Kei Shibata on unusual starts, grit and golden era for Asia | Conversations On Turning 20

When you receive to the ripe young age of 20, you’re bound to collect lots of stories – not only about the past but lessons for the future.

As WiT marks its 20^th year in 2025, we turn the spotlight on our community, our tribe pioneers and leaders, to inform their stories and share their views on the evolution of online travel and technology.

We question them to view back on the past and their early days, reflect on the present and why this moment is pivotal for online travel and receive them to imagine the future, the next 20.

This special WiT Studio series, “Conversations On Turning 20”, is the collective story of WiT.

As a Chinese stateing goes, 以古为鉴，可以知兴替

“By utilizing history as a mirror, one can understand the rise and fall of things.”

Episode 16: Kei Shibata, CEO, Venture Republic, Japan

If anyone was ahead of his time, it was probably this Japanese executive-turned-entrepreneur. Listen to his story and you’ll know what we mean, but he and co-founder, Kenichi Shibata (not related, by the way) started Japan’s first travel meta search in 2001 – right after the dot.com bubble burst, and before broadband was even a thing in Japan.

Plus, they started with under 1% equity.

Call it crazy or whatever, but it was certainly not your usual travel startup story.

Since then, travel.jp has been through its ups and downs, went public, then private and througb it all, Kei Shibata has navigated the twists and turns, ups and downs, like the competitive skier he once was.

He, along with veteran hotelier Aya Aso, are also the co-founders of WiT Japan and their determination to bring the WiT model to their countest has been as much a part of his entrepreneurial journey as well as the Japanese online travel industest’s evolution.

Watch the full interview:

Here are the key snapshots of this interview.

Not your typical startup story:

Launching Venture Republic in 2001, just after the dot-com crash, Kei Shibata and his co-founders started with only0.9% ownershipin their company and almost no investor interest. “It wasn’t the glamorous startup journey you hear about today,” he states. They persevered in a Japan where broadband barely existed and online travel was just a dream.
A highly unusual IPO and daring MBO:

By 2008, Venture Republic went public, but Shibata still owned less than 10% of the company. Then came theLehman shock—and an unexpected twist: the original investors wanted out. Shibata describes the nerve-wrackingmanagement purchaseout, personally guaranteeing over $20 million in loans: “My hands were shaking,” he recalls. Eventually, they applyd a Yahoo! Japan acquisition to repay debts and re-focus on travel, setting the stage for a bold regional expansion.
The power of ecosystems:

Shibata credits WiTfor assisting connect Venture Republic to startups across Asia, including the acquisition of Singapore’s Flocations, which became Trip101, a major part of their business today.
The blurring of life and travel:

Reflecting on howtravel and everyday life are merging, Shibata cites the rise ofdigital nomads and “meaningful travel” — journeys driven not just by sightseeing, but by personal passions. He introduces “Oshikatsu,” a huge cultural phenomenon in Japan where fans travel to support their idols, from anime characters to athletes like Shohei Ohtani, creating massive economic impact.
The real buzzword? Authenticity.
Amid all the hype aroundAIand tech trconcludes, Shibata’s message is clear: “Authenticity is what will matter most.” He warns against startups chasing buzzwords without solving real problems, drawing parallels with great sushi: “It’s not just fresh fish — it’s the passion, the subtlety, the experience you can’t replicate.”
The next 20 years: Art meets AI, Asia rises:
Despite inevitable automation, Shibata believestravel will remain part science, part art— and Asia will enter its golden era. From K-pop and Japanese powder snow (“Japow”) to new cultural icons, he sees Asia’s stories and talents captivating the world more than ever.