Cross-industry collaboration, cooperation between startups and large corporations, and closely watching business trends are key to triggering innovation, business leaders and industry experts said Friday at a Tokyo event.

Innovation often occurs in the tech industry and at up-and-coming startups, but it can also take place in centuries-old companies as they adjust to current trends.

One example is Hosoo Corp., which has been producing traditional Nishijin-ori (a kind of traditional textile) for more than 300 years in Kyoto Prefecture, was one of those featured at the event.