In this study we examine the current state of industry-academic cooperation conducted at Japan’s national universities and government policies to support these cooperation programs, also analyzing cases of industry-academic cooperation by major national university foundations (the University of Tokyo, Osaka University, Kyoto University, and Kyushu University). Cooperation between businesses and universities is on the rise within Japan, centered on joint research projects and venture incubator programs at universities. According to data released by Japan’s Ministry of Economy, Trade and Industry, a total of 2,278 new venture companies were formed on university campuses in the year of 2018 alone. How can we explain the recent rise in active cooperation between businesses and universities in Japan? To formulate a comprehensive answer to this question, this study examines policy efforts by the Japanese government, measures taken to reorganize industry-academic cooperation systems at universities, and changes in innovative strategies adopted by businesses.