デジタルガレージ（4819）
Contents
1.2.
3.
4. 3 HQ 4 1 9 Le 1 L EE San Francisco Innovation 6 Tokyo lt Optimization Honq Kon th 2011 WW gatcxly ci el ES neo
5. Pivotal Labs Neo Innovation Inc Neo Innovation 2012 1 Neo Innovation Singapore Pte Ltd Pivotal Labs Singapore Pte Ltd EdgeCase LLC EdgeCase Neo Innovation
6. 1 8 000 66 79 33 3 2013 8 1 48 19 SR Research Report 2013 12 25
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8. 2013 11 29 3328
9. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 SR Research Report 2013 12 25 1 LSDN eater OE VisA 5 2 sa 3 3 lt rss er 4 5 Pay FP 6 ID ce e context 7 rn 8 cpm nm 9 10 Edy iD 7 1 LAWBDN 2
10. 1 4307 7 3 2014 9 004 E B2C E E 2011 E B2C EC 2 8 http www
11. 2012 1 18 1 Digital Garage US Inc New Context Inc NC 2 1 NC Pivotal Labs Singapore Pte Ltd Pivotal EdgeCase LLC EdgeCase NC
12. 0 0 0 161 741 100 09 13 000 SBI 1997 4 Shared 6Qesearch http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 68 79 we 48 19 SR Research Report 2013 12 25 2011 3 6 181 1 147
13. DNA SR
14. E 3 B to Bl Business to Business B to C Business to Consumer C to C Consumer to Consumer
15. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 DG Open Network Lab 2012 6 Digital Garage US Inc Neo Innovation Inc Lean Startup
16. 2014 6 e Twitter InC Triggit Inc Fotonauts Inc FON Wireless Limited WiFi Technorati Inc Path Inc Facebook Napster boticca com amp beautylish
17. 2 3 Twitter
18. Yahoo infoseek Google Google 2008 Facebook Facebook SNS facebook 2010 3
19. SnapDish Tokyo Otaku Mode Inc LinkedIn LinkedIn LinkedIn iRidge popinfo O02O0 LINE
20. 2 683 E s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 1 09 6 10 6 11 6 12 6 13 6 185 9 185 9 186 2 219 1 235 6 EPS 30 873 3 11 959 7 4 879 2 9 759 0 12 041 9 EPS
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22. 2012 1 2 Lean Startup Open Network Lab 3 co working space
23. 500 Startups SV Angel 500 Startups SV Angel 500 Startups Digital Garage US Inc gt gt Digital Garage US Inc lt gt EdqgeCase LLC SR Neo Innovation Singapore San Francisco Incubation Center Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research
24. E Weaknesses Microsoft Apple Google
25. Digital Garage US Inc DGUS Digital Garage Development LLC 8 1 2 DGUS EdgeCase LLC EdgeCase New Context Inc NC s Shared Research http Www shared
26. E Neo Innovation Inc Neo Innovation Singapore Pte Ltd gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 4819 SR Research Report 2013 12 25 BIL Garage CGM HH
27. E 2012 12 2012 12 21 1 4324 2012 12 21 1 2
28. CASH POST 1 5 1 Shared Research http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 48 19 SR Research Report 2013 12 25 2 3 URL 4 CASH POST 5 CASH POST 1 1 100 2 CASH POST
29. GMO 1 3769 1 9984 JASDAQ 2428 1 2432 1
30. Shared Yesearch http www sharedresearch jp w SR Inc SR Inc Shared Researcn SR Inc
31. TOKAI
32. CEO CEO 1966 3 1994 1995 PSI Japan infoseek 2002 100 2012 6 New York Times Massachusetts Institute of Technology Media Lab 2013 6 463 226 33 4 552 4 3
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35. HighlightCam HighlightCam HighlightCam DG HighlightCam HighlightCam HighlightCam HighlightCam HighlightCam 1 9437 NTT
36. e Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4819 SR Research Report 2013 12 25 Attention Interest Search Action Share Search
37. 2 509 3 9 290 82 2 Neo Innovation Inc 2012 6 2012 8 13 2012 6 14 904 34 79 1 622 1 097 0 2 709 178 59 2 106 133 8 1 2371
38. SR Inc SR Inc SR Inc SR Tnc SR Inc 3 31 12 03 5834 8787 htt
39. popinfo O2O popinfo GPS Wi Fi NTT NTT NTT O020 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
40. e 1 sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w es 48 19 SR Research Report 2013 12 25 2012 9 E econtext Asia Limited 2012 12 econtext Asia 2013 econtext Asia 1 8253
41. 34 e 2012 6 2013 Neo Innovation Inc 2 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 Lean Glebal 3 opHo HO HQ a no e econtext Digital Garage DGUS neo SR 2013 6 3 HQ
42. SR s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 1 10 SR 2012 PC 8096 2012 8 680 6 629 2 051 2004 2006 2009
43. E EC VeriTrans3G EC PayPal EC
44. Increments Qiita Mac Kobito giftee Moneytree Pty Ltd s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 62 3 374 19 1 746 43 1 628 5 504 67 3 878 B2B B2B
45. UX Ruby on Rails Ruby Github Scribd Groupon Shopify Basecamp Ruby on Rails s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 SR Research Report 2013 12 25 150 0022 3 5 7 DG 03 6367 1111 JASDAQ 1995 8 17 2000 12 14 HP http www qarage CO jp ja 6 IR IR http www qgarage CO D ir TIR IR 9 0 39 5 51 5 2013 6
46. com E E CASH POST 2010 4 100 2011 6 E
47. 634 21 9 219 2010 6 108 Twitter 2011 5 Twitter 2011 6 1 452 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 1 180 2010 6 7 688 2010 6 144
48. Participate Share Spread Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25
49. Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25
50. EC 2011 5 iPhone Android Windows Mobile com 2010 11 E E
51. NC DG NC s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2 Lean Star
52. BI GARAGE Twitter l Twitter Twitter PC DG Digital Garage US Inc Open Network Lab Open Network Lab 2
53. BPO 1 9747 2011 7 2012 7 4 1 2012 6 2012 6 12 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 1 8253
54. Bi GARAGE CGMM Twitter Twitter API Application Programming Interface Site Streams Twitter Site Streams CGMM Twitter Twitter Twitter Site Streams Site Streams Twitter Site Streams API Tw
55. DG 2013 8 SR 2011 6 2012 6
56. E 2013 12 25 9 600 1 82 200 789 120 000 2013 11 26 2014 6 1 2014 6 1 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2013 11 12 2014 6 1 2013 11 1
57. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 econtext Asia Limited 2012 9 E 2012 7 2012 7 19 9cool 9cool
58. econtext Asia Limited econtext ASIA Qecontext veritrans PT Midtrans http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 e context w co m 5 NaviPlus URE Se Jopon ee veritrans SR 2000 1 2651 TIS 1 3626 1 8058 2008 10 2012 10 E
59. 11 063 24 6 1 024 55 4 19 49 519 45 2 210 29 1 500 279 7 980 20 27 6 297 2013 6 1 310 29 7 158 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research In
60. 2012 6 21 13 34 2011 6 2012 6 SBI 2012 6 2013 6 7 524 2011 6 4 785 2012 6 12 308 3 227 2011 6 4 351 2012 6 7 578 992 2011 6 912 2012 6 1 904
61. Digital Garage US Inc DGUS DGUS Neo Innovation Inc Neo 11 1 Neo New Context Services Inc DGUS CEO CMO CTO New Context
62. V Video Commerce Kicksend com Intercom Inc CRM Udemy Inc HighlightCam Inc s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 SR Research Report 2013 12 25 Fablic Kiip Inc
63. E E 2011 E 2011 1 1 400 1 120 000 2 GMO 990 2 41 617 3 939 3 GMO 32 000 4 SBI 400 4 22 000 5 329 5 UFJ 16 500 6 263 6 16 007 7 150 7 15 000 8
64. 927 604 4 77 258 Neo Innovation Inc 2013 9 3 878 2 906 67 64 67 43 42 B2B 51 6 39 4 2 2013 10 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 Moneytree Moneytree Pty Ltd
65. TIS EC econtext Asia Limited IT TIS TIS EC TIS IT econtext ASIA EC
66. 14 7 4 e Shar od search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 2008 2009 2010 2011 2012 6 692 6 5 922 2 5 842 7 5 709 6 5 891 3 4 7 11 5 1 3 2 3 3 2 1 909 2 1 713 9 1 732 1 1 723 7 1 775 7 4 4 10 2 1 1 05 3 0 28 5 28 9 29 6 30 2 30 1 827 6 673 9 639 6 599 0 624 2 12 5 18 6 5 1 6 3 4 2 12 4 11 4 10 9 10 5 10 6 407 8 303 4 273 3 254 2 255 1 11 1 25 6 9 9 70 0 4 6 1 5 1 4 7 4 5 4 3 154 9 137 0 129 9 124 7 124 6 7 3 11 6 5 2 4 0 0 1 2 3 2 3 2 2 2 2 2 1 698 3 706 9 774 7 806 2 868 0 16 3 1 2 9 6 4 1 7 7 10 4 11 9 13 3 14 1 14 7 370 9 321 8 309 5 288 5 29
67. 2012 9 E econtext Asia Limited E 3 31 6 30 2012 4 1 2013 6 30 15 w es e 1 sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 48 19 SR Research Report 2013 12 25 11 043 29 0 472 7 5 6
68. Kiip 2012 12 Ponta 5 000 Kiip Kiip Ponta 2012 12 6 2013 6 2 2013 6 2 13 800 11 000 350 150 850 700 650 350 2013 6
69. EC s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 PV UU 1 Lean Startup Lean UX Lean Startup
70. DG 2 1 2 NC Lean Startup 2 s Shared Research
71. BI Business Intelligence 2013 11 1 DSP 2 CRM DSP Demand Side Platform DSP
72. 43 47 0 51 A 53 RM 55 A RC hth 55 ER ie RRR 57 RE i 72 JR JE 73 A ai 73 3 2 0 74 1 78 Shar ed 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 SR Research Report 2013 12 25 09 6 10 6 11 6 12 6 13 6 14 6 34 499 8 347 11 067 14 904 27 965 32 000 12 8 75 8 32 6 34 7 87 6 14 4 12 441 1 717 2 785 4 259 6 432 14 7 86 2 62 2 52 9 51 0 36 1 20 6 25 2 28 6 23 0 981 960 135 1 622 1 322 1 800 1097 0 18 5 36 1 2 8 1 2 10 9 4 7 5 6 538 457 973 2 709 3 079 3 500 178 5 13 6 13 7 1 6 8 8 18 2 11 0 10 9 5 451 2 208 901 2 106 2 716 2 100 133 8 28 9 22 7 15 8 8 1 14 1 9 7 6 6 186 186 186 219 236 EPS 30 873 3 11 959 7 4 879 2 9 759 0 12 041 9 8 962 3 EPS 30 859 1 4 87
73. HQ HOQ SW Strengths Weaknesses Strengths Twitter
74. DG DoubleRecall DoubleRecall DoubleRecall DoubleRecall 2012 3 DoubleRecall DoubleRecall 2011 1 80 Mentos Red Bull
75. EC O02O JCB
76. BI GARAGE DSP TRIGGIT Facebook LinkedIn kiip 2013 6 SNS s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 EC
77. Twitter Facebook mixi SIPS amp AIDMA 1920 Attention Interest Desire Memory Action AISAS 2004 Attention Interest Search Action Share 3 SIPS 2011 Sympathy ldentify Taitdl E13 Share amp Spread 3 amp SR AIDMA TV CM
78. Neo Innovation Inc Neo Innovation Singapore Pte Ltd 08 6 09 6 10 6 11 6 12 6 PzjgM 39 583 34 499 8 347 11 067 14 904 128 3 12 8 75 8 32 6 34 7 32 087 24 348 7 527 8 877 11 063 24 1 69 1 17 9 24 6 81 1 70 6 90 2 80 2 74 2 7 110 9 970 812 1 010 1 310 40 2 91 9 24 4 29 7 18 0 28 9 9 7 9 1 8 8 386 180 7 1 180 2 531 53 3 96 0 16333 3 114 4 1 0 0 5 0 1 10 7 17 0 172 981 960 135 1 622 1 147 527 151 659 1 024 1 422 3 542 108 243 159 1 595 884 144 688 1 857 SR lt 2012 6
79. 7 273 37 0 86 51 473 183 4 389 82 3 3 277 16 6 203 34 1 E econtext Asia Limited VeriTrans mPOS VeriTrans Air
80. 2015 6 3 500 Neo Innovation Inc DG 1 000 1 500 500 1 000 500 1 000 e gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 Portal Search Destination Site Blog Commerce Social Media 2 2 2000 2008 1 RgDG amp lbex germ 9e context ZVveritrans e EIT 2012 6 Enabling Platform
81. Neo Innovation Singapore Pte Ltd Pivotal Labs Singapore Pte Ltd EdgeCase LLC 2013 2 47K Lean Global DE INEUBATI N Media Lab Fund
82. 4 63 3 58 TIS 3 15 2 68 2 10 0 a 1 46 SR 2013 6 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 CEO 1959 1983 1994 1995
83. 2011 11 Memolane 2012 4 SBI 1990 1983 1993 1995 1996 infoseek WEB infoseek infoseek 1999 The Walt Disney 2000 2000 JASDAQ
84. 20 59 2013 6 SR 2013 6 349 420 02O 2013
85. 2012 2013 A Digital Garage epss nanwsrk tae 2013 2015 Qecontext Gveritrans HQ SR eSsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25
86. 1 2651 EC 2012 6 UC EC 1 2 UC 2 500 2012 5 2012 5 16 Twitter Site Streams API
87. iPhone Android SnapDish 2011 5 1 81 60 150 2012 10 2012 10 15 DG s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
88. 2013 11 2005 3 2012 3 3496 2012 3 7 444 1 300 2013 6 BI GARAGE 74 0 DG 100 Digital Garage US Inc 100 2011 7 Neo Innovation Tnc 100 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25
89. Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 IPO 020 Onl
90. 10 668 9 717 2006 6 38 49 2008 6 24 39 2012 6 2012 6 10 923 2013 6 7 105 2006 6 2009 6 1 346 2008 6 2012 6 4 145 4 145 2013 6 1 313
91. ID LAWWBDN SR SR 1 2 e Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 3 3 1 EC EC
92. 2013 10 15 DG Moneytree MONEY TREE PTY LTD MONEY TREE Moneytree MONEY TREE iPad Web Moneytree MONEY TREE 3 amp 48 19 SR Research Report 2013 12 25 13 6 14 6 14 6
93. NTT 2012 Android Xi 11 2012 4 2012 4 19 Snapette Snapette O2O DG Snapette Snapette Snapette s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2012 3 2012 3 29 SBI 1 8473
94. _ 100 CGM 74 Neo Innovation 100 Neo Innovation Singapore Pte Inc 100 DG 100 Open Network Lab 70 2013 6 DG 100 Open Network Lab 70 Neo Innovation 100 Neo Innovation Singapore Pte Inc 100 CGM 74 econtext Asia 100 100 100 SR Shared esear
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96. 236 2013 6 7 330 2013 6 BI GARAGE DG 4 2013 9 463 UFJ 226 33 4 5 522 2013 6 lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 4819 SR Research Report 2013 12 25 S
97. 3 1 159 004 JASDAQ 3 4 939 6 7 439 16 500 2 624 2013 1 11 48 19 SR Research Report 2013 12 25 1 200 2013 4 2014 6 2 2 411 2013 4 2015 6 7 53 2012 12 20 219 087 7 009 2 2012 12 13 Kiip Bi GARAGE Kiip Inc
98. 2009 6 2010 6 2012 6 8 245 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4819 SR Research Report 2013 12 25 1995 8 1996 10 1996 12 1997 5 2000 5 2000 12 2002 6 2003 1 2003 2 2004 12 2005 1 2005 7 2006 1 2006 1 2006 8 2007 4 2007 4 2008 10
99. 27 964 87 69 1 322 18 59 1 361 499 3 078 13 6 1 131 2 715 28 9 940 398 2 EBITDA 5 900 98 9 14 412 285 99 1 303 137 1 E
100. 721 2011 3 7 194 3 248 2012 3 12 New Context Inc Lean Startup Eric Ries New Context Inc NC Ries Lean Startup NC 2012 2 2012 2 23 DoubleRecall DoubleRecall DoubleRecall
101. SR 2008 6 2010 6 2006 6 Re Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 2012 6 5 678 2 549 2006 6
102. 48 19 SR Research Report 2013 12 25 NTT NTT EC 2013 3 2013 3 29 econtext Asia Limited 1 8253 1 2
103. 48 19 SR Research Report 2013 12 25 DG 2009 5 1 4756 20 3 2009 6 DG IT 1 3626 DG 2009 6 DG 2009 8 2010 5 Twitter Twitter 2010 6 NextDG 2011 5 SNS LinkedIn 2011 6 SV 2011 7
104. 3 2010 4 2011 9 70 0 3 3 3 2013 8 40 1 0 150 Open Network Space
105. 2013 5 2013 5 10 2013 6 2013 4 2013 4 26 econtext Asia Limited econtext Asia 3 246 2 0 439 econtext Asia 2013 6 4 2013 4 4 1 9613
106. SBI SBI SBI SBI SBI 1009 SBI
107. Open Network Lab s Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 2013 6 2013 8 13 2013 6 2013 6
108. VC ANYPERK Inc Ycombunator AppSocially Inc 500startups WHILL Inc 500startups BI GARAGE 2008 DG AdTechonology 3 2013 6 100 4 25 296 0 3
109. 284 7 1 704 2007 6 4 862 39 0 17 339 5 3 1 613 999 2 476 2008 6 2007 6 4 22 244 128 3 1 600 172 435 170 117
110. SR SR Research Report 2013 12 25 13 6 14 6 27 965 32 000 87 6 14 4 21 533 6 432 23 0 2 964 10 6 1 322 1 800 18 5 36 1 4 7 5 6 2 180 1 361 423 3 079 3 500 13 6 13 7 11 0 10 9 1 305 168 1 510 35 8 2 716 2 100 28 9 22 7 9 7 6 6 2006 6 2006 6 4 630 59 09 12 476 http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25
111. SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 2013 12 25 Citrus econtext Asia Limited 2013 11 Citrus Citrus Payment Solutions Pvt Ltd Citrus Payment Solutions Pte Ltd Citrus 460 4 7400 econtext ASIA Citrus EC EC
112. SR amp 2013 8 2013 8 30 2013 9 30 1 200 235 596 47 119 200 1 100 2014 6 2013 8 13 1 1 000 5 2013 8 1 1 4324
113. SR 2013 9 Google PayPal Twitter SV Angel SV Angel sShar ed search http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4819 SR Research Report 2013 12 25
114. 1 435 2 207 Shared 6Qesearch http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 48 79 we 48 19 SR Research Report 2013 12 25 09 6 10 6 11 6 12 6 13 6 42 000 11 000 10 600 13 800 25 000 34 499 8 347 11 067 14 904 27 965 17 9 24 1 4 4 8 0 11 9 3 500 300 250 1 350 1 650 981 960 135 1 622 1 322 72 0 20 1 19 9 3 200 800 500 2 500 2 800 538 457 973 2 709 3 079 83 2 94 5 8 4 10 0 100 500 310 2 100 1 700 5 451 2 208 901 2 106 2 716 5350 9 190 7 0 3 59 8 SR 2006
115. 3 econtext Asia 12 174 7 59 1 649 econtext Asia 2013 6 3 2013 3 12 Neo Innovation Inc Lean Startup Neo Innovation Lean Startup Neo Lean Fund Lean Startup Neo Innovation Eric Ries
116. 6 2013 5 BI GARAGE Twitter PC Twitter s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 Twitter API Site Strams BI GARAGE 2012 12
117. nk neo 9 0pen Network Lab http onlab jp SR DG DG Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 DG 2012 6 21 13 34
118. 600 8 2013 6 Cy NaviPlus SEM SEO BIG DATA SR 2012 4 IH SBI
119. SR 49 6 20 5 11 0 2014 6 32 000 14 4 1 800 36 1 3 500 13 7 2 100 22 7 5 000 99 3 1 100 279 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 2 4 2013 11
120. O00 0 UP 020 Online to Offline AdTechonology 1 4324 2013 8 BI GARAGE BI GARAGE 4788 1 9747 2006 2012 2 749 109 6 100
121. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 Neo Innovation 80 Neo Lean Fund 2013 2 2013 2 27 econtext Asia Limited 1 8316 1
122. 32 6 11 067 135 2010 6 960 973 457 901 2 208 1 2371 9 253 22 9 635 321 1
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124. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4819 SR Research Report 2013 12 25 3 068 29 8 136 ra O2O Online to Offline 1 4324 4788 1 9747 2006 CGM Bi Garage
125. 2002 2 2005 1 2007 4 DG 1 amp s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2008 Twitter
126. 2 430 2009 6 DG 5 084 12 8 DG 981 DG 4 425 15 854 5 451 2010 6 2009 6 DG 26 152 75 8 960
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128. econtext Asia Ltd 80 5 100 100 EC econtext Asia i sre 20 83 com com PC EC com 33 39
129. IR IR IR lt Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 4819 SR Research Report 2013 12 25 API
130. 116 8 8 000 SR Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 4819 SR Research Report 2013 12 25 Twitter SR
131. infoseek infoseek Japan 1999 6 infoseek infoseek 2000 12 1 2433 I amp S I amp SBBDO E TIS JASDAQ 45 3
132. 2013 6 27 000 25 000 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 1 650 2 800 1 700 2 1 2012 E 2 3 1 2 15
133. 30 859 1 4 873 1 9 753 8 12 027 8 DPS 10 000 0 0 0 0 0 1 000 0 1 000 0 BPS 64 945 8 47 496 8 53 120 2 93 072 2 109 707 2 SR 2007 1 1 2 2009 6 2012 6 2013 6 09 6 10 6 11 6 12 6 13 6 Pull 1 1 964 5 163 132 2 542 3 212 2 7 347 1 234 165 9 411 1 515 FCF 1 2 9 311 3 930 33 6 869 4 726 5 153 3 295 568 15 273 1 817 A 1 253 423 370 396 1 557 B 190 357 32 829 1 936 C 585 401 301 379 141 FCF Ni A B C 7 099 1 740 1 540 1 295 2 479
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135. 2 3 6 2013 6 2012 4 1 2013 6 30 15 2 9 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2013 6 2
136. New Context NCS Guardtime USA Inc Guardtime KSI Guardtime NCS KSI Open Network Lab 3328 1 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 2371
137. 135 8 139 9 141 1 97 1 153 5 CF 0 09 0 38 0 01 0 13 0 13 60 9 15 0 19 3 6 8 30 2 CF 0 1 0 5 0 0 0 1 0 1 3 5 53 6 30 0 21 3 12 0 585 401 301 379 141 SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 09 6 10 6 11 6 12 6 13 133 4 800 4 785 12 308 15 329 2 048 3 155 2 501 3 405 3 768 90 324 912 1 904 2 641 2 851 2 239 1 466 2 480 2 689 85 79 70 36 223 5 449 3 413 4 351 7 578 9 037 347 220 259 294 596 24 001 14 208 14 345 28 005 33 837 56 430 377 913 2 039 2 082 2 504 3 306 4 300 5 521 2 677 3 103 2 319 2 819 3 596 7 341 9 041 3 590 1 946 1 769 12 105 9 968 3 899 2 24
138. DG IT BI GARAGE DG DG gt DG DG amp DG s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
139. 2 677 2011 6 0 2012 6 2 677 10 336 2011 6 1 769 2012 6 12 105 8 787 2011 6 6 169 2012 6 14 956 8 053 2011 6 2 870 2012 6 10 923 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 48 19 SR Research Report 2013 12 25 10 447 2011 6 9 824 2012 6 20 271 2011 6 2011 8 11 2011 6 2011 8 2011 6
140. EC 2013 12 6 econtext Asia Limited lt Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 48 19 SR Research Report 2013 12 25 125 1 2 96 3 59 4 4 875 59 6 838 2013 12 19 2013 12 2 DG
141. 48 19 SR Research Report 2013 12 25 aucfan com 2001 50 10 2 2012 10 3 PT MIDTRANS EC VeriTrans Indonesia 2012 9 2012 9 11 Fablic DG F
142. 30 275 2008 6 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 9 782 DG MBO DG 2010 6 2009 6 10 569 19 706 2010 6 2 207 2 353 3 733 2012 6 2006 6 4 932 2008 6 10 656
143. 6 2010 6 2009 6 2011 6 2012 6 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 19 SR Research Report 2013 12 25 09 6 10 6 11 6 12 6 13 6 12 441 1 717 2 785 4 259 6 432 36 1 20 6 25 2 28 6 23 0 981 960 135 1 622 1 322 2 8 1 2 10 9 4 7 EBITDA 2 234 537 506 2 017 2 880 EBITDA 6 5 4 6 13 5 10 3 15 8 8 1 14 1 9 7 ROA 15 5 4 5 6 0 5 2 ROE 65 0 9 7 14 0 11 8 0 98 0 33 0 55 0 43 0 53 1 698 1 297 996 1 375 1 233 138 2 142 9 144 4 98 2 155 2
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145. Nissan Renault Volvo Pfizer DoubleRecall s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 48 19 SR Research Report 2013 12 25 1 910 60 DoubleRecall DoubleRecall Y Combinator Start Fund SV Angel 1 8001 Mentor Equity TEEC Angel 2012 2 10
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