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ελʔτΞοϓ૑ۀ࣌ͷ $90ͷ͓࢓ࣄ ෆಈ࢈%99ϓϥοτϑΥʔϜ3FMFBTFͷࣄྫ

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Ұ൪టष͍λΠϓͷ %FTJHOFSͰ͢

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ۚࢠ߶ (0(&/גࣜձࣾ$90 THE Startup Designer

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৽ଔͰϠϑʔ ג ʹब৬ w ౰࣌͸J1IPOFΛଙ͞Μ͕೔ຊʹ΋ ͖ͬͯͨࠒɺ1$͔Β41΁ͷήʔ ϜνΣϯδͷॠؒΛ࠷લઢͰ໨ͷ ౰ͨΓʹͨ͠ͷ͸ྑ͍ܦݧɻ w ࠷ۙ͸"*ʹಉ͡೾Λײͭͭ͋͡Γ ·͢ɻ

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৽نࣄۀΛ࡞Δָ͠͞Λ஌Δ w एͯ͘͠εϚʔτϑΥϯͷ࣌୅͕ དྷͯɺ೥ྸؔ܎ͳ͘৽͍͠ࣄۀΛ ࡞ΕΔνϟϯεʹ೤ڰ͍ͯͨ͠ɻ w 5IFελʔτΞοϓɾσβΠφʔ ͱͯ͠ͷΩϟϦΞΛาΈͩͨ͠ɻ

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֤छσβΠϯ૊৫ͷ্ཱͪ͛ w ৽نࣄۀΛ਺ଟ͘ܦݧ͢ΔதͰɺ ʮҰਓͰ͸ͭ͘ΕΔՁ஋ͷ૯ྔʹ ݶք͕͋ΔʯࣄΛ௧྽ʹײ͡Δɻ w ໨ࢦࣾ͢ձ࣮૷Λ࣮ݱ͢Δʹ͸ν ʔϜͷྗ͕ඞཁͩͱϚωδϝϯτ Λֶͼ͸͡ΊΔ

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༷ʑͳελʔτΞοϓΛސ໰ͱͯ͠ࢧԉ w ελʔτΞοϓʹ͓͚Δɺσβ ΠϯºϚωδϝϯτͷܦݧ͕͋ Δਓࡐ͕·ͩ·ͩ଍Γͳ͗͢Δ w কདྷੑ͕͋ΓɺσβΠϯͷྗΛ ඞཁͱ͢Δ֤छͷελʔτΞο ϓΛࢧԉ͍ͨ͠ͱߟ͑͸͡ΊΔ

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ख৮Γͷ͋ΔମݧΛ࡞Γ͍ͨ w ΞϓϦ΍ϒϥ΢βͱ͍ͬͨϓϥο τϑΥʔϜͷத͚ͩͰ࣌ؒΛୣ͍ ߹͏͜ͱ΁ͷݶքΛײ͡Δɻ w ϋʔυ΢ΣΞܥͷελʔτΞοϓ Ͱ΢ΣϒΛӽ͑ͨܦݧΛ٧Ή w ਓഽͷ೤Λײ͡Δɺख৮Γͷ͋Δ ମݧΛ࡞Γ͍ͨͱئ͍ͬͯΔɻ

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ܦݧΛ·ͱΊͨຊΛࣥච w Α͔ͬͨΒݟͯ΍͍ͬͯͩ͘͞ 13

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ΑΓଟ͘ͷελʔτΞοϓΛ σβΠϯͷྗͰࣾձ࣮૷͍ͨ͠ .Z7*4*0/

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ࠓԿΛ࡞͍ͬͯΔͷ͔ʁ

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(0(&/גࣜձࣾ $IJFG&YQFSJFODF0GGJDFS ମݧͷ੹೚ऀ

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%99%JHJUBM&YQFSJFODF5SBOTGPSNBUJPOͷུশͰ͋Γɺ ମݧΛओ࣠ʹ͓͍ͨσδλϧԽΛҙຯ͢Δݴ༿Ͱ͢ɻ

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ҥ৯ॅɺ࠷ޙʹ࢒ͬͨମݧͷ%9 ҥ ৯ ॅ

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σʔλΛத৺ʹମݧΛ࠷దԽ ྫ͑͹खଓ͖͝ͱʹαʔϏε*%Λͭͬͨ͘Γɺಉ͡಺༰ʢ໊લ΍ॅॴɺऔ ಘෆಈ࢈৘ใɺ਎෼ূͳͲʣΛهೖɾఏग़͢Δඞཁ͕ͳ͘ͳΓ·͢ɻ ෆಈ࢈ࣄۀऀ΍αʔϏεࣄۀऀ΋ɺඞཁͳ৘ใΛඞཁͳͱ͖͚ͩ҆શ͔ͭ ؆୯ʹೖख͠ɺखଓ͖ʹར༻͢Δ͜ͱ͕Ͱ͖·͢ɻσʔλ͸ͣͬͱଘࡏ͠ ͚ͭͮɺඞཁʹԠͯ͡Ξοϓσʔτ͞Ε͍͖ͯ·͢ɻ

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ຊ೔͸۩ମతͳΞ΢τϓοτΛަ͑ͳ͕Β ख৮Γͷ͋Δొஃ͕Ͱ͖ͨΒ͏Ε͍͠Ͱ͢

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ࠓ೔ͷϝΠϯϝοηʔδ

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4BB4ϓϩμΫτ͸ Ұࠁ΋ૣ͘$90Λ ܴ͑ೖΕΔ΂͖ͩ

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IUUQTMQSFEFTJHOFSKQEFTJHOEBUBCPPLEPXOMPBE

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4BB4ϓϩμΫτ͸ ελʔτΞοϓzॳظʹͦ͜ $90͕͍ΔͱϨόϨοδ͕ޮ͘ ͱ͍͏ࣄྫͰ͢

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ॳظʹ$90͕ଘࡏ͢Δ͜ͱͰ ϓϩμΫτͷ੒௕ΛܾΊΔ ʮମݧͷװʯͷઃܭ Λॳظ͔Βߦ͏͜ͱ͕Ͱ͖Δ ͳͥ4BB4ʹ $90͕ඞཁͳͷ͔ʁ

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͋ͳͨͷϓϩμΫτͷ্ཱ͕ͪΓ͸Ͳͬͪʁ ҰຊͷװʹΑΓ ࢧ͑ΒΕ͍ͯΔ װ͕ෳ਺ʹ ࢬ෼͔Ε͍ͯ͠Δ

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ଟ͘ͷ4BB4ͷॳظ͸࢒೦ͳ͕Β ʮମݧͷװʯΛߟ͑ΒΕͳ͍··ɺ ػೳཁ݅ͷΈ͕ઌߦͯ͠ ࣮૷͞ΕΔ܏޲͕͋Γ·͢ɻ

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ͦͯ͠όϥόϥʹͳͬͨ ػೳ܈ͷࢁΛৼΓฦͬͯ ʮ͋Εɺ͜Εͬͯ ɹ࢖͍ʹ͘͘ͳ͍͔ʁʯ ͱؾͮ͘ͷͰ͢

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װͷઃܭ͸࠷ॳ͕؊৺ ্Ϟϊ͕ੵ·ΕΔ΄Ͳ װͷ࡞Γ௚͠͸ ίετ͕͔͔Δ

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ϓϩμΫτ࡞Δ͔Β ମݧΛߟ͑ͯ͘Ε ϓϩμΫτ͸͋Δ͔Β ͜ΕͷମݧΛྑͯ͘͘͠Ε ΍ΕΔ͜ͱ େ ΍ΕΔ͜ͱ খ ޙ͔ΒମݧΛઃܭ͢Δͷ͸೉͍͠

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։ൃίετ େ ։ൃίετ খ $90ͷ͍ΔϓϩμΫτ͸কདྷʹஔ͍ͯ෷͏ίετ͕҆͘ͳΔͷͰɺ ͦ͏Ͱͳ͍ϓϩμΫτͱൺֱͯ͠ɺߴ͍੒௕ੑΛࣔ͢͜ͱ͕Ͱ͖Δ ϓϩμΫτ࡞Δ͔Β ମݧΛߟ͑ͯ͘Ε ϓϩμΫτ͸͋Δ͔Β ͜ΕͷମݧΛྑͯ͘͘͠Ε

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ॳظʹ$90͕ଘࡏ͢Δ͜ͱͰ ਺าઌͷະདྷΛ ۩ମతͳܗͰٞ࿦Ͱ͖Δ ͳͥ4BB4ʹ $90͕ඞཁͳͷ͔ʁ

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۩ମతͳΠϝʔδͰ ະདྷΛٞ࿦͢Δ͜ͱ͕ ՄೳʹͳΔ ਺าઌͷٞ࿦͕ৗʹͰ͖Δ ࣾ಺֎ͰͷΠϝʔδͷᴥᴪ͕ݮΔ ٞ࿦͕ਂ·Δ ૣظʹ$90͕ଘࡏ͢Δ͜ͱͰ

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ʮந৅తͰେ͖ͳϏδϣϯʯͱ ʮࠓ࡞Βͳ͚Ε͹͍͚ͳ͍΋ͷʯ ͷؒΛຒΊΔϓϩτλΠϓΛͭ͘ΕΔ Ϗδϣϯ ࣮૷ ΪϟοϓΛຒΊΔϓϩτλΠϓ

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׬੒લʹ ചΓग़͢͜ͱͩͬͯ ΍Γ΍͍͢ Ϗδϣϯ ࣮૷ ͜ΕΛ঎඼ͱ͢Δ

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͜Μͳ΋ͷ͕ ͋ΔͳΒ͓ۚ෷͏ͳ ͜Μͳ΋ͷΛ ͜Ε͔Β࡞ΔΜͩ ࣾ಺ ࣾ֎ Ծઆݕূ Ծઆఆٛ ૣظʹະདྷΛ۩ମԽͰ͖Δ͔Β

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࿈ଓੑͷ͋Δ ϓϩμΫτ։ൃ ෆ࣮֬ੑͷ ࡟ݮ ࣾ಺ ࣾ֎ ૣظʹະདྷΛ۩ମԽͰ͖Δ͔Β

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Կ΋ແ͍૑ۀॳظɺ ͋Δͷ͸ً͘ΞΠσΞ͚ͩ

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ॳظϓϩμΫτ͸ɺෆಈ࢈ిࢠܖ໿αʔϏεͷ։ൃ

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ڞಉ૑ۀͷ̎ਓʹ ੠Λ͔͚ΒΕ ͦ͜ʹ͸ޫΓً͘ΞΠσΞ͚͕ͩ͋ͬͨ w ͦ͜ʹ͸ɺॳظϓϩμΫτͷ૲ҊΛ ਺೔Ͱ࡞੒࣮͠ূ࣮ݧΛߦ͏͕࢟ɻ w উͯΔΞΠσΞ͸͋ΔɺͲ͏ܗʹ͢ Δ͔͕໰୊ͩɻ w ࢲ͸ϗϫΠτϘʔυʹ̎ਓͷΞΠσ ΞΛඳ͖ଓ͚ͨ

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͋ͨΓ·͑ʹԿ΋ͳ͍૑ۀ࣌ w ΦϑΟε΋ͳ͍ w ։ൃνʔϜ΋ͳ͍ w υϝΠϯ஌ࣝ΋ͳ͍ w ࣌ؒ΋ͳ͍ w ࣗ෼ࣗ਎͢Β΋ϑϧίϛͰ͸ͳ͍

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࠷ॳظ͸ϓϩμΫτ ͷ։ൃ΋֎஫ ΋ͪΖΜ6*Λ࡞ΔϦιʔε΋ͳ͍ w ࢲ΋౰࣌͸෭ۀࢀՃ w ࣌ؒ΋ਓһ΋ݶΒΕΔதɺ΍Ε ͳ͍͜ͱ͸ඇৗʹଟ͍ w ϚϯγϣϯͷҰࣨͰ໷اըձٞ

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͜͜Ͱେ੾ʹͨ͠ͷ͸ ʮମݧͷװʯ

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ମݧͷװͱ͸ɺ ཧ૝తͳҰຊͷ Ϣʔβʔδϟʔχʔ ࢖͏ҙࢥ ར༻ޙ

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ݶΒΕͨϦιʔεͰ஫ྗ͍ͯͨ͜͠ͱ fi HNBͰ6*Λ ೲ඼͢Δ ମݧͷװΛຏ͘ ˕ ˚ ༏Εͨ6*ΑΓ΋ମݧͷװͮ͘Γ

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೥౰࣌ ݩ5XJUUFS ݱ9 ΋ 6*ͦ͜ݹ͍͕ େ͖ͳମݧͷװ͸ มΘ͍ͬͯͳ͍ ࣄྫ

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มΘΒͳ͍װΛ࠷ॳʹઃܭ͠ࢬΛੜ΍͢ ମݧͷװ ೿ੜ͢Δػೳ

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ΞΠσΞΛߏங͢ΔཁٻΛʮମݧʯͰฒͼସ͑Δ ཁٻ ཁٻ ཁٻ ཁٻ ཁٻ ݩ͸όϥ͚ͨ ཁٻͷू·Γ ߏ଄తͳ੔ཧ ମݧతͳ੔ཧ ཁٻ ཁٻ ཁٻ ཁٻ ཁٻ ཁٻ ཁٻ ཁٻ

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װͱͳΔ ʮ͜Μͳ෩ʹମݧ͠ ͯ͘ΕͨΒ͍͍ͳʯ Λపఈతʹຏ͖ࠐΉ

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ߏ଄తͳඒ͕͠͞ମݧͷखॱͱҰக͢Δͱ͸ݶΒͳ͍ ߏ଄తʹ͸ඒ͘͠ ੔಴͞Ε͍ͯͯ΋ʜ ػೳ ػೳ ػೳ ػೳ ػೳ ಛʹʮചΔʯͱʮ࡞Δʯ͕෼཭ͨ͠֎஫੍࡞ͳͲͰ͸ؕΓ΍͍͢᠘ ػೳ ػೳ ػೳ ࣮ࡍͷར༻ͷखॱͱরΒ͠߹ΘͤΔͱ ຺བྷ͕ͳ͘෼͔ΓͮΒ͘ͳͬͯ͠·͏ɻ खॱ

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ମݧઃܭͷϒϨετࢿྉ w ·࣮ͣࡍͷۀ຿ϑϩʔΛ૝ఆͦ͠ Εʹ6*Λ౰ͯ͸Ί͍ͯ͘ɻ w ࢦ͕ɺײ৘͕Ͳ͏ྲྀΕΔ͔ɺ 8FC্͚ͩͰ͸ͳ͘ɺͲΜͳ৔ ʹஔ͔Ε͍ͯΔਓ͕ؒͲ͏ಈ͘ͷ ͔Λ૝૾͠ͳ͕Β࡞͍ͬͯ͘ɻ ۩ମతͳ಺෦Ξ΢τϓοτΛνϥݟͤ

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Կނ͔ܰࢹ͞Ε͕ͪ ͳ4BB4ʹ͓͚Δ ମݧͷװ ಛʹUP# ػೳ͚ͩ͸ ໢ཏ͞Ε͍ͯΔ ࢖͏ʹ͸ ϚχϡΞϧ͕ ඞཁ શ෦৮Βͳ͍ͱ Ͳ͜ʹԿ͕͋Δ͔ Θ͔Βͳ͍

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͜Μͳ4BB4͋Γ·ͤΜ͔ʁ ֊૚͸.&$&ʹͳ͍ͬͯΔ Α͏͕ͩɺͳ͔ͥ΍Γ͍ͨ ૢ࡞Λݟ͚ͭΒΕͳ͍ʜ Ұ࿈ͷۀ຿ͳͷʹͳ͔ͥԿ ౓΋501Λܦ༝༷ͯ͠ʑͳ ϖʔδΛԣஅͤ͞ΒΕΔʜ σʔλͱૢ࡞͕Ұக͍ͯ͠ͳ͍ ͷͰɺࣗ෼͕࡞ͬͨ͸ͣͷσʔ λΛ͍ͭ΋ݟࣦ͏ʜ

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͋ΒͨΊͯ4BB4σβΠϯͱ͸ ԿͰ͋Δ͔ʁ

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4BB4ͱ͸ 4PGUXBSF BTB 4FSWJDF αʔϏεఏڙࣄۀऀʢαʔόʔʣଆͰՔಇ͠ ͍ͯΔιϑτ΢ΣΞΛɺΠϯλʔωοτͳͲ ͷωοτϫʔΫΛܦ༝ͯ͠ɺϢʔβʔ͕ར༻ Ͱ͖ΔαʔϏεͰ͢ɻ

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B[B4FSWJDFͷ࣋ͭ΋͏Ұͭͷҙຯ ैདྷͷϞϊফඅ ମݧফඅͱͯ͠ͷ B[B4FSWJDF ੡඼ ൢച ར༻ 4FSWJDF ͱͯ͠ͷ ମݧ ܧଓతͳ4FSWJDFఏڙ ར༻

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4BB4͕࣋ͭ BTB4FSWJDF ͷҙຯͷΞοϓσʔτ͢Δ ܦࡁ࢈ۀলɿαʔϏεσβΠϯΛ͸͡ΊΔͨΊʹɹΑΓ

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αʔϏεσβΠϯ͞Εͨ ιϑτ΢ΣΞ͕ͦ͜ ͜Ε͔Βͷ ਅͷ4BB4Ͱ͋Δ

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͋ͳͨͷ4BB4͸ ͨͩͷʮαʔόʔ্ͷιϑτ΢ΣΞʯ ʹͳ͍ͬͯͳ͍͔ʁ

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͋ͳͨͷ4BB4͸ αʔϏεΛఏڙͰ͖ ͍ͯΔͩΖ͏͔ʁ

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αʔϏεσβΠϯͱ͸ ސ٬͕ରՁΛࢧ෷͏ʹ஋͢Δ ʮྑ͍ମݧʯΛͲ͏ͨ͠ΒఏڙͰ͖Δ͔ʁ ·͞ʹ͜ͷʮྑ͍ମݧʯΛఆٛ͢Δͷ͕ཧ૝తͳҰຊ ͷϢʔβʔδϟʔχʔɺ ͭ·Γ͸͜ͷొஃͰ఻͍͑ͨʮମݧͷװʯ

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Ͳͷ༷ʹBTB4FSWJDFΛ σβΠϯ͍ͯ͘͠ͷ͔ʁ

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αʔϏεͷzޙ෇͸೉͍͠ͱ஌Δ΂͠ Ϟϊͱίτͷू߹ମʹޙ͔ΒମݧΛఆٛ͢Δ͜ͱ͸೉͍͠ Ϟϊ΍ίτ͕ͳ͍ͱ͖͔Β ʮαʔϏεʯΛఆٛ͢Δͷ͕ $90ͷ࢓ࣄ Ϟϊ΍ίτ͕ੜ·Ε͔ͯΒମݧΛ࡞ΔͷͰ͸ͳ͘

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ϓϩμΫτ͕ੜ·ΕͨޙͷະདྷΛ૝૾͢Δ w Ͳͷ༷ʹੈք͸ มΘΔͷ͔ʁ ۩ମతͳ಺෦Ξ΢τϓοτΛνϥݟͤ

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ମݧͷ"4*45#&ΛՄࢹԽ͢Δ w ࠓͷମݧͷ՝୊͸ Կͳͷ͔ʁ w ͦͷମݧ͕Ͳ͏ม Խ͢Δͷ͔ʁ w ͦͷ݁Ռࣾձ͸Ͳ ͏มԽ͢Δͷ͔ʁ ۩ମతͳ಺෦Ξ΢τϓοτΛνϥݟͤ

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ະདྷͷ੨ࣸਅΛඳ͘ ϓϩτλΠϓͰະདྷͷεφοϓγϣοτΛݟͤΔ w ந৅తͳٞ࿦͚ͩͰ ͸ɺଟ͘ͷਓͷ৺Λ ಈ͔͢ࣄ͕Ͱ͖ͳ͍ w NPWF1FPQMFͰ͖Δ ϓϩτλΠϓ͕ඞཁ ۩ମతͳ಺෦Ξ΢τϓοτΛνϥݟͤ

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܈໡৅Λධ͢ ·ͩݟͨ͜ͱͷͳ͍৽͍͠Ձ ஋͸ɺड͚औΔਓʹΑΓશ͘ ҧ͏΋ͷʹݟ͑ͯ͠·͏ ະདྷΛ໨ʹݟ͑Δܗʹ͢Δ͜ͱʹҙຯ͕͋Δ

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ސ٬ͷظ଴஋ͱ ϓϩμΫτͷܗΛἧ ͑Δ ׬੒͢Δલʹɺʮཉ͍͠෺ʯ ͱʮ࡞Δ΋ͷʯΛ۩ମͰ͢Γ ߹ΘͤΑ͏ɻ

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աڈΛ੔ཧ͠௚͢ͱɺࠓ͸Ͷ͡ΕΔ Ͱ͖ͨϓϩμΫτʹର͢Δද໘ తͳମݧվળ͸Ͷ͡ΕΛੜΉ ͕ɺଟ͘ͷاۀ͸ͦΕʹؾ͍ͮ ͍ͯͳ͍ɻ ˠ$90ͷಋೖ͕஗ΕΔ ൈຊతʹମݧΛ௚͢ʹ͸࡞Γ௚͕͠ඞཁ ͕ͩɺͦͷίετΛ෷͑Δ૊৫͸ଟ͘ͳ͍ ৗʹzະདྷzʹରͯ͠ͷΞϓϩʔνΛ͍ͯ͘͠

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αʔϏεΛσβΠϯͯ͠ ಘΒΕͨ΋ͷ

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ސ٬ମݧͷ޲্ ʮ࢖͍΍͍͢Ͱ͢Ͷʯͷ੠ w ਖ਼௚σβΠφʔͱͯ͠͸౰ͨΓલ ʹվળ͠ͳ͚Ε͹͍͚ͳ͍6*ͷ मਖ਼఺΋ଟ͔ͬͨ w ͔݁͠͠Ռͱͯ͠͸ඇৗʹߴ͍ ಋೖείΞΛग़͢͜ͱ͕Ͱ͖ͨ w $4͔Βʮ৺͔Β঺հ͠΍͍͢ʯ ͱݴͬͯ΋Β͑ΔϓϩμΫτʹͳ Εͨɻ ಋೖ͔Βͷ࣮ར༻཰

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ಋೖࣾ਺΍ ՝ۚ਺΋ӈݞ্͕ΓΛ ଓ͚͍ͯ·͢ w ΋ͪΖΜηʔϧε΍$4ͷྗ͕ඇ ৗʹେ͖͍Ͱ͕͢ɺ൴Βʹʮച Γ΍͍͢ʯʮ࢖ͬͯ΋Β͍΍͢ ͍ʯͱݴͬͯ΋Β͑ΔϓϩμΫτ ͕࡞Εͨͷ͸੒ޭͩͬͨͱࢥͬ ͍ͯ·͢ɻ

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4BB4ϓϩμΫτ͸ Ұࠁ΋ૣ͘$90Λ ܴ͑ೖΕΔ΂͖ͩ