Social enterprises (SE) are spreading around the globe rapidly. A remarkable example for them in Turkey is a beautiful new-born ‘givin’ which combines growing online shopping with social impact trends. Through givin mobile app, users can sell any unused items and donate the proceedings to NGO projects that they choose, very easily.
The exit. It’s become the startup north star, even before the startup has gone from idea to operation. What is it? What does it involve? In this month’s 212 Deep Dive, we talked to a few founders to find out.
What is it?
To start, it’s important to note that “the exit” is a financial goal post. Not all entrepreneurs start companies with the idea of selling it to another or even going public. As Yemeksepeti co-founder, Melih Odemis, notes, it depends on the entrepreneur.
Efendim, ben küçükken oldukça ‘gürbüz’ bir çocuktum. Hatta annemler övünerek (…) anlatır; çarşı pazarda benimle gezerken, insanlar durdurup hangi pehlivanın oğlu olduğumu sorarlarmış. O derece bir irilik.
Çocukluğumdan hatırladığım tahterevalli sahneleri var. Hepiniz binmişsinizdir; iki çocuk karşı karşıya geçer, yukarı aşağı iner çıkarlar.
Benim bindiğim durumlarda bu olmazdı; zira ben ağır olduğum için bir süre sonra aşağıda oturuyor olurdum. Üşenip bacaklarımla yerden yaylanmayı bıraktığım için diğer çocuk yukarıda kalır etrafa aval aval bakar durur, kimi zaman çırpınır, aşağı gelebilmek için debelenir, çoğu zaman da mızmızlanıp ağlardı.
Geçenlerde bir dostumla sohbet ediyorduk. Melek yatırımları hakkında konuşurken, bir yatırımı hakkında sorular sordum kendisine. O şirketi hatırlamadığını söyledi. Melek yatırımcı grubu kanalıyla yatırım yaptığı şirkette o kadar düşük bir yüzdeye sahip ki unutmuş bile ortak olduğunu…
Reflections of a Turkish VC, seven years on
In my last post, I reflected on trust and the pioneers of the Turkish startup ecosystem. Here are a few more “lessons” I’ve taken away in my seven years as a Turkish VC.
Resilience. When the unexpected is the norm, resilience becomes second nature. Silicon Valley may brag about innovation and failure, but Turks and those of us in the MENA region own resilience and the “pivot.”
Seven years ago, I boarded a plane at JFK bound for Istanbul. In 2010, in the wake of the global financial crisis, moving to Turkey didn’t seem like the wisest decision. Emerging markets, most pundits predicted, would shrink.
Imagine, then, trying to start a venture capital fund. I left many people wincing. “Numan will be back,” a few friends in New York said.
Seven years on, we’re going strong. A few weeks ago, I paused to trace that journey. I re-read some of the things that I’ve shared on this blog. Here are a few points that leapt out at me; points that made all the difference on that journey.
The pounding heart of tech in the region
by Karim Hussein
Egypt has been buzzing with entrepreneurial activity in recent years with ever expanding new businesses and a rich set of supporting institutions and communities. Egypt offers some unique opportunities within the region driven by a large online consumer population, a highly competitive core technology talent pool, a large untapped opportunity in financial services for an under-banked population and rapidly expanding energy demands driving the need for clean technology.
Egypt’s entrepreneurial ecosystem enjoyed some early government support in the last 10 years through several government financed technology funds and government sponsored incubation programs. Since the 2011 revolution, these have been significantly augmented by a growing ecosystem of private startup events, accelerators, incubators, angel networks, venture capital funds and community enablers. There are now over 20 accelerators/incubators, two significant angel networks in Cairo and Alexandria, several local and regional VC funds (with over $70 million in committed capital in the last couple of years), regular startup events throughout the country and an annual regional and international startup summit bringing together emerging businesses, investors, support services and most importantly eager young talent looking for exceptional opportunities.
2016 was a difficult year. From where I sit in Istanbul, this is what I saw: stifling emerging market growth; a plummeting Turkish Lira (20% decline); terrorist attacks in Turkey and Europe; a worsening refugee crisis; a coup attempt.
Any one of these would dissuade even the most ambitious entrepreneur in the West from launching a business. Not here. Entrepreneurs in EMEA are tough. I am in awe of the resilience the entrepreneurs demonstrated throughout the year. They did not just survive; they evolved, grew stronger and entered new markets. As you can see here: Continue reading
Assuring sustainability in your startup from the beginning especially in this environment but not strictly because of the environment is a must.
What does assuring sustainability mean?
It means, profitable growth and focusing on making money on day 1; as my father would say, “no money, no honey”.
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