The special forum was aimed at showing people in Japan how they can move forward with business to develop the economy of the country that has been in decline.
Hiroshi Mikitani, the CEO and founder of the biggest e-commerce firm in japan Rakuten, hosted the conference, call the New Economy Summit where those in attendance were given tips on how to make their companies more competitive on the international stage.
The overwhelming advice given to the entrepreneurs was that they should not give up at the first hurdle if they are to be successful in the end.
Niklas Zennstrom, the founder of Skpe explained how the failure of his file sharing service Kazaa helped him to launch the super successful Skype instead.
Niklas Zennstrom said: “Don’t be afraid of failure, because usually that is the best learning experience.”
The conference which was held in Tokyo saw business leaders being joined by politicians to hear the advice given by the tech industry giants.
Andy Rubin, the founder of Android echoed the sentiments of Niklas Zennstrom when he told of how he first tried to use Android as an operating system for digital cameras before finally finding success with Android on smartphones.
Pinterest founder Ben Silbermann also said that to start his business had been very difficult. Pinterest is now valued at $2.5 billion but began with Nen running the company out of a two bedroom apartment.
He said: “In the world of companies, it probably had one of the worst starts. Very, very few people used it, but one thing that was important for me was that it was a better start than any of the things I tried before.”
Japanese Prime Minister Shinzo Abe sent a pre recorded video message to the conference where he said: “In order for innovation to connect to economic growth, businesses with new technologies must be created, and industries must be renewed.”
Companies in Japan now need to turn away from traditional manufacturing industry and to look to the future in online businesses – an area that they have been slow to work with.
By having inspirational speakers from some of the most powerful and successful and social media platforms the importance of connecting with customers through social media and online presence was highlighted as being instrumental for possible success in the future – even if that success does begin with failure.