On a journey that has taken in South America, West Africa, Western Europe, Russia and Japan, curiosity, an adventurous spirit and an entrepreneurial bent have been Dominik Steiner’s fellow travellers.
Born in Switzerland, an early childhood in South America was followed by primary school in Nigeria, the family accompanying his engineer father. He adapted swiftly to his new environment — as children can — including the six-hour roundtrip to school. Political turbulence saw a president assassinated a few hundred metres from the family home. “It was tense for my parents, but for me it just went into the experience box.”
A flying start
Overriding memories are of an idyllic life with a beach house and a motorboat. Meanwhile, frequent flights sparked a desire in the young Steiner to become a pilot; later instrumental in his career.
Back in Switzerland to complete his education, his business acumen was evident at 17, when he leveraged parttime tennis coaching work to offer a racquet-stringing service. At the same age, he availed himself of the opportunity to begin national service flying pre-training three years early. Later, he went to Canada for his private pilot licence. Piloting charter flights across Europe helped pay for university.
Entering finance upon graduation, Merrill Lynch was followed by Bridge Information Systems, which took him from Zurich to Hong Kong and then to Japan in 1999.
“When Bridge went into Chapter 11, the company split into three parts. I ran the Japan piece. I tried an MBO but lost to Reuters. I moved back to Switzerland, joined Reuters, and helped integrate Bridge. Around then I realised I didn’t want to be employed anymore.”
A couple of years travelling with his Japanese wife provided space to think, “and resulted in our first two children,” he recalls with a laugh. Steiner came up with a somewhat unorthodox but straightforward strategy around funding: “Wealthy people have private jets or big boats. So, I joined TAG Aviation in Geneva, running global aircraft management, mostly to get close to potential investors. It worked. A French billionaire said, ‘If you ever have an idea, let me know.’ Six months later I did, and he funded my first start-up.”
He moved back to Japan to launch a private jet management business but found the domestic market was effectively non-existent. Russians turned out to be his biggest clients and he ended up spending significant time in the country, getting to know its people and culture in the process.
We’ve been expecting you, Mr. Steiner
One episode involving a Russian oligarch client tells more like an encounter with a James Bond villain than a business meeting. Summoned by the oligarch’s right-hand woman, Steiner was greeted with the words: “So, you stole money from us.” Adding to the tension, one wall of the meeting room was a huge tank full of piranhas, which the oligarch’s associates had previously told him, “Start moving weirdly if there are bad vibes in the room.”
Thankfully, Steiner was able to reassure his inquisitor that the ‘missing’ $2 million from the large deposits he kept for the jets were fuel and pilot payments that he intentionally kept separately to prevent misappropriation. “I don’t know how many times I looked at that aquarium during the meeting but the fish weren’t moving around much, so I figured I was good.”
After selling the business, he forayed into IoT, technology and fashion media, then IT services, followed by roles as investor, director and advisor with a series of startups.
Starting anew
Bringing his broad and deep experience, he co-founded the startup-focused 650 Fund, named after the Palo Alto area code, one of its operational locations alongside Japan and Switzerland. Launching in 2019, the pandemic forced a scaling back of funding ambitions, though boosted the fortunes of the portfolio ventures that were involved in vaccines and diagnostics. “We’ve had several exits already.”
A larger 650 II Fund took flight in summer 2025, concentrating on early-stage tech ventures that have some connection to Japan. All five partners are deeply knowledgeable about the country and its business environment. Pushing innovation and boosting the startup ecosystem are top priorities, according to Steiner, who believes the pandemic accelerated Japanese entrepreneurship.
Japan is wealthy enough, he argues, that a start-up can thrive entirely within its borders. But the system to scale from seed to exit is still incomplete. “Incubation is good. But after the first $500,000, there are very few VCs willing to invest $250,000 to $2.5 million. Our fund focuses right on that missing middle.”
Steiner also acts as a mentor at the Okinawa Institute of Science and Technology, where they have created a hub for founders to work and unwind. “I give seminars on raising money, networking, incorporating companies: things they don’t teach at university and help founders in the IST community.”
With 650 III slated for 2027, Steiner feels his work is far from done: “I want to reduce the fear Japanese founders have about going abroad, and the fear foreigners have about Japan. Yes, Japan is slow and bureaucratic, but once things run, they run steadily. That’s what I want to build on after 20 years here.”
Text: Gavin Blair for SCCIJ
