enterpreneurship07

Entrepreneur-Investor Meeting : Entrepreneur-Investor Meeting : İstanbul, November 2, 2007İstanbul, November 2, 2007

““Leveraging Networks for Leveraging Networks for Venture DevelopmentVenture Development””

A. Mete ÇakmakcıA. Mete Çakmakcı

Entrepreneur-Investor MeetingEntrepreneur-Investor Meeting : : November 2, 2007 – November 2, 2007 – İstanbul İstanbul


TTGV : In Few WordsTTGV : In Few Words

A Public Private Partnership – Established in the form of a Foundation : public A Public Private Partnership – Established in the form of a Foundation : public

ownership with mownership with mixix public/private board composition. (DPT, TÜBİTAK, DTM, public/private board composition. (DPT, TÜBİTAK, DTM,

Treasury, KOSGEB + private business professionals)Treasury, KOSGEB + private business professionals)

Private Entity with a Public Mendate : nimble, flexible, accountable (40+ permanent Private Entity with a Public Mendate : nimble, flexible, accountable (40+ permanent

staff)staff)

Exclusive focus on private sector,Exclusive focus on private sector,

Not for Profit Operations – Sustainability Required : mutually alligned interest for Not for Profit Operations – Sustainability Required : mutually alligned interest for

success with the clients (“smart money”)success with the clients (“smart money”)

““Most Advanced Institutional Investor in VC/PE funds in Turkey”Most Advanced Institutional Investor in VC/PE funds in Turkey”

Since 1991, has been running public programs on Technology Development soft Since 1991, has been running public programs on Technology Development soft

loans to private companies, and environmental compliance in the private sector.loans to private companies, and environmental compliance in the private sector.


Entrepreneurship in TurkeyEntrepreneurship in Turkey

Global Entrepreneurship MonitorGlobal Entrepreneurship MonitorGEM 2006 ReportGEM 2006 Report

Strong motivationStrong motivation

Low survivabilityLow survivability

Low creativity and adaptationLow creativity and adaptation

Naïve expectationsNaïve expectations

Mostly life-style profilesMostly life-style profiles


On EnterpreneurshipOn Enterpreneurship

Entrepreneur is a person who is willing and Entrepreneur is a person who is willing and ableable to convert a new idea orto convert a new idea or inventioninvention

into a successfulinto a successful innovation innovation (Schumpter - 1950)(Schumpter - 1950)

EntrepreneurshipEntrepreneurship is about is about taking risktaking risk. (Knight – 1967 ; Drucker - 1970). (Knight – 1967 ; Drucker - 1970)

Entrepreneurship is about Entrepreneurship is about identifyingidentifying, , valuingvaluing and and realizingrealizing opportunities. opportunities.

Entrepreneur, with no regard to the resources currently under hisEntrepreneur, with no regard to the resources currently under his/her/her command command

relentlessly pursues opporunities. (Timmons)relentlessly pursues opporunities. (Timmons)

EEnntreprenuers treprenuers are prone to are prone to overconfidence overconfidence and and over over gengeneeralisationsralisations.. (Busenitz & (Busenitz &

Barney 1997)Barney 1997)


Entrepreneur & EnterpriseEntrepreneur & Enterprise

Enterprise

Entrepreneur Skills, Qualities, Vision

““Right TimeRight Time, , RightRight ProductProduct//ServiceService, , Right PlaceRight Place, , RightRight PersonPerson””

Business Plan Execution

Opportunities Market, Customers, Competition

Resources Networks – Skills Information & Intelligence Programs, Investors etc.

60% (ave.) of all start-ups that has grown successfully does so with a modified business plan.60% (ave.) of all start-ups that has grown successfully does so with a modified business plan.


Radar for Radar for Fast GrowthFast Growth

Well offWell offWell educatedWell educatedWell employedWell employed

Male, 25 – 49 years oldMale, 25 – 49 years old


Enterprise & NetworksEnterprise & Networks

Creating the “Garage Effect”Creating the “Garage Effect”

Most skills & information needed is outside. Most skills & information needed is outside.

A linear cascade process is difficult.A linear cascade process is difficult.

IdeaIdea

OpportunityOpportunity

PlanPlan

BusinessBusinessStart-upStart-upDevelopmentDevelopment

Market Entry Market Entry & Growth& Growth

““Exit”Exit”A “must” for A “must” for an investoran investor


Concept

Seed

Product Development

Market Development

Business Plan

Production

Product

Technology/Engineering

OperationalControl

Financialability

Cash

Board of Directors

Team

CEO

Sales

Marketing

Bell-Mason Start-up ModelBell-Mason Start-up Model


System andProcesses

Delegation Capability of the Founders

Human ResourcesVariety and Quality

Consistency of Personal and Commercial Priorities

Cash Strategic ManagementSkills of the Founders

Take-offSurvival

DifferentiationGrowth

ExistenceMaturity

CriticalImportance

ManageableImportance

AlmostIrrelevant

Idea to EnterpriseIdea to Enterprise


Intellectual Capital DevelopmentIntellectual Capital Development

Fastest start-up value accumulates in Intellectual Capital. Fastest start-up value accumulates in Intellectual Capital.

Transfer of experienceand mentoring are extremely critical.Transfer of experienceand mentoring are extremely critical.


Kaynak : Dr Shailendra Vyakarnam Judge Business School, Cambridge

Social NetworksSocial NetworksThe Cambridge ICT ClusterThe Cambridge ICT Cluster


TTGV : Our VisionTTGV : Our Vision

Gradual non-captive spin-off processGradual non-captive spin-off process

In-house capacity toIn-house capacity toselect, close, manageselect, close, manageand divest. and divest.

ProfessionalProfessionalExpertsExperts

InvestorsInvestors

Lead-invest, Co-investLead-invest, Co-invest

Services, ConsultancyServices, Consultancy

ValidationValidationCredibilityCredibilityReferenceReference

Identifying opportunitiesIdentifying opportunitiesPre-incubation, Pre-incubation, mentoring, ,mentoring, ,advise (if needed)advise (if needed)

High-tech start-upsHigh-tech start-ups

Institutional InvestorsInstitutional Investors


Israel : A Networking ApproachIsrael : A Networking Approach

Programs by IDF to develop technological leadership (such as the `TALPIOT ` Programs by IDF to develop technological leadership (such as the `TALPIOT `

Program)Program)

Modeled after Large Corporations development programs in the USModeled after Large Corporations development programs in the US

Identify and develop unique solutions to unique problemsIdentify and develop unique solutions to unique problems

Resources provided with assigned responsibilityResources provided with assigned responsibility

Venturing, team building and networking are encouraged.Venturing, team building and networking are encouraged.

Mutual track careers in research and fieldMutual track careers in research and field

Total IPR transfer for civilian applicationsTotal IPR transfer for civilian applications

Many of the most successful ICT start-ups are founded by graduates.Many of the most successful ICT start-ups are founded by graduates.

Provides deal flow for investorsProvides deal flow for investors

Recommendation : A National Technological Leadership ProgramRecommendation : A National Technological Leadership Program


[email protected]@ttgv.org.tr

www.ttgv.org.trwww.ttgv.org.tr

Türkiye Teknoloji Geliştirme Vakfı

Cyberpark, Cyberplaza B-Blok Kat:6

Bilkent 06800, Ankara

enterpreneurship07

Documents

enterprise networks

modified business plan

private sector

public programs

cambridge social networks

public private partnership

private companies

cambridge ict cluster