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1. 1111 U U 9 101111111111111 1111 000 0 0 0 U U U U O U 600 U U U D DoubleRecall D D D D D D B 000000000000 u DoubleRecall 0000000 0 Y Combinator Start Fund SV Angell 0 U U D 0 0 U U U D 0 U DU 11 D D 0 0 U 10 800100 U Mentor Equity TEEC Angeli U 2012 20 10100 1 D U D 0 0 0 0 0 UOUUUUY LU U U U DO U U U UD 0 U 0 U 0 0 0 0 U U U U LU U U U U U U U U U U U U U 000000 OT Td TTT TT Td DD DD D D D D D D D D D D D D D D D U U U D D 0 D 2012 0 UD 0 D D D 0 0 00000 DD DD DD D D D D D D D D D D D D D U 1111 U U U U UD ODO UD 0 D 0 D 0 bL lu UU 0 10100007070 U D 20 U Lean Startup 11111107 Network Lal I D D i Ilu nui i iu i D CE D D D i D D D ui D UO 0 0 D 300 00 D D D 0 0 0 UD D D D D 0 0 D 0 0 0 D 0 DUD D 0 0 D 0 0 D D D 0 LU U UD U D U U U U UD 0 U 0 0 0 0 U U U U UD 0 UD 0 0 UU U DDD 00 U co working space D D 0 0 1 0 0 0 D D 0 11 1 DD ODO TT TT TT TTT 08 LU U UD U UD U U ODO D 0 D U U U 0 U LU U U U U U U U U U U U U U L U U U U UU U DU U D DU U Digital Garage US Inc U D 1 U D D
2. 111111 11 111 11111 UD 0 1 Bl GARAGE O CGMM O OO Twitter 0 O O Twitter O O API Application Programming Interface O LI O UU Site Streams 1 1 OO DO D D U DO 1111111111 0 D U 0 0 0 D U 0 1 1 U U U OO Site Streams D 1 D 0 0 0 0 D 0 0 U 0 D 0 0 0 UDDDDDD CGMMO Twitter 0 0 0 0 0 D D D D 0 000 Twitter LU U UD U D U U U U UD ODO UD 0 UD 0 D 0 D U U U U 0 0 BDO DO DO TTT TTT TT TT 0 UD U 1 0 U 0 U 0 0 UD 0 U U U D D D D 0 D D 0 0 0 0 0 0 0 0 0 Twitter 0 gd D D D D D 1 1 LU U U 00 0 00 0 U U U U UD 0 U 0 U Site Streams LJ esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 Site Streams U II D UI D D Twitter D iu iu nu i iu 1 UDDDDDDDDDDODD Site Streams API 0 000000000 Twitter API U U U U 00 0 U DO U U U 0 U 0 0 UD 0 U U L LU U U U UD U U U U UD U UD 0 D 0 D 0 0 L 1 6 1 Twitter 00000000 Tweetmanager O Site streams U BO 1 ud OOOO BO 1111 11111 1111111111 1 L UD U IT TOT TOT TT TT TT
3. 00 Citrus 1 0 0 0 U DOUDOU 1 U U DD o 0 0 U 0 0 0 0 0 U U U econtex Asia Limited 000 O DU U 2013 11 U 1 111 0 U U 0 U 0 0 0 UU Citru 0 Citrus Payment Solutions Pvt Ltd D Il 0 0 uu 0 0 0 0 U 0 0 Ii D 0 Ii i in 0 0 Citrus Payment Solutions Pte Ltd O O O Citrus 1 E 000 440000000 4 7400 U U U econtext ASIA Citrus E U 1 U D D D D 111111 U U D 0 D ECD 1 DO 111101 11 1 1 ECT esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 U U UD U U U U U OD OD 0 D 0 0 L U U 1 D 0 D D D 0 00 1 5 0 EC 0 DD U UD D D 0 0 D D 0 0 LU U U U U UD ODO 0 L U D D D D D D D 0 0 U econtext Asia Limited 0 U U D D D 0 0 0 DUD HSUDUIUUUUDDDDUU TIS D D D 0 D 1 EC U U UD 00 U U U IT TTT TTT U U 0 UD 0 D B UD U U UI U U U D 0 D TIS 0 00000 dd D DD D 0 0 D 0 D D 0 D 0 0 D 0 0 0 0 0 0 0 0 L U 11 U Uecontext D D D 0 D UU Ud UO O UO D D D B D D EO D D UT UI DOU EC U 0 0 D D 0 0 D D 0 U U 0 0 0 Td IT TT TTT TT TT TT TOT TO TG 0 UD 0 0 UD 0 U U U U 0
4. 10010000100100000 00 D D D U 111 ODO 1111 1 LU U U U 1 U 10000 00 00 DD D 0 00 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 64 95 w ki Sh ared LI LI 4819 SR Research Report 2014 11 26 110 O 161 7410 0 0000 100 00 UU 13 0000 fr SBI Q U D D U LI LI 1997 D D D 0 1 D D D 0 D D D uu 0 0 D D D 0 0 D D 0 0 0 D D D 0 D D 0 U DADO BD ODO DO DD ODO DO TTT DO OD ODO 11 DO DO DO TO DO OD TTT TT TOGO CO U U U 00 20110 3000000 618100000000 1 147 0 D D D 100 20111 30000000 71940000000 3 2480 0 20120 30 1200000000000 New Context Inc 0040000000000 U D D 1 1 D D 1 0 0 U Lean Startup D D 1 D D U Eric Riel D D D D 0 0 D 0 0 pp 1 D 1 D U New Context Inc D D 0 0 d D d dd D 0 0 D D 0 0 0 D D 0 0 D 0 0 NC D 0 U U D D D D 0 D 0 0 0 0 0 0 0 0 0 U U Ries Lean Startup HOU DDD 0 D D 0 DD D D D D D 0 0 D 21 LU U UD U UD U U U U UD 0 UD 0 D 0 2012 2 2012 20 230000000 DoubleRecallQ 1171 DoubleRecall D D D D D D D D D D D D 0 D D D D D 0 D D D D D 1 U U UUUUUUUUUUUUU
5. UD U U U U U U D D 0 0 0 D D D D D Open Network Space 0000000 HOMUOU D D BO D D D D DD 0 D U 0 D D D 0 D D UD D 0 0 D 0 0 60 esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 u ANYPERK Inc 0000000000000 Ycombunator 9 OO u AppSocially Inc 0000000000 D U 500startups U O WHILL Inc 0 D 0000000000000 D 500startupsp D O JoUDOUDOU anna 8 13 600 LAT 600 8 558 11 043 14 822 10000 1000 10001 00 0 D D 0 0 D 00 sRIL LU U U UD 0 0 UU ODO 0 U U U TTT TT TTT UD U U UU TT U U U U U 0 U UI U U D 0 D D 0 D D 0 0 0 D 0 U 1 D 0 D D 0 D 0 0000000000 DU G 0 8 GT TTT TO TT TTT TT TO TG 1 1 U U UD 00000000000000 U U U UD UD 0 D U U U U 0 DO DO DO DO U TOT TT UD U U U U U 0 U 0 U 0 0 UD 0 U U L U U U U 00 DO U U U TT ODO U U U U U 0 U 0 U 0 0 UD 0 U 0 U U BOO U 1 DO DO U U TO 0 UD U U U TT 0 U 0 U 0 0 DD DO DO DO DO ODO OO CO E0 E ELO ELO EL BED U U U U 0 U ODO DO DO U TT TT U 1 U 0 UD 0 0 UD U U U U 00 TTT TOT TT 0 UD U U 8 0 UD 0 U 0 L U U BOB DO DO TTT TTT
6. 100 60 110 600 120600 130600 140600 L OO OO OO U U DD 00000000000 1 5 163 132 2 542 3 212 35 pao 00000000000 2 1 234 165 9 411 1 515 5 155 FCF 1 2 3 930 33 6 869 4 726 5 190 0000000 3 295 568 15 273 1 817 11 261 U U D aga ooo 1 1 1 A 423 370 396 1 557 1 387 1 1 B 357 829 1 936 816 1 1 401 301 379 100 576 O O FCF NI A B C 1 740 1 540 1 295 2 238 2 842 1 00107 U D D 0 D D 0 0 D DD 0 D DU D 0 0 D 0 DD D 0 0 D 0 DD 0000000000000 LU U U U 0 U U 1 U U D D OOO D D D 0 D D 0 0 0 DDD 3 0 2010 6000 20140 6 U UD D D D 0 0 D D 01 0 2010 6 11 D 0 D D 0 0 0 1 U 0 6 LU U UD U U U ODO U 1 UD 0 0 UD 0 U U UU 4 Shared search 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved LI LI 4819 SR Research Report 2014 11 26 LU U UD U 1 111 1 0 U U U spp00000 D 820124 6000 2014 6 11010101 20121 6 U U UD D D 0 D D D 56781 D D UD D U D D 0 0 DU 2549000000 U U 1 D D 0 D D 2014 0 6 0 D D 0 0 D D 0 D 0 D 0 D D 0 0 1 U 4 189 D D D D D D D 0 0 D D 3512 0 D 0 0 00 enr DOU 2013 60 DD DU DDD ODO ODO DD UD D D D 0 0
7. D ODO U 1 U 0 UD 0 0 UD 0 U U U U U U 0 IT TT TOT TT TT 1 U 0 U 0 0 UD 0 U U U U 81 288961 1 D DD D D 0 0 D D UD 0 0 D 0 0 D D 0 0 0 L U U 0 BDO DO DO DO U U 0 UD U 8 0 UD 0 U U U U U U BOO U UD DO U 0 TT TT 0 1 0 COLO ELO U U 1 D D D D 0 D 0 BIG 1 D B D UL UL D D 0 UU U U 1 D 0 0 0 D D 0 1 1 00 54750000008 118324000000 L64600 DOU 467 60 000000 7 0 1 1 1 0 LU U UD U U DO DO DD ODO DO U TTT TO TG U U U D 0 D D 0 0 0 00 300 660 0 0 0 0 0 U U UD D 0 0 D 0 D 0 D 0 D D D D D 0 0 37 G0 D 0 DD 0 D 0 DD 0 0 DD 0 111 ODO DO DO TT 000000 Betaworks Studio LLC 111 0 U U UD 0000000000000000 U U UD 0 1 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 LI LI 4819 SR Research Report 2014 11 26 20341 6700 300000 20140 50 140 0000 2014 6000 3000000000 0000000000 U U UD U D U U U Q 3 DU D 0 0 D D 0 0 0 D D 0 0 D D 0 D D D 0 0 D D U D 0 D POULO U U U U U UD UD U U 0 TT TO TG UD 0 0 UD 0 U 0 U U U U D U U U ODO D TT TT T
8. 2014 6000 100000 2013 111 1200000 2014 6000 100000000000 U 0 0 U 0 DO DO DO D L U U UD D D D 0 0 D D 0 D D D 0 0 D 000000000000 7273000000000 37 00 0 D sei Di D D D D 0 D D 0 0 51 0 0 D D D UD UD 0 0 0 0 0 0 U U 1 D 0 0 D 0 D D U 0 473000000008 183 40 D 1 LU L U U UU 38900000 82300000000 LU U U U UD U U U U U U UD 0 U U U 1 D 0 0 0 DUDU 3277000000000 16 67 1 11 20300000 34 10 00 U U U U 00 TTT 0 TT TT U U U U 0 U 0 U 0 0 UD 0 U U D D D D D 0 0 D UU econtext Asia Limited D 0000000000 U U U U TTT TT UD TOT TT TG 0 U U U U U DO TT U U TT TT U U U UD U U U U U Verifrans pPOSUI 1 1 11 dada UU 1 0 0 00000000000 U D D 1 D 0 0 D D D D D D D Verilrans 0 11111 U U 0 D 0 U U 1 D D D 0 3068000000000 29 80 I LD DOU 13600000 5 400 U U U U U U 0 DO 0 0 UD U 1 0 U 0 U 0 0 U U U U 0 0 DO TTT TTT TT D ODO U U U U U 0 U 0 U 0 0 UD esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11
9. 4819 SR Research Report 2014 11 26 U U 0 2007 600 U U 1 D nO D D D 0 0 D D 0 D 0 0 0 0 D D 4802000 1 O UD 3900000 17 329 0 D 0 0 0 D UD UD D D D 0 0 D D D Td UD D 0 D D 0 D D 0 0 0 U U U 1 D D D D 0 0 0 D D D D 0 D DD 5 3000 1 612 D D 0 0 D D 0 2 U U 1 99900 D D U D D D 0 0 0 D 0 000000000 247600000 LU U UD U 0 U 1 U 0 U 2008 6 0000000 20079 60000 400000 000000000000 000 1 1 1 U U 1 DD 222400000000 1283000000000 000000000000 U D D 1 600 D D D TT 0 D D 0 D D 0 0 0 D 0 0 D U D D 0 0 D D 0 0 0 1 UD 172 1 0 4350000000000008 17000 U UD D 0 D 0 1 1 11 11 1 1 0 D D 0 0 D 0 0 0 0 U D 0 1 DD 2 420 0 0 D D D D D 0 0 D UD 11 1 111 2009 6 11 11 D 1 1 DG 0 D 0 0 D D D D 0 0 000000000000 5 084 U D U DD U 1280 D D 0 0 GO TOO 0 D 0 0 D 0 0 D 0 0 D D 0 D 0 0 0 D 0 D 0 UG U 0 D 0 0 0 D 0 0 TT D D 0 D D D 0 0 0 00000 98100 DD U D 0 0 0 D D D 0 0 U DG U D U 0 D 0 0 D D 0000 U U 1 D 0 0 0 D D 1 1 44254000000 0 0 D U U D U D D 0 0 D D 0 0 UDD 15 854 D 00 0 D D D D D D 0 0 D 0 D D D 0 545100000000 2010 600 1 U 20099 6000000000000 D UDG U 0 0 D 0 1 U U D 0 0 D 1 1 1 1 26152000000
10. MONEY TREE PTY LTD J O MONEY TREEO 0 0000000 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 Moneytree 010 D D D U U UD U U U D 0 D 0 1 U 0 UD 0 U UD MONEY TREE QiPad WebQ 00000 000 O U U D UMoneytree U U U U DO DO U U U U U TO 1 DODO BOO DO DO DO TT TO TTT TT TT DO DO DD ODO DO 1 MONEY TREE 1 LL D DL B 0000000000 20131 80 20331 80 3010011000100000 07760 U U D 2013 0 90 30 DD D 0 DD 0 D D 1 0 U DD 228000000000 U U 1 D D D 0 0 D D D D D 0 D 0 0 235 596 0 D 0 0 I Un UDD U U U D D 47 119 200 0 D 0 D UD D D D 0 0 0 D U 0 D 1000 1000000 1 U 0 20140 6 0 0000 TT 2013 0 8 13000000 1 U U UD UD D 0 0 1 11 1 000 gg 5 D 0 0 0 0 0 D 0 0 U 2013 8 100000 000000000 10 8087310 U U UD U U UD TTT TT TT U U U U U U U U 0 U U U U U U U U TT TT U 0 0 UD 0 U U U U U U U U U U TO TTT TT TT U U 0 U 0 0 UD 0 U L U U U 0 0 DO DO DO TTT TT 0 UD U U 0 U 0 U 0 0 UD 0 U 0 L LU U U U
11. C ODO LI LI LI LI 100 60 D O O 4 800 3 155 324 2 239 79 3 413 220 14 208 430 2 504 2 819 1 946 2 249 5 498 19 706 1 021 2 809 5 743 367 9 941 670 265 936 10 877 1 836 5 522 1 498 11 60 O O O 4 785 2 501 912 1 466 70 4 351 259 14 345 377 3 306 3 596 1 769 2 103 6 076 20 421 541 2 519 6 169 705 9 933 351 241 592 10 526 1 872 5 558 2 399 120 600 O O 12 308 3 405 1 904 2 480 36 7 578 294 28 005 913 4 300 2 677 7 341 12 105 13 080 21 333 49 339 1 141 10 740 14 956 1 669 28 506 183 173 356 28 862 6 017 9 703 4 505 SR Research Report 130 600 O O 15 329 3 68 2 641 2 689 18 9 037 355 33 837 2 039 5 521 3 103 9 041 9 968 11 094 22 173 56 011 1 232 305 18 230 2 035 21 802 6 800 150 6 950 28 752 7 330 11 016 7 003 2014 11 26 14 600 110 24 295 889 8 064 3 659 21 8 597 69 45 455 2 159 10 644 3 619 14 808 7 355 8 588 25 554 71 010 1 630 3 691 16 434 3 06 25 461 8 841 218 9 059 34 520 7 399 10 817 9 616 00000 8 830 9 896 20 477 27 259 36 490 Dodo 1 297 996 1 375 1 474 2 050 3 480 2 870 10 923 7 105 12 332 UU OU 1 320 1 914 1 365 8 224 11 63 U U UU D D gt 1 D D 0 0 0 0 0 0 0 00 0 0 0 D 0 D 0 0 0 4 D UU UU U U D D D D 0 0 0 0 D D D 0 D D 0 0 D D 0 0
12. DO DO DD ODO DO TTT U TG 0 UD 0 LU U UD U U DO TO TO DO TTT U 0 U 0 UD 0 0 UD 0 U U L UU U 1 D 0 D 0 0 0 0 D 0 0 0 0 DD 2 U DD 0 Lean Startup 1 1 111 000000 TT 000 10 D D 1 U U Lean Startup D D D D CE D D D 007 Pivotal 0 IU D 0 D D D D 0 0 11 D D D D 0 0 0 D 0 DD 00 0 O Twitter Salesforce com O Groupon EH U Pivotal Labs L U U U U U U U U U U 0 D DD 11111 1 U 2010 0 0000000000 1000000 EdgeCase Ruby on Rals 00 0 0 0 U 11 D D D D D D D D D D U U 1 D D D 0 0 DO D D 0 0 D D 0 D 0 D 0 D 0 0 GAP 0 D D 0000 U U UD D D DUD D D 0 0 0 0 0 D 0 1 0 D 0 0 0 D 0 0 2006 0 D D D 000 HOO zonn OOOO U 0 D E 0 DDT QD 14 31 U D D 1 6 99 O D DD 8 1 8 1 D DU 3 84 U D D D DD Dn 1111 D D D D H 0 3 33 THE BANK OF NEW YORK MELLON SA NV BNY GCM CLIENT ACCT P RD LMGC 3 22 TISI D D 3 14 O00 00 000000 133524 3 02 MSIP CLIENT SECURITIES 2 17 no UD UU 000 000000 0000 1 81 0000000000 000000000000 505041 1 49 20141 6 a 4 Shared search http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 88 95 a
13. 0 D 0 0 D 2009 0 D 0 0 0 Q00 1571 1 108300 1111111111 40000000000 D 0 0 UD D D 0 D 0 D D 0 D 0 0 0 D D D 0 U A U O O O O O O O v i 7 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w U 1 U U U U 48191 040000000 2009 28 2011 SR Research Report 2012 2014 11 26 2013 000 0000 000 U U 000 000 UU 000 000 UU 000 000 U U 000 000 1111 11 1 000 000 UU 000 000 Lu 000 000 UU 000 000 DM 000 000 U U U U 00000000000 000 000 QUO 000 0 1 70 5 922 2 11 5 1 713 9 10 2 28 9 673 9 18 6 11 4 303 4 25 6 5 1 137 0 11 6 2 3 706 9 1 2 11 9 321 8 13 2 5 4 204 5 18 0 3 5 544 4 11 6 9 2 419 8 5 2 7 1 288 1 18 7 4 9 608 5 8 0 5 842 7 1 3 1 732 1 1 1 29 6 639 6 5 1 10 9 273 3 9 9 4 1 129 9 5 2 2 2 714 7 9 6 13 3 309 5 3 8 5 3 192 2 6 0 3 3 527 9 3 0 9 0 407 5 2 9 7 0 264 0 8 4 4 5 592 0 2 7 5 709 6 2 3 1 723 7 0 5 30 2 599 0 6 3 10 5 254 2 7 0 4 5 124 7 4 0 2 2 806 2 4 1 14 1 288 5 6 8 5 1 190 0 1 1 3 3 506 1 4 1 8 9 391 0 4 0 6 8 255 0 3 4 4 5 571 2 3 5 5 891 3 3 2 1 775 7 3 0 30 1 624 2 4 2 10 6 255 1 0 4 4 3
14. D 0 D 0 D D U 0 D D 0 0 2013 1 60000000 34000 420 0 0 D D UD 0 0 0 0 0 D 0 UD D 0 D 0 0 D D 0 0 0 L 11 11 D 1 1 D D 020 D D D 0 D D 2034000000000 U 0 D D D D D 0 0 0 D D 0 0 UP 00 0 0 0 0 0 D 0 0 0 0 0 D 0 0 U 1 1 U U D D U D 0 D UD D 0200 Online to Offline OO O O AdTechonology 0 D D 0 D 000 10 32 og DU d D D 4 DODO BOO DO DO DO TTT 07870227818 U U D D 0 0 D D 0000020130 60 D 0 0 D D D 0 0 D D 00 D 0 0 D D 0 0 UU BI GARAGE Bl GARAGE U D D Nn un D D 0 0 D D U UO D D D D D D DE 0 D D D OU UO D D D 7 D D OU U U D 47881 D D 0 D D 0 0 0 D 0 0 D DD 0 U U 1 D 0 D D 1 D 1 0 2006 0 0 0 D 0 UD UD 0 D 0 i D D 0 0 1 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared 4819 SR Research Report 2014 11 26 voUuDUDQOUCODCDOQDCQDOCOCQUOCOCOOCDOCOOCOOOCOCOODOCOQOOQDUODQOUDQDUDOO LU U UD U DO U UD ODO D U DO U U U U UI 1 U BI GARAGE TO 0 0 0 0 D D D DO DU DOO D 0 UD UD D D 0 DE D D 0 TU U LU U UD U U UD 0 D 0 U TT U U 0 U 0 UD 0 0 D 0 UD U UDDUDD 20139 110000000 00 DD 020140 UU DO U
15. TTT U U TG 01 U U 1 D D D 1 U CEON CMON CIOD D D D D UD 0 D 0 1 UU U D New Context D 0 D D 0 D D 801 NCS D D D D 0 D D Guardtime USA D D D D D D D D D U D D D D D D D D 0 0 0 0 0 0 0 0 0 Guardtime 1 00 D 0 U D 0 D D 0 D D 0 D D 0 D 0 D D 0 D 0 0 D D 1 D D 0 UD Guardtime U U D D U NCS 0 D D 0 D D D D 0 0 D D UD UD 0 D 0 0 0 D 0 0 0 D 0 0 0 UDUDDIUUUDUDDUUUUUDDDUUUUUUDUDUUUUUDDUUUKS 0000 LU U UD U 0 U U U ODO ODO U U U U 11 UD DU LU D Open Network Lab DADO BD ODO TO TTT TO TG OTO U U D D 0 0 D 0 0 000000000000 332801 1 D 0 D 3 1 23710 D 000000000 300 20101 4000000020110 900000 U U 1 D D 0 0 D 0 D D 0 D 0 0 D D 01000 70 0 0 A U U UD D D D 0 0 D D D D 0 0 D D 1 D 0 3 U D U D D D 0 D D 0 0 0 A 0 1 0 UE Td IT TOT TOT TT TT TO TOT TOTO D D O D 0 U U U U U U BDO TTT U TT TT 0 UD U 1 0 UD 0 0 UD 0 U U U UD D D D 0 0 D D D D 0 0 D D D D 0 D 0 0 D D 0 0 D D D 0 00 3000000 LU U U 0 U U U U U U U U U 1 D D 0 0 D D 20130 6 0 0 0 D 0 0 D D U D 0 D 0 0 D D 0 0 U U D D D 0 D D D 00400000 1090000 150 0 0 D D D UD 70 0 D D 0 D D U U BDO
16. U U U U DU 0 U U U U 1 D U U 581 1 0 00000 0 0 0000 0 00000 0 0 1111111111 U D UD D UD U U 0 00 3 30 1 D 0 0 0 U 710 L U U U U U UU g O O SWU Strengths Weaknesses U 0 Sh ared esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved y 3 SR Research Report 2014 11 26 U 1 U U U U 4819 LU 1 09 100 60 0 110 60 O0 120600 130600 140600 150600 HO OO OOO non 8 347 11 067 14 904 27 965 33 752 40 000 000 75 8 32 6 34 7 87 6 20 7 18 5 0000 1 717 2 785 4 259 6 432 8 217 ooo 86 2 62 2 52 9 51 0 27 8 10000 20 6 25 2 28 6 23 0 24 3 0000 960 135 1 622 1 322 2 608 4 500 000 1097 0 18 5 97 2 72 5 1000 1 2 10 9 4 7 77 11 3 OOOO 457 973 2 709 3 079 4 442 6 700 non 3 178 5 13 6 44 3 50 8 1 00 8 896 18 296 11 096 13 296 16 8 0000 2 208 901 2 106 2 716 2 847 4 000 000 133 896 28 996 4 896 40 5 0000 l 8 1 14 1 9 7 8 4 10 0 DODOODODO 006 186 186 219 236 47 231 EPS 11 959 7 4 879 2 9 759 0 12 041 9 60 7 85 1 ES 016 6635 4 873 1 9 753 8 12 027 8 60 5 DPS 0 0 0 0 1 000 0 1 000 0 5 0 7 0 BPS 47 496 8 53 120 2 93 072 2 109 7072 648 1 HHHH 00000 0 0 0 4800 4 78
17. 1 ITU Information Technology O MTU Marketing Technology FTU Financial Technology 10 3E H B UU LH LU U U U 00000002013 60 D 1111111111 1 111101 101010 1111111111 1 11 21 1 1 U D 1 D U U 11 11 11111 D 1111 1 1 1 1 U 160 U D 440 000 1111 U U U U 0 4010 1 UD U D D U D D D D 0 0 U U U U L U U U U U OOO U U U U U U U U LU U LU U LU U U U U U U U U U U U TH TT 111 U U U U UU 20150 en D D 0 0 0 0 D 0 0 0 0 0 0 0 0 D 0 0 0 D 0 0 D D D D D D U 11 U D U U DD ODO UD TT TT TT U U D U U U 18 127 1 D 1 1 0 D 31 71 D D 39800000 359 40000 U U 1 D D D 0 0 D D D D 1 1 1 1 43 10 D 0 D 0 0 0 D D U UN 3 374 1 U D 147 70 1 D D D 0 0 D D 78 0 D 0 100 50 20150 60 I D D D D U 40 0000 D 0 0 0 18 50 DD D D D 1 4 5000 I D 72 50 U D 0 6 7000 0 D 50 950 0000 U U D 1 D gt 111101 11 1 11 1010 0 U D D D 1 0 D D 0 D D 0 D D D D D D D D D D 0000000 U U UD 000 00 0 UD TT TT U U D
18. 4819 SR Research Report 2014 11 26 Snapette I DD 1 11 D D 0 0 0 0 D U 0 D D D 0 0 D D D U 0 D 0 0 0 0 UI LU U UD U U U 0 DO DO DD 0 U TT TT TOGO 71 U U TTT TT TT D D 0 U U D D 0 1111 gg 0 D 0 D 0 0 D D D 0 D D D 0 DG 0000000000 SnapetteQ O Ll U DU U U Snapette UU 0 UU Snapette N LU U UD U D U 1 U U 2032 30 20120 30 2900000 586 1 D 0 0 0 0 000000 10 8473000000 00000 58 D 0 0 D 0 0 D 0 D 0 0 111110 D 0 0 0 D D 0 0 D 0 LU U UD U UD UD 0 D 0 D 0 D U 1 1 U U U 0 58 dda 0 D 0 0 D 0 0 D D D D 0 0 D D D D 0 0 D 0 0 D 0 D 0 D 0 U U U UD U U U 0 U U U U U 0 U UU LU U U U 1 U U D 0 D 0 0 D 0 0 0 0 0 58 0 0 D 0 0 D 0 0 0 0 0 0 0 0 D 0 D D 0 0 0 LU U UD U U U 0 U D U U U U UD U 8 0 71 LU U UD U U 0 DO TO TTT TTT TT U U 0 U 0 UD 0 0 UD 0 U 0 U U U 1 U U SBI 0 0 0 0 0 0 0 0 LL U U 0 D po D 0 O D 0 0 0 0 0 0 0 D 0 D 0 D 0 D D D D 581 D 1 0 1 U D D D 1000000000 SB 0 0 0 0 D D DO D U D D D 0 0 D 0 U U U U D U 0 U U LU U U U 1 LU L 0000000000 DD DD DD DD DD D D D 0 D D D D L 000000 Td TTT TT UD DDD DD DD D D D D D D 7 111 111 11 1 11 ODO 000000 OO
19. gt San Francisco EdgeCase LLC Neo Innovation L Incubation Center Hu Singapore U U D 0 D U SRD 0 Digital Garage US Inc O Y DGUS Y 2011 d B d T H i 1 U U 111111 111111 111 D 20130 11 1 0 0 0 0 U 0 0 0 0 0 D 10 1 U U U 0 U U 0 D D 1111 1 1 1111 D 0 0 UO U Neo Innovation Ind New Context Inc O Digital Garage Development LLC 1 E H E E E HOO Neon 0000000000 New Context Services DGUS E U 111111 DOU 1 1 0 D D D 0 0 D D 0 0 U D 20110 8 100000000 D D D D D D D D D D D Pivotal Labs Il Google Twitter 1 I I 0000000000000000000000 U U U U 0 TTT TO TTT D U UD U U 0 LU U UD U UD U 1 U U DL 1 U D D 0 Dcus 0 0 0 0 D 0 DD D D uu Uu 0 D D 0 D 0 D D 0 0 D 0 0 ch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved va 1 y Sh ared LI LI 4819 SR Research Report 2014 11 26 DADO BD Td IT TO TO TT TTT TT TO TG OTO 71 LU U UD U U ODO DO TTT TTT TT TO TG 0 UD 0 0 UD 0 U LU U UD 0 0 U U U DD 0 U U U U TTT TOT U U U U 0 UD D 0 D UU LU U U UD 0 U UU TTT TTT D U
20. U econtex Asia Limited D D 1111111101 O D D 1 250 0 UD D 0 D D 0 0 0 U U 1 U 426 0 D D D D DD UD 56100000000 LU U UD U UD U U U 710 U U D 6603 D LD D D 17 30 LIU pOu 46300 000 41 40 UU U U U U Td IT TT U U TT TG U L U U UD D D D D D D D D D 0 D DUD 1 3100000000000 UDDDD 30 D 0 0 0 D D D D D D D D 0 D D 0 0 0 econtext AsiaLimited U U U DO DO U U UD 0 TT TT U 8 ELO EE U 1111111111 0 0 D DD D D DD D 0 0 0 DU D EU D 0 D D 0 0 D D 0 0 U U U U 00 U U TT ODO 0 U 0 UD 0 0 UD 0 U U U D D D 0 D D D 0 D U D 100 D D D 0 D D D 0 D D 0 0 0 D 0 D 0 L 1 1 1 D D 1 0 DUD D U 6625000000000 29 60 110 33500000 34 10 00 1 DO TT TT TOT 8 U BDO DO DO DO ODO DO DD 0 UD U 18 0 U U U U U U 1 0 DO DO DO DO TTT 0 UD U U U U U TG ELO ELO U U 1 D D D 0 D D D U D D D 1 52 68 89 n DD D D U U U U BDO DO Td TTT TT TTT TT UD U U U U 0 0 U 0 1 gt U U UD 00 U U U 0 U 1111111111 111 111 1 1 2 394 1 1 U 0 219 90 1 4710 L
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24. drd mF EP T 7 HMU Goodpelch ZA iRidge 5 13 SC ot 0207774 27 N x DO00000000000 20140 5000000000 10000000000 2 lt 0000000000 U DD DDD D 11 11 11 DU SRO O L UD D D D D D U U U D U U U U 1 1 D D Goodie 0 D PayPal QQ Twitter D D D UD 1111 D 0000000000000 0 DD SY 9 01 00000000 D SV Angel L U U U 11 i L UD U 1 U D D D D 1111111111 1111 U D U D U UU 500 Startups 1 IUIUUDUUUUUDIUDSV Angel D D D DO DO D D D 1 0 11 1 500 Startups 1 0 DO O BDO DO DO DO OOOO U U U 71 0 L U U U B Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved w LI LI 4819 SR Research Report 2014 11 26 U U U 00 Digital Garage US Inc D gt BERERIN READ Digital Garage US Inc D DD DDD OO D 9 06 New Context Service Inc Neo Innovation Inc y 88
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26. 2011 60000000 2430000 010000100100001000 0 ME esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 1 1 Twitter D D 0 D D D D D D Twttepo0 00000000000 U D D 0 0 0 0 0 D D D D D OO Twitter D D D 0 0 0 0 Ii I 0 D 0 DOUDOU 000000 O TT TT TTT TT DDD DD DD D D D D D U U D D D 0 D D U 0 D D New Context Inc LU U UD U D U 1 U U DL U U 1 D D D 0 D D 0 D D D D D D UD 0 245300000000 114 400 MOUD 118600000 169 9 UU UU 00000000 DDD 1 1 L UU UU 000000 DD 0 0 DUD 0 0 0 0 0 0 0 0 D DD D D D D D D 0 0 DD 0 U U UD U D U ODO U U D U 0 U U U U U U U UD 000 U U U U 20120 6 1 0 1 D D D 0 D 0 0 D 0 0 210 1 120 340 D D D U U U U U UD U D U U U U UD UD TT TT TT U 0 00D LU U U U U 1 D D 2011 600000 2012 60 0 0 DD D UD 0 D 0 0 D D 0 0 0 L U U 1 D D D 0 0 D D 0 SBI 0 0 0 D D D D 0 0 D D UD UD 0 20120 6000000 U U 1 D D 0 0 D D D 20139 6 D 0 0 D D D 0 0 D D D 00000000000 LU U UD U UD U U U UD TT TT U U U U U UD 0 D
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28. 0 U 0 OD OD OD DO U U U U 0 0 U 0 U D DOUDOU 2009 80 111111 0 DO 0 0 D U L 20101 50 O00000 Twitter 00000000 Twitter D D D 0 1 D D LU U U U 1 2010 60 NextDG U D D 0 0 D 0 0 D 0 2011 5 SNS Linkedin 0 20110 oll 9 0 1 20110 70 LU U U U 0 00 0 U U UD U U esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 201 1 11 Memolane E E EB E 20121 41 SBI CO D ODO 11111 11111 0 D 0 0 0 0 U U 0 U 2012 D 51 EC U D U DO 111 11111 11111 1 0 0 U 8 0 D 0 UU 111 U U U econtext Asia Limited 20120 100 U D 1 D U D 0 U D UD 10 L U 0 D 1 0 U 199000 U U UD D D D 0 0 D D 1 1 1983 000 0 D 0 D 0 0 0 D D 0 0 DD D 0 D D 0 0 0 U U D D D DUD D 0 D D 0 D 0 D 0 D D 1993 U 0 D U 0 0 0 0 D D 0 L L UDDDDD1995 0 D D 0 D D 0 0 0 0 0 0 0 0 1996 O O U Infoseek U UD D 0 D 0 0 D DDD DD BO 0 0 D D 1111886 111 U D D D D D D D D D 0 0 U infoseek I D D D 000000000000 U U infoseek 1999000 The Walt Disney Ti 00 0000000000000 8 U U UD U D U U U DD
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31. D 000000 341000000000 44400000000 3160000 LU 55 20 I 1111110101 D D D D D 0 D 0 0 4 0 D 0 0 D D 1 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved y 3 Sh ared 4819 SR Research Report 2014 11 26 3 BD ODO DO DO O TO TO DD TT TO TOGO D E U D D D D D D D D D D econtex Asia Limited 1111111011 0 E000000000000 71 U U UD 0000010100 Bul U U 1 UD D D D 0 UD 1 1 1 106000000000 4 98 U U D D D 0 0 D D D D 0 D 780000 11 TO TO DO TTT DO DO a E N a E E E G LU U UD TO TTT 0 U TT U U 0 U 0 UD 0 LU U UD U U ODO TO DO TTT TT U U 0 U U UD UE UD 1 U UD D 0 0 D 0000 TUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU 1 E BE DU DO TTT TO TTT TT TO TOT TOTO 98 LU U U U D U U U ODO ODO 0 U U U U U U U 00 DO DO DO U U UD UD U U U U U D OO ELO D U 9000000000 67 0 0 D D D D U D U DG 0 0 0 0 0 0 DD 000000 0000000000 2 D 0 0 D D 0 0 U U D 0 0 D D D D 0 200020140 12000000000000 L LU U UD 0 UD U U U 1 U UD U ODO 0 D lU D BD D L Sh ared ch a http www sharedresearch jp Copyright C S
32. U DUD U 0 ELE jm hi Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved LI LI 4819 SR Research Report 2014 11 26 U U U 0 000 U U LU U UD U U U Td IT TO U DO TTT U D UD 1 LU U UD U UD 0 Td TT TO TO TTT 0 U GT U 0 UD 0 0 UD 0 U U U UD U DO U UD DO U D ODO U 0 UD U U U U U U CELO D 0 LI 1 U Bl GARAGE 0 0 D 0 D D D DHL D 0 0 D 0 BD D D D LL D C D D D D 0 DO DU U U U U 00 DO DO DO U U TT UD 1 U 0 UD 0 0 L LU U U U U D 00 U U U U U U U 0 DO DO U TOT UD TT UD 8 0 UD 0 U L U U UD U D U U U U U D U 0 U U U U U 0 U 0 1 E ET RETO 9 14 PESARO A Got ies E f INCUBATION Y BIS aL 4 PWA V Lean Startup Fil kb Han 585 1 ec HEW CONT EXT H TA PIA MARKETING Webi E LRRD TTF AT OZE 1 FBHALYABR R DG amp lbex BLGARAGE Webi xc FE NaviPlus gt O2OBHEHEM TIS PAYMENT ARAROA 31 BWY gt OS 1 O econtext econtext Mveritrans b PZP Soy LL D ALEM PIPRABORAJT Sy U D U 0 D SRO ub do Shared esearch http www sharedresearch jp Copyright C Shared
33. U U U U 00 0 UD U U TT 0 UD U U U U U 0 U dg 0 L JIUUIUUUUDDUDODUUUUUUUUUUUUUUDUDUUUUUDUUDNUDODUUUU U U U U U U 0 DO U U U U TT TT TT U U L U U UD 00 U U ODO D U D ODO D U U U U U U UD HD 0 D 0 D 0 UI bati 4 Shared search 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a LI LI 4819 SR Research Report 2014 11 26 2012 9000 0 DO GTO 000000000000 ED U 0 U D D U U U U 10 1 1 1 1 1 1 1 1 1 1 econtext Asia Limited 0 2012 12 0 econtext Asia O U U D UD D D DD D DD D 0 0 0 D D D D 0 DDD D 0 00 0 D 0 L 11 1 U U U U U U 2013 econtext Asia 1 D 0 C C i 0 D D C 0 0 D 0 10 825301000 11 DO DO DD ODO DO TTT DO DO TOGO TO U U 1 D D D UU 0 D 0 0 0 D D 0 0 D D 0 0 D 0 0 D D D 0 D 0 D D D ECL U U UD D D D 0 0 D D D D D 0 0 D DD UD D 6 00000 O LU U UD U UD DO DO DD U U U DO 0 D TTT 0 U 0 CO 0 UD 0 U U LU U UD U 0 111 1 0 U 1111 1 1 1 1 POU aber e on Wa STRATEGY M W MF STRATEGY I a i b 1 BIAS En HL N PSFADOREER e HERB OFA PFO 2 e ECHAN JW WET ATRESIS HABEAS s ECE M amp A
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35. esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 LI LI 4819 SR Research Report 2014 11 26 U U UD 000 0 OD TT TTT 0 0 0 U U U D U 0 D U U U U UU 00000 DDD DDD 0 0 DD 0 DDD D D 0 D D D 0 D D 0 0 D SRED U U UD 0 0 U U UD 0 UD D TTT U U 0 U 0 U 0 U U U UD U U U U 0 U U 0 D IT UD U U U UD 0 0 0 U U U UD 000 0 TT TTT TTT 0 U HD U U UD U DO U UD DO OD DO U TTT TTT 0 U DB U U U 0 U OD D 0 U U U UD U U U U UD 0 DO DO OD DO TTT TTT TO U U U CI U U UD D 0 D D OOO D TTT U UD D 1 0 0 0 D D D D 0 0 SR 0 U U U 1 U U U Sh ared esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved y LI LI 4819 SR Research Report 2014 11 26 U LDLO DEO EEG TTT U U U 1000000 00 UD 0 10 DOU OOOD 0 0 U NK NK KK JE JE d o I O S PS S S PF PPP LSL y U 1 00000000203 D 0 0 D D D 0 D D 00000000000 000000 800000 0 D 0 0 0 00000000 20130 D D U 0 0 D D D UD 0 D 0 DD D 0 DD 0 D 0 D 0 1 9 381 1 U DDD 720300000000 2178 0 0 LD 0 0 D D D 0 0 D D 2004000 1 2006 D 0 D
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37. LU U UD U UD U U U 0 D 0 D 0 0 U 0 U U OU 111111 30000000 10 1 0 L Lean Glebal 3 gt 0H0 EE A Ek Pr Baa YLE dem PZ ef ROH gt Digital Garage E FT Ri DHO text a ASIA U U D 0 D SRD 0 U bati 4 Shared search 4 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved a LI LI 4819 SR Research Report 2014 11 26 SW Strengths Weaknesses O Strengths 0000 TT TT TTT TT TTT TTT D D D D D D D D D D D 71 U U UD U D U U U D TTT TTT U U UD U U DO U U U UD 000 000 UD ODO TT ODO U U U U 111 IT TTT U U UD 0 U U LU U UD U IT TTT 1 U U UD 0000 0 0 UD ODO ODO ODO U U TO DO U D D D Twitter I 0 0 0 0 I I i i i iu D D 0 0 D 0 0 D D 0 D D 0 U U UD U D U U U U dd IT TTT TTT U U U U UD U U U U U UD IT TTT TTT U U U U U 0 U 0 U 0 U U U UD U U U U U U DUDUDU DUD DDD DD DD DD DD D D D D D D D D D D D D D D D D D D D D U U U UD 000 000 UD ODO D TT TT U U U U U U 0 U 0 1 LU U UD 00 0 0 U U UD ODO U 0 TTT TT TO
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48. 3500000 UU UU 1 0 0 8500000 100 9007000065070 0 0 20130 600000000 1000 4 nn DD 25 0000 000 UU UU 0 1 6500 DD D D D D D U UU 2 8000 00000000 0 1 7000 D D D D D D D 1111 2080080880 0 D D 0 0 D D D 0 0 01 20120000000 EDUDU U U UD D D D 0 0 D D D D 0 0 D 20 0 D D 0 D D 0 0 0 D D U D 0 D 0 0 D D 0 1 U U D D 0 0 D D D D 0 0 D D D D 0 D 0 U 0000000000 U U UD U UD U U U ODO ODO D 1 0 D 0 0 0 U U 0 D 0 0 D 0 0 D D 0 D U D 0 D 0 0 0 0 D 0 0 D 0 0 D 0 D D 0 D 0 20 DOU U UD D 0 D 0 0 D D D 0 D 0 13 0 U D 0 DD 0 0 0 D 0 0 UU U U U U U 00 DO DO 0 UD TT U 1 U 0 UD 0 0 UD 1 U U D 0 D 0 0 ODO 0 0 D D D D DO 0 D 0 D D 0 0 D D D D 0 D EDU LU U UD U D U U U ODO UD TTT TTT TTT 810 11 11 1 1 11 11 ODO 2012 32 2012 120 210 0000000000000 10 3 D UD 10 U U UD U 0 U U UD ODO ODO ODO U D U D 0 D 0 0 U 0 U U U U 20129 120 210000 00777360 U U U U U U DO DO DO TTT TT TT TT OO U U U 0 U 0 UD 0 L U U DU 0 U U U U UD 1 0 1 71 60 LU U UD U D U 1 U U 20 1 D LU U U 30 UUUUUUUUUU che http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
49. D 6 0000000000 Digital Garage Development LLQ D D 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D 0 D D D 0 0 U LU U U U U U UD U esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 66 95 a Sh ared LI LI 4819 SR Research Report 2014 11 26 00000 TT TT TTT TT Td DD DD DD D D D D D D D D D D D 1 U U U D D D 0 0 D D D D D 0 D D D 0 D 0 D 0 0 D D D 0 06 0 0 0 D D 0 U 1002 000000000 0 D D D D GO OTO UD UD D D 0 0 UD UDGUS 11111 D D U EdgeCase LLC ll EdgeCase 1 U U New Context Inc 10 0 D D 0 0 D D UD D 0 D DDD D 0 0 0 D D 0 0 D NC 00000 2012 20 90 000 020120 6000 20000000000 0000000000 U U 1 D 0 0 D D 0 0 0 0 0 D D D 0 02012 0 6 0 D D 0 0 D 0 U U UD D D D 0 0 D D 0 10 D D 1 000 0 0 D D 000000 2012 1 2012 10 270000000 Intercom Inc D DO LU U U D U 1 DO 0 111 DUDU O TO D D 0 D 1 DG U 0 0 D 0 0 D 0 ttl O CRM Customer Relationship Management E H E E U Intercom 1 D D 0 U 0 UD D D 0 U 0 D 0 U U 0 Twitter 0 0 UL LU U U D U O 0 0 U U U DO UD U D 0 U U UD D U 0 0 U U UD U 500 Startups 111111 11 1111 111 D 1 U H U Intercom U 0 D 100000000
50. D 11 0 0 0 0 D 0 0 D 0 L LU U UD U DO DD ODO OD DO U D U U U DOU 1 UD 10 9747000000 20110 70 0 DU UD 1 20129 7000000 1111 1 4111111101 TUUUUUUUUUUUUUUUUUUUUUUUUU LU U UD 0 0 U 1 U 0 U esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 2012 60 20321 6 120000 000000000000 0000000000 00000000 U U D 0 0 D D DO DO 0 D D D 0 0 D 0 DU D 0 0 D 0 D 0 D 0 DD D 1 U 825300 UU 0 D 0 0 D D 0 0 0 U LU U UD U U 0 DO DO DD ODO DO TTT UD TO TG 0 UD 1 U UD In 2651000000 ECD 0 D 20120 6000000000 U U UD D D D 0 0 D D D D D D D 0 0 D D D 0 0 D D 0 UD 0 D UC 1 0 LU U UD U DO TTT TT 0 U 0 UD 0 1 UD U U UD 0 0 0 U 0 U U TTT TG TTT TTT 1 01 0 LU U UD U UD U U U U UD D 0 LU U UD dd Td TTT U U UD U 0 LD 0 U 0 U 0 butt 1111111111 ECD D 10 0 D 0 D 0 D 0 0 0 D 0000000000000 U U 1 D 0 D D D D 20 U 0 D D 0 0 UC D 0 0 D D 0 0 24 50000000000 U U U U U U 0 UD U 0 DD U U 0 U UD 0 U 1 LU U UD 00 U 1 U 0 U 20120 5 0 2012 50 1600000 Twitter O Site Streams API 11
51. DOUDOU U D D D D D Intercom 1 1 1 1 CRM D NON Web D D 00000000 DADO BOB DO TUTT TT TT TTT TT 19 U U BOB DO Td TTT TT TTT U OO UD U TO TO UTO U U U U U U BDO UD DO U D U OO 1 UD 0 0 D 71 AA A DOG OD DO RD TD DRU 201200 10 181008 D D D DOLO 0 LU U U 0 0 D DO DO D D UD U 0 0 D U D U UD UD U 00 UD U L U 10 Digital Garage US Inc 0 U New Context Inc O O L U U D U 1111111111 U U 0 ODO 0 DD 0 U U NC 1 1 D D U U 1 20 111 0000000000 10000 NCQ U U U U Pivotal Labs Singapore Pte Ltd 1 U D Pivotal 0 1 GO U U U EdgeCase LLC O U EdgeCase U D D U U LU U U U 0 00 000 0 U esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 111 111111 NC 0 0 D 000 0 DD U 00 0 0 0 0 D 0 UD UD 0 D 0 0 D D 0 L U U 1 D 0 D D D D D D D NC 0 0 D 0 D D 1 LU U UD U U U DO DO U TO TO U 8 0 UD 0 U U U 1 D 0 D D 1 D 0DG 1 0 0 0 D 0 UD UD 0 D 0 0 D D 0 0 0 U U U D D 0 0 D D D 0 0 D NC 0 0 0 0 D 0 0 D D D 0 0 0 U 11 DO DO DD ODO DO TTT TT TG OTO LU U UD
52. Innovation Inc LU U UD 0 0 U U U 0 U 20130 9 0 D D D 0 D D 0 0 D D 0 0 D 0 0 000 38 80000000 2 906 0 U LD 0 DD 607 0000404 64 1 UD DD 67 0000000 43000 4200000 U U 1 D 0 D D 0 28 D D 0000000000 54 60 00 394000000 UU Q 2 00 20130 1000000000000 U Moneytree 1 D D 0000000 Moneytree Pty Ltd D D U U UD 00 U 1 U 0 UL U U U U BOB DO DO U U TT D 0 UD U TT TG 0 U 0 U U 00 DO DO UD DO TT 0 UD U U U TT TG UD COELO 0 U U U D D O D D D DDD 0 0 D 0 0 D D 0 0 D 0 D D 0 0 D D D D 20130 111 1 D 0 DD DD D 0 0 0 0 D 0 D 0 D 0 D 0 0 0 D D D 0 D 0 D 1 LU U UD U UD U U U U UD 0 UD 0 D 0 D 0 0 U 0 U U esearch a http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 3 Sh ared LI LI 4819 SR Research Report 2014 11 26 2013 600000 2013 1 8 1300000 20130 6000000000000 20130 6 U D D UD D D 0 D D D D D 0 D 0 0 D D 0 D 0 D 0 0 0 D D U 0 D 0 0 0 0 0 U U U 00 TTT TO TTT TT UD U 1 UD 0 U U U U BOB TTT U 0 COLO ELO ELO EE U LU U UD 00000000 OL U U 1 1 1 0 0 1 1 27 964 D D D D 87 6 p 1000000 132200000 1850 00 0 0 0 D D D D 0 D D
53. LI LI 4819 SR Research Report 2014 11 26 U LLL U U UD U CEO 1959 D D 0 B D 0 0 0 D 0 1983 11 71 1 1994 D 1 D 0 U 0 D 0 0 0 D 0 0 D D D 0 0 D 0 O D D 0 000000000000 1 U 1995 D 0 D D 0 0 D 0 0 UD 0 D 0 0 D D D D 0 0 0 0 0 D 0 U D 0 D 0 0 D D 0 0 0 L 11 TO TTT TOT TT TOTO LU U UD U U DO DO DO U U TT TT U U 0 U 0 UD 0 0 U U D D D 0 0 0 D U D D D D CEO D D D D D 3 CEO U U 0 uuu 1966 U U D 0 0 230 0 0 U 0 U D D U 11 1111 1 U U 00 0 UD DU 00 0 L O000001994G TO HET OO 99511 11 11 111 TD 1 11 111111 1 11111 D 0 D PS Japon 1 UO U infoseekl 11 0 0002002 TO 0 0 D U D 0 U D U 0 0 0 U U 100 0000000000 2012 60000 New York Times O U U O E Massachusetts Institute of Technology U D D U Media tab D D D D D D D LLL DOU 2014 6 0 DD 0 0 DD U 0 D 0 0 0 00 4870000 238000000000 11 11 D 3560000000 5520000000000 40 4000000 IRO 11111 1111 1111110 11181111111 UUUUUUUUUUUUUU LU U UD 0 0 U U U 0 11 111111 D 0 D 0 Sh ared P esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 69 95 a LI
54. ODO DO DO DO DD ODO TG U U U U 00 DO TT TTT TT 0 U U TO 0 U 0 U U U U 0 Td U U TT D U U U 0 0 U 0 UD 0 0 UD 0 U 1 1 11111 1 0000 O 00000000 0000000000000 U U BOB TTT TTT TT TT TT DO 8 ELO EE U U U U U 00 0 DO DO DO U U TT TT 0 UD U 8 e hi Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 4819 SR Research Report 2014 11 26 2 LU U UD U U 0 DO DD ODO TTT TT UD TO U 0 0 LU U UD U 0 U U 1 1 U U U LU 000020120 800 20159 610 0 D D U 0 D 0 0 0 0 0 U U U U 0 BOB U U TO TT D 1 U 0 U 0 0 UD 0 U 0 U U U U U U BDO DO U TO TTT TT TT U U U 88 0 U U UD D D D 0 030 0 D D D D 0 0 D D UD UD 0 D 0 0 0 D DUD 0 0 0 0 0 0 U U UD U 1 U U U T U H 1 1 UU EBITDA Earnings before interest taxes depreciation and amortization EBITDA UDD d O ODO U U 0 U U Hd d U LU 20150 6000 EBITDA 100000 20120 6000000 50900000000 000060 1 2014 6 0 0 0 D D 2015 L U 8 901111
55. ODO OD DO DD U U U D DD HB U U U U U 0 U 2000 20000 0000000000 JASDAQI 1111 2002 D u uUA D D D HU 0 I D JUIUUIUUUUDUDODUUUUUUUUUUUUUDDUNUUUUUDUUDUDUUUU U U D D D 0 D D D 0 0 D D D 0 D 0 D 200 20050 10000 U U 1 D D 0 0 D D 1 D 2007 40000000 DG 0 D 0 0 0 D D 0 D D 0 0 0 DODO BOO DO DO TTT DO 78 U U U U 0 DO TT TOT UD 0 1 gl 01 U D 0 D 0 DO OO D D D D D D 0 D 0 0 D 087354 D GU Td OT TT TO TTT OTTO D B U D 2008 Twitter 1 p 10 0 0 D 0 0 D D D D D 0 D D DU 1 1 1 1 SR 0 00 D 0 00 U Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved gt 3 LI LI 4819 SR Research Report 2014 11 26 0 2014 00 2014 6 2700000 2014 60 D D 1 60 ODO 33 600 UU 1 010 LU U U 2 450 0 E UD 3 800 D D D U LU U 4 300 10 UD 10 000 2 750000 UD 2 1000 111 ED 58 59 UO 44 740 O U 4 U U UD D 0 0 0 D 0 D D D dd 0 0 D D 0 0 0 0 D 0 0 0 U LU U UD U U DO U TO U U TG 0 UD 0 0 UD U U U UD D nO D OOO D D D 0 0 D D 0 000000000 RO D D D 0 D D 0 0 0 1 1
56. Research Inc All Rights Reserved 18 95 m LI 4819 SR Research Report 2014 11 26 LU U U U U U U U 11 U D U 0 0 UD 120 600 130 600 140 600 2 610 5 475 100010 0 9o 162 1 U 1 U 1 632 290 1 646 0 62 5 11 6 30 1 00 0 D D 0 0 D 00 0 SRUDDU LU U U U U U U DO DO O UD UD D D U GT U D UD UD U 0 DD 0 DG L 111 U U Digital Garage US Inc Open Network LaH O O O Open Network Lab 0000000000000 U U 1 D D D D D 0 D 0 0 0 0 0 D D 000000 2 0 0 0 0 0 D D D UD L U U U 0 U DU IT TTT TTT TTT U U UD U U U U TOT GT U U ull U U 0 0 0 TTT TO TT TTT OO UD TO 01 DUDU 0 0 0 UUU MODO ODO DD GO TOGO TO 0 D UD O DT D OO DUD OA LU U UD U D U U U U UD 1 U U 1 D D 1 1 D 0 D D 0 0 TT D D D 0 0 D D 0 0 111111 D U Open Network Lab 0000000 2012 60 111 UD U U U U 0 0 0 D D D D D U U 0 0 0 0 UO TE EBE O DO DO 3808 O Digital Garage US Inc O O Neo Innovation Inc LI UU U Lean 91 1111 1 1 D U D D U D D U Neo Innovation Singapore Pte Ltd Pivotal Label Singapore Pte Ltd O EdgeCase LLC U U UD U D U U Q 09201341 100000000 D D 0 D D D D 0 D D 0
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94. T TO TO TTT TTT TO TOGO TO U U 0 D D 0 0 0 0 0 D D D 0 0 DD 2017 1 1 1 D D 0 D 2012000 1500 66 101 D D D 0 D 0 0 D 0 D D D D 0 D 0 0 D D 0 UD D D 0 U BOO DO DO DO ODO DO DD ODO DO DO DD ODO U U 1 D D 11111 01 010 1200 00000000 2200 LD UD U D D D 0 D D 0 0 0 U U U U 0 BDO DO DO U U U TTT TT TT U U U TOTO E CO ELO EL U 0 1 U D DCD D TTT 0 D 0 D 0 0 0 D D 0 0 D D 0 0 D D 0 0 0 L DO DO D DEO D D CELO DE CEU D D RHI E HIS 11 Ho BERE EH SIE E R EGO H aa U Pay 11111111111 1 111111111 11111 111111111111 11111 U 1 D DU 12000 11 LD 0 0 0 D UD 0 000000 770000000 O 1 1 00000 U UD 1 D D D 441 0 96 1 D 00000 9000 U U U U U UD 0 0 U U 0 D U U U U UD 0 0 LU U U L U U L DOBLE UD 40 70000000000000 U U U 0000000000007 LU U U L U U U U U U U 00 0 D D 00000 e Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved LI LI 4819 SR Research Report 2014 11 26 LU U U U U LU U LU L U U UD D D 0 0 1 D 2000 1 D D 0 D D 0 0 0 D 10 2651000 U U 1 D 0 D 0 0 D 0 0 15111 1 1 1 1 10 3626 00000000008 11 80587 D D 00 00 D 0 D D D 2008 10 0 0 0 D D 10 1 1 UD 0 0 0 D 0 0 D D D D 0 D D 120 0003
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97. TO U UD U U U U U U U 0 D 0 D 0 0 L LU U UD U U U TT TO TO TTT TT TT TO 0 U dg 0 L U D D D Pivotaltabs 1 00 0000000000000 Neo Innovation Inc U Nn gg D 0 0 0 D 0 0 0 HH U U D D U D U Neo Innovation TJ 02012 1 O Neo Innovation Singapore Pte Ltd Pivotal Labs Singapore Pte Ltd EdgeCase LLG O O EdgeCase I E EH E E ELE U U U Neo Innovation 1 0 1 00 U 1 1 1111 0 D D 1 1 000000000 LU U U D U DO DO DO U 0 U U 0 0 0 0 D U 8 U 1 DG LU U U 0 0 00 D U D UD U 0 0 D D U D UD U 00 UD U L LU U U 0 0 D D U D UD U D U D 0 D U U 00 UD U L LU U U 0 0 D U D U D 0 0 D D U UD UD LU U U 0 0 D U 111 1 U D D D U 012 LU U U D U DO DO D D 2 1 0 U LD 0 0 U UD 0 0 D 0 0 000000000000 1111 11 D U 00 1 20 1111 111 1111 U 0 0 UD U 0 0 0 D U 0 0 0 D U 0 0 UD U 0 U LU U U D UD DO DO D U U D D D 0 U 0 0 0 00 0 0 U 6 0 UD ttl 111111 U DO DO DO 0 UU 1 1 D D U U UU Lean Startup D 0 U D 11 0 U LU U U U D D U U U 20 1 1 Neo Innovation Singapore Pte Ltd H H 1 E E 1 111 UU U Twitteri O Salesforce com O Groupon U U O UU
98. TT TT 0 U U U U 0 U 0 U 0 0 UD 0 U U U U U PCDA QQ Pian U UU Dor 0000000 check D B UD Act 4D U U U U U U U U U U U U U U U U U U U U U U L U U U LU Sh ared jesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Ya LI LI 4819 SR Research Report 2014 11 26 LU U UD U DO U U DD ODO OU f No 10 7X lt 2ARF yin u n d UCE w27 520 BR3 Tya Ry FEES Rd RAUL IE ROIMONIA VLV APR CDR IROISE 2 8 6 10 98 SL ELSE D TEH ER DG Group I mans LERB FY pb AE RICA bl T AD TAD Y UAUMNR KAIA STIHA FF DA F24UT 4 G DG bT D d X piedad geg A Im DSP L7 HHT DMP Data Management Platform AE 228 CERRAH ERA LIZ E mm 6 mm AAA 7 ai BIGARAGE G NaviPlus miB com Q 22 U U D 0 D SRD 0 U U D D 1 O TT D D 0 D 0 0 0 0 D D D D D D 1 D D UU DGSIbexp O00 1 LD BI GARAGE E DU D UO D 0 30 111 L U U 0 DG amp l bex U 0000 0000000000020 Web I II Ii i i I UI IU BI Garage LU U U U UD D dd IT D D D 10 L 1 1 1 1 U U U U U 1 U 1 U U EC U U U U 1 1 1 1 1 U 1 1 U U U L U U D 30 LU U UD U DO U UD 0 LU U U 0 U U
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