The Japanese government on Monday decided a plan to sharply increase investment in innovative start-ups at a meeting of the Council of New Form of Capitalism Realization.

The goal of the council is to realize what Prime Minister Kishida Fumio has called "a new form of capitalism."

Toyota Mobility announced a prize money winner in its international mobility competition that challenged people around the world to come up with solutions to improve the lives of folks with lower limb paralysis. Finalists from Japan, Italy, the U.K. and the U.S. were considered, but Phoenix Instinct from the U.K. ended up walking away with the $1 million prize money.

The winning product? An ultra-light carbon fiber wheelchair with some innovative features. It's called the Phoenix Instinct, and it aims to advance the generally stagnant wheelchair technology industry to make it easier and safer to use. The wheelchair uses a leveling system to automatically adjust its center of gravity and make it more stable/easier to maneuver. A power assist feature is implemented on the front wheels in an effort to reduce vibrations through the body. Finally, it uses an intelligent power braking system that can automatically detect when you're going downhill, then adjust the wheelchair's speed and manage its descent.