Türkiye this week unveiled details of a new strategy and program designed to help discover new companies with the potential to become unicorns – startups with a valuation of over $1 billion.
Attended by Industry and Technology Minister Mustafa Varank, the National Technology Entrepreneurship Strategy and Turcorn 100 Program was unveiled at an event that also saw new financial support being announced for startups seeking to embark on a global journey.
Varank said the national strategy seeks to create a pioneering startup ecosystem that will enable the development of qualified human resources, encourage entrepreneurship and boost financing opportunities.
On the other hand, the minister said the Turcorn 100 Program aimed at helping Türkiye to get new companies that reach billion-dollar valuations.
Meanwhile, applications for the International Accelerator Support Program have started. Startups, as well as investment funds and technoparks in Türkiye, will be able to benefit from this acceleration program support. Up to $50,000 dollars of support will be provided per initiative.
Among top 10 nations
Varank said around $330 billion, approximately half of the investment registered in 2021, was seen in 26,000 investment rounds in the first nine months of this year.
"Last year, 329 startups in Türkiye broke the all-time record by receiving a total investment of more than $1.6 billion. We have achieved almost the same figures in the nine months of 2022 and we think we will surpass them at the end of the year," the minister said.
"We have taken our place among the top 10 countries with the most investments. We see that the number of venture capital fund owners, angel investment and crowdfunding platforms are also increasing gradually."
Highlighting the importance of the roles of technology-oriented companies in the economy, Varank said that for this reason, they have made technology-based entrepreneurship the focus of both their development plans and the 2023 Industry and Technology Strategy.
New Turcorns
Varank stated that Turcorn 100 is a program that they have designed to bring out new companies that have reached a billion-dollar valuation from Türkiye within the framework of this vision document.
"This is a tailor-made program. If we want to reach new unicorns with the Turcorn 100 Program, it is a tailor-made program in which we can focus on which areas we need to intervene, where we need to invest. In this sense, we believe that our companies that benefit from this program will be able to achieve really important successes," he noted.
Drone exports
The event was also marked by the attendance of Selçuk Bayraktar, the chief technology officer (CTO) of Baykar, the developer of the Bayraktar TB2, an unmanned combat aerial vehicle (UCAV) that earned global fame for its critical role in several conflicts.
Bayraktar spoke of the defense and technology company’s journey from its first crewless aerial platform to a level today where it has been pushed into the global spotlight and transformed into a major manufacturer and exporter.
He also elaborated on unprecedented demand from abroad for their UCAVs and also discussed the company’s projects, spearheaded by Bayraktar Kızılelma, Türkiye’s first unmanned combat fighter jet.
In what turned out to be an emotional speech as Bayraktar talked of clues of the genetic codes owned by the company, he underlined that 75% of Baykar’s UCAVs have been exported.
Bayraktar also underlined that a new era would begin with the Bayraktar Kızılelma, which just last week completed its maiden flight.
The event was also attended by Presidency’s Investment Office head Burak Dağlığlu and Turkish Airlines Chair Ahmet Bolat, as well as executives of many prominent stakeholders of the national entrepreneurship strategy and Turcorn program, including Amazon, Softtech, Meta, Microsoft, Google, Turkcell and IT Valley.
Bayraktar’s wife, Sümeyye Erdoğan, who is also the daughter of President Recep Tayyip Erdoğan, and deputy ministers of Industry and Technology, Mehmet Fatih Kacır and Çetin Ali Dönmez, also attended the event.