ਼ʢച্͕େ͖͘৳ͼͯ΋ʣ΋ಉ༷Ͱ͢ɻ Ͱ͸ɼ*10Ҏલ͸Ͳ͏͔ͱ͍͏ͱɼ౤ࢿՈ͔Β͸༧࣮؅ཧ͕·ͱ΋ ʹͰ͖ͳ͍Α͏ʹݟड͚ΒΕΔՄೳੑ͕ߴ͍Ͱ͢ɻച্͕ཚߴԼͯ͠ ͍ΔαʔϏεͩͱड͚औΒΕɼ༧࣮؅ཧ΋Ͱ͖ͳ͍ܦӦऀ͕͍Δαʔ Ϗεɼͭ·ΓϦεΫ͕ߴ͍ͱײ͡ΒΕΔՄೳੑ͕͋Γ·͢ɻ ※1: ࡒ຿ॾදͱ͸ɼP/LɼBSɼCF ͷ 3 ͭͷ͜ͱΛࢦ͠·͢ɻ ※2: https://kabukiso.com/advice/beginner01_0054.html

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͙͢ʹࢿۚௐୡΛ͢Ε͹͍͍ͷͰ͸ʁ ΑͬͯɼࢿۚௐୡʹӨڹ͕ग़ΔՄೳੑ΋൱ఆͰ͖·ͤΜɻ ͦͷͨΊɼ༧࣮؅ཧʹ͓͍ͯͷ༧࣮ʢ༧༧ ࢉc૝ ɼ࣮࣮੷ʣ͸   ဃ཭ΛݮΒ͠ɼܭը௨ΓʹਐΊΔ͜ͱ͕ٻΊΒΕ·͢ɻ ͦͷͨΊɼγʔυ͔ΒγϦʔζ"ͳͲʹόϦϡΤʔγϣϯΛ্͛Δ ʹ͸ɼظؒΛඞͣඞཁͱ͠·͢ɻ Ͱ͖Δ͔Ͳ͏͔Λஔ͍͓͍ͯͯɼཧ૝Λݴ͑͹ɼৗ࣌ߴ͍   τοϓϥΠϯΛಘΔ͜ͱͰ͢ɻ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ 1 ճ໨ͷࢿۚௐୡ 2 ճ໨ͷࢿۚௐୡ "࣮੷Λ൐͍ͬͯΔ" ͨΊ  ӈݞ͕͋Γͩͱ͍͏੒௕ͷετʔϦʔ͕  ݟ͑΍͘͢Δ 2 ճ໨ͷࢿۚௐୡͷ࣌఺Ͱ ੒௕͕ಷԽ͍ͯ͠ΔΑ͏ʹݟ͑Δ  ʹ৳ͼ୅͕ͳ͍Α͏ʹݟΒΕΔ ੒௕͕ٸܹͰ͋ΔͨΊ  ৳ͼΔαʔϏεͩͱࢥΘΕ΍͍͢ ੒௕͕খ͍͞ͷͰɼ  ౤ࢿֹ΋௿ΊʹͳΔ ੒௕͕ٸܹͰ΋ɼৗʹ੒௕͠ଓ͚ΒΕΔͱ  ݟͤΒΕΔձࣾ͸੒௕ͷՄೳੑΛݟΒΕ΍͍͢  ͦͷ৔߹͸༧࣮΋ͦͷΑ͏ʹهࡌ͞Ε͍ͯ͘͸ͣͰ͢

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ܦӦଆͱͯ͠͸ͲͪΒΛબͿ͔ʁ ҰํͰ೥ऩສɼ೥ऩ ສͷΤϯδχΞΛޏͬͨͱͯ͠ɼ   ύϑΥʔϚϯε͢Δ֬ূ΋ͳ͘ɼϦεΫ͕ߴ͍ɻ Ͱ͋Ε͹ɼۀ຿ҕୗΛ࠾༻͢Δɼडୗձࣾʹ֎஫͢Δɼ૑ۀऀຊਓ͕ ॻ͘ͱ͍͏ܦӦ൑அ͕ͳ͞ΕΔՄೳੑ΋͋Δ ͦ͏͢ΔͱɼͲ͏ͳΔ͔ɻܦӦਞʹΞϓϦέʔγϣϯʹ͍ͭͯ஌ࣝͷ ͋Δਓ͕͍ͳ͚Ε͹ɼιϑτ΢ΣΞͷઃܭ͕ϋνϟϝνϟʹͳΔɻ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ܦӦଆͱͯ͠͸ͲͪΒΛબͿ͔ʁ ΑͬͯɼγʔυظɼγϦʔζ"ɼγϦʔζ#ɼγϦʔζ$ʜʹ   Αͬͯ࠾༻͢ΔΤϯδχΞͷઓུΛߟ͑ͳ͚Ε͹ͳΒͳ͍ɻ ΤϯδχΞʹ΋ɼόοΫΤϯυ͕ಘҙɼϑϩϯτΤϯυ͕ಘҙɼ ΞʔΩςΫνϟ͕ಘҙɼϑϧελοΫʹͰ͖Δ͚Ͳɼͦ͜·Ͱઃܭʹ ͩ͜ΘΒͳ͍ਓɼϑϧελοΫʹͰ͖ͯઃܭ·Ͱ߆ΔɼͳͲ༷ʑͳछ ྨ͕͍Δ ελʔτΞοϓ͸ɼ਺͋ΔΤϯδχΞͷத͔ΒɼࣗࣾͷϑΣʔζʹ   Ϛονϯά͢ΔਓΛ୳͞ͳ͚Ε͹ͳΒͳ͍

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ܦӦଆͱͯ͠͸ͲͪΒΛબͿ͔ʁ γʔυظͰ͋Ε͹ɼ౤ࢿՈ͔ΒࢿۚΛಘΔͨΊʹ͸ɼˠͷ։ൃ͕ ϚετɻϓϩμΫτ։ൃ͕લʹਐ·ͳ͍ͱࢿۚௐୡ͸೉͍͠ɻ γϦʔζ#Ҏ߱Ͱ͋Ε͹ɼιϑτ΢ΣΞઃܭʹடং͕อͨΕͳ͘ͳ Γɼച্Λ͋͛ΔλΠϛϯάͳͷʹϝϯςφϯεʹ͕͔͔࣌ؒΔঢ়ଶ ʹͳΔɻͦͷͨΊઃܭ͕ಘҙͳਓʹδϣΠϯͯ͠΋Β͍͍ͨͱߟ͑Δ

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ͦ΋ͦ΋ΤϯδχΞͷ࠾༻Ͱ͖Δͷ͔ʜʁ

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͦ΋ͦ΋ΤϯδχΞͷ࠾༻͸Ͱ͖Δͷ͔ʁ ΤϯδχΞࢹ఺͔Β͍͏ͱɼਖ਼௚೉͍͠ɻͳ͔ͥɻ   ελʔτΞοϓ͸೥͋ͨΓ໿ສ͕ࣾઃཱ͞Ε͍ͯΔʢ˞ʣɻ ͦͷத͔ΒϚον͢ΔࣾΛݟ͚ͭΔͷ͸ɼۃΊͯࠔ೉ɻ ͳΜͳΒɼ೥Ͱ൒෼Ҏ্ͷձ͕ࣾ௵Ε·͢ʢ˞ʣɻ ͦ͏͍ͬͨࣄ৘ͷதͰɼ࠾༻ڭҭඅʢʹ8BOUFEMZ΍-BQSBT΁ͷࢧ ෷͍අ༻ʣΛ͔͚ͯɼ͓ޓ͍Ϛονϯά͠ͳ͍ͱ͍͚·ͤΜɻ ※1: https://www.mof.go.jp/public_relations/ fi nance/202004/202004m.pdf ※2: https://keiei.freee.co.jp/articles/c0400004

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@2020 Torana, Inc. ΤϯδχΞͷ࠾༻ࣄ৘ ͦ΋ͦ΋ΤϯδχΞͷ࠾༻͸Ͱ͖Δͷ͔ʁ ΑͬͯɼܦӦऀಉ࢜ͷͭͳ͕Γɼ7$͔Βͷ঺հɼϦϑΝϥϧ΍ɼ஌ ਓͳͲɼٕज़ྗ͕໌Β͔Ͱ͸ͳ͍͕ɼ։ൃ͕Ͱ͖ͦ͏ͳਓΛ୳ͯ͘͠ Δ܏޲͕ߴ͘ͳΓͦ͏ͩͱ༧૝Ͱ͖·͢ɻ ҰํͰɼϓϩμΫτ։ൃ΋ਪ͠ਐΊͳ͚Ε͹͍͚·ͤΜɻͦ͏͠ͳ͍ ͱࢿۚௐୡʹ΋ࢧো͕ग़ͯɼࢿۚγϣʔτʹͳΓ͑·͢ɻ   ͭ·Γɼ࠾༻ʹ࣌ؒΛ͔͚ΒΕΔͷ͔໰୊͕ग़ͯ͘ΔΘ͚Ͱ͢ɻ ͦ͏͢ΔͱͲ͏ͳΓͦ͏Ͱ͠ΐ͏͔ʜɻ࣍ͷηΫγϣϯͰղઆ͠· ͢ɻ

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ϓϩμΫτ։ൃઓུͷࣄ৘

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ϓϩμΫτ։ൃ΁ͷ౤ࢿ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ෺ཧతʹ΋ۚમతʹ΋ΤϯδχΞͷ࠾༻͕೉͍͠ɼͱ͍͏࿩Λ͠· ͨ͠ɻΤϯδχΞͱͯ͠ͷܦݧ͕ͳ͍ਓʢ˺૑ۀऀʣ͕ɼॻ͘͜ͱʹ ͳΓɼιϑτ΢ΣΞઃܭ΋΁ͬͨ͘Ε΋ͳ͍ঢ়گʹͳΓ·͢ʢʹͿͬ յΕ͕ͪʣɻ ͦͯ͠ɼ௚ͨ͢ͼʹෆ۩߹͕ى͖ΔׂΕ૭ཧ࿦ʹ֘౰͢ΔΑ͏ʹͳΓ ·͢ɻ Ͱ͸ʮ͸͡Ί͔ΒஸೡͳΞϓϦέʔγϣϯͷ඼࣭Ͱ΋ͷΛ࡞Ε͹ʯ   ղܾͰ͸ͳ͍͔ɻͱࢥ͏͔΋͠Ε·ͤΜɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ 1,000 ສͷࢿۚௐୡ  (γʔυϥ΢ϯυ) 1 ԯԁͷࢿۚௐୡ (γϦʔζ A ϥ΢ϯυ) ΞϓϦέʔγϣϯ඼࣭ΛߴΊͯ ։ൃεϐʔυΛ௿ΊΔ౤ࢿΛͨ͠৔߹ ౤ࢿʹ͔͔Δίετ͕  ࠷ऴతʹԼ͕͍ͬͯ͘ ։ൃ౤ࢿʹ͔͔Δίετ͕  ӈݞʹ͕͋Δ ϓϩμΫτΛग़͍ͤͯͳ͍ͷͰ τοϓϥΠϯɼརӹΛ্͛ΒΕͣ ࢿ͕ۚఈΛਚ͖ͯ ࢿۚγϣʔτʹͳΔՄೳੑ΋͋Δ ϝϯςφϯε͕Ͱ͖ͳ͘ͳΓ ϦϓϨΠε΍ϦϑΝΫλϦϯάͳͲ͕  ՝୊ͱͯ͠ڍ͕Δ ঃʑʹച্ʢτοϓϥΠϯʣɼརӹΛ  ৳͹ͮ͠Β͘ͳΔ ϝϯςφϯείετ͕͔͔Βͳ͍ͷͰ ച্ʢτοϓϥΠϯʣɼརӹΛ  ৳͹͠΍͘͢ͳΔ ΞϓϦέʔγϣϯ඼࣭Λ௿͘ ։ൃεϐʔυΛߴΊΔ౤ࢿΛͨ͠৔߹ ࣌ؒ࣠ ڝ߹ଞ͕͍ࣾΔ৔߹ɼ௥͍ൈ͔Εɼ  જࡏސ٬ΛऔΒΕͯ͠·͍ɼ ഇۀʹͳΔՄೳੑ΋͋Γ·͢ɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ઌ΄Ͳͷਤ͔Βɼ࠷ॳʹ։ൃʹ౤ࢿ͗ͯ͢͠͠·͏ͱɼϓϩμΫτ͕ ੈʹग़ͤͣɼτοϓϥΠϯɼརӹΛͦ΋ͦ΋ੜΈग़ͤͳ͍͜ͱ͔Β   ࢿۚγϣʔτ͢ΔՄೳੑ͕͋Γ·͢ʢͪͳΈʹɼ͜ΕΛٕज़ഁ࢈ͱ͍ ͍·͢ʣɻ ٯʹɼ࠷ॳʹઃܭΛଵΔͱɼޙʑͦΕΒΛճऩ͢ΔͨΊͷϦϑΝΫλ Ϧϯά΍ϦϓϨΠεʹର͢Δίετ΋͔͔Γ·͢ ͦ͜Λ͍͍ײ͡ʹ͍ͯ͘͠ͷ͕ܦӦਞɼಛʹ$50ͷ͓࢓ࣄͰ͢ɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ڝ߹ଞ͕͍ࣾΔ৔߹ɼڝ߹ͱࠩผԽΛ͠ɼސ٬Λ֫ಘ͢Δඞཁ͕͋Γ ·͢ɻ͍ͳͯ͘΋ɼେاۀͳͲ५୔ͳࢿۚΛ࣋ͬͨձ͕ࣾɼԾʹࢢ৔ ʹࢀೖͯ͘͠ΔͱɼͲ͏ͳΔͰ͠ΐ͏͔ʜɻ ͦ͏ߟ͑Δͱɼૣ͘ϓϩμΫτΛϦϦʔε͠ɼվળΛ܁Γฦ͍ͯ͠ ͖ɼ1.'ͤ͞Δ͜ͱΛٸ͙ඞཁ͕͋ΔͱܦӦऀ΍ɼͦͷઌͷ౤ࢿՈ ͸൑அ͢Δ͸ͣͰ͢ɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ͭ·ΓɼΩϨΠͳίʔυͰಈ͔ͳ͍ΑΓ΋ɼԚͯ͘΋ಈ͘ίʔυͷ   ΄͏͕ॏๅ͞Ε·͢ɻ Ծʹɼ͋ͳ͕ͨɼ։ൃ΋ιϑτ΢ΣΞઃܭɼՁ஋ఏڙͷ଎౓΋ਘৗ ͡Όͳ͍εϐʔυͰͰ͖ΔεʔύʔϚϯͩͱͨ࣌͠ʹɼ   ໊΋஌Ε͍ͯͳ͍ձࣾͰɼఏࣔ೥ऩ͕௿͘ɼແঈ40Λ΋Βͬͨͱ͠ ͯ΋ɼձ͕ࣾଘଓ͢ΔՄೳੑ͕ෆ໌ྎͳձࣾʹߦ͖͍ͨͱࢥ͑Δ͔ɻ ͓ͦΒ͘ɼଟ͘ͷํ͸ɼߴ͍ఏࣔ೥ऩ΍346ͳΓͰධՁͯ͘͠ΕΔ   ձࣾʹߦ͖͍ͨͱߟ͑Δ͸ͣͰ͢

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ༨ஊɿΤϯδχΞͷධՁ ձࣾ͸͜ΕΒͷ՝୊Λ৐Γӽ͑ͨͱ͍͏఺Ͱɼॳظʹډͨ   ΤϯδχΞΛධՁ͠΍͍͢܏޲͕͋Γ·͢ɻ ͋ͱ͔Βೖࣾͨ͠ΤϯδχΞ͕ʮΞϓϦέʔγϣϯͷ඼࣭ΛߴΊͯɼ ྑ͍αʔϏεΛ࡞͍ͬͯΔͷʹɼॳظϝϯόʔ͕ධՁ͞Ε͕ͪʯͩͱ ࢥ͏໰୊͸ɼ͜͏͍ͬͨഎܠ͕͋Γ·͢ɻ͜͜͸Α͘ܦӦਞͱΤϯδ χΞଆͷ᫁᫟͕ੜ·Ε΍͍͢ͱ͜ΖͰ͢Ͷɻ ධՁ੍౓ͷݟ௚͠͸దٓඞཁͰ͠ΐ͏ɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ͜ΕΒΛͦ΋ͦ΋๷͙ʹ͸ɼ༧Ίձࣾʹ५୔ͳࢿۚΛ༻ҙ͓ͯ͘͠   ඞཁ͕͋Γ·͢ɻͭ·Γɼࢿۚௐୡ͕ඇৗʹ੒ޭ͍ͯ͠Δঢ়گͰ͋Δ ͔ɼࣗݾࢿۚɾࣗݾࢿຊ͕ڧ͍ձࣾͰ͋Δඞཁ͕͋Γ·͢ɻ ͦ΋ͦ΋ɼ५୔ʹࢿ͕͔ۚ͋ͬͨΒͱ͍ͬͯ΋ɼೝ஌౓ɾ஌໊౓ͷ௿ ͍ձࣾͰ͋ͬͨͱ͖ʹɼ༏लͳΤϯδχΞ͕δϣΠϯͯ͘͠ΕΔͱ΋ ݶΓ·ͤΜʢͳͥͳΒɼձࣾͷଘࡏࣗମΛ஌Βͳ͍͔Βʢ͜ΕΛɼ ΩϟζϜཧ࿦ͱ͍͍·͢ʣʣɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ձࣾͷ஌໊౓΍ೝ஌౓Λ͋͛ΔͨΊͷࢪࡦ͸ৗʑଧͭ΂͖Ͱ͕͢ɼ ΩϟζϜ͔Βɼଟ͘ͷΤϯδχΞʹೝ஌͞ΕΔͷ͸্৔Ҏޙ͕ଟ͍Α ͏ʹࢥ͑·͢Ͷɻ ͦ͏͍͏໘Ͱ΋ɼϓϩμΫτ։ൃઓུ΋࠾༻ઓུ΋ελʔτΞοϓʹ ͸ۤ೉Λڧ͍Δ͜ͱʹͳΔͱݴ͑·͢ɻ

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@2020 Torana, Inc. ϓϩμΫτ։ൃઓུͷࣄ৘ ϓϩμΫτ։ൃ΁ͷ౤ࢿ ͜ͷΑ͏ʹɼϓϩμΫτ։ൃ΁ͷઓུ͸ձࣾͷϑΣʔζʹΑͬͯม͑ͳ ͍ͱ͍͚ͳ͍͜ͱ͕Θ͔Γ·ͨ͠ɻ ։ൃͷઓུΛม͑Δͱ͍͏͜ͱ͸ɼ͢ͳΘͪ࠾༻ͷઓུ΋มΘ͍͖ͬͯ ·͢ɻ ͭ·Γɼձ͕ࣾάϩʔε͢Δ͜ͱʹΑͬͯϛεϚον͕ى͜ΔΑ͏ʹͳ ΔΘ͚Ͱ͢ɻ ϛεϚον͕ى͜Βͳ͍Α͏ʹ͢ΔͨΊʹ͸ɼద੾ͳϓϩμΫτ։ൃ   ઓུͷίϯτϩʔϧͱ࠾༻ઓུͷίϯτϩʔϧ͕ඞਢͱݴ͑·͢ɻ

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·ͱΊ

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@2020 Torana, Inc. ·ͱΊ ձࣾͷϑΣʔζʹΑͬͯɼॻ͔ΕΔίʔυͷ࣭͕ҧ͏ ࠾༻͢΂͖ΤϯδχΞ΋ҟͳͬͯ͘Δ ϓϩμΫτ։ൃઓུ΋มΘͬͯ͘Δ ͦͷதͰɼͲ͏΍ͬͯձࣾΛଘଓͤ͞ΔͨΊͷ   ιϑτ΢ΣΞ։ൃͷઓུΛߟ͑ɼιϑτ΢ΣΞઃܭ   ·ͰϒϨΠΫμ΢ϯ͢Δ͔͕େ੾ɻΑ͏͸όϥϯε

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͝ਗ਼ௌ͋Γ͕ͱ͏͍͟͝·ͨ͠