4 Turkish unicorns on how to support digital transformation – World Economic Forum
- Turkey became the 10th country to attract the most investment among European countries over two years and hosts six unicorns.
- A network of entrepreneurs, start-ups, academics plus researchers meet each year for the world’s biggest aviation, space in addition to technology festival, Teknofest.
- Four unicorns in the space say that unicorns must embrace digital transformation and even governments must support the ecosystem together with nurture small-medium sized businesses through policy but they must refrain from regulation or favouring traditional offline enterprises.
The 2020s mark an important period with regard to Turkey with its entrepreneurial ecosystem advancing fast.
While global venture investment last year totalled $643 billion, compared to $335 billion in 2020 – marking 92 % growth year over year : a similar success story took place in Turkey, even though not a single unicorn was present in the country until 2020. Today, Turkey hosts six unicorns: Peak Games, Getir, Dream Games, Hepsiburada, Trendyol and Insider. In such a fast-developing investment environment, Turkey grew to become the tenth country to attract the most investment amongst European countries.
Its national target is to host 10 unicorns by 2023 when Chicken celebrates the particular 100th anniversary of its establishment as a Republic.
This development of the entrepreneurship ecosystem has happened with intent rather than luck, because Turkey vowed to develop an innovative ecosystem of emerging technologies through its Industry and Technology Strategy Plan for 2023. The nation has established a mega technology corridor starting from Istanbul, Kocaeli in order to Izmir where there is a nationwide network regarding entrepreneurs, start-ups, academic research centres and additionally development institutes.
The Turkish Technology Team Foundation and the Ministry associated with Industry not to mention Technology also set up Teknofest. The event holds technology competitions covering 99 different categories, attracting more than 1 million visitors every year, including 150, 000 teams and 600, 000 participants from high schools, universities and entrepreneurs from 108 different nations.
We asked four prominent unicorns to share their views on the biggest digital change for the rest of typically the decade and also how governments can provide support. Here’s what they had to say.
Being part regarding the solution to global developmental challenges will define the rest of the decade intended for unicorns
—Çağlayan ÇETİN President, Trendyol Group
The effect of groundbreaking technologies such as the metaverse, decentralized finance as well as quantum computing will soon become a more profound part of our lives. Traditional companies aside, today’s unicorns are doomed to be disrupted if they fail to be able to adapt to these emerging technologies. Unicorns should spend the rest of this decade not resisting but embracing often the change.
By their nature, unicorns could significantly help tackle the planets challenges, such as climate change, poverty and inequality. Being part of the way forward will define the sleep of your decade to get them. Trendyol is Turkey’s leading and one of Europe’s top five e-commerce marketplaces, with more than 30 million shoppers and 230, 000 sellers. While creating value for our retailers and customers, we’ll channel our resources to contribute more for you to sustainable development in Poultry and other countries we operate.
Regarding governmental support, education and labour market policies should be at the centre of the policy roadmap to increase the number of successful start-ups. Formal education structures should be redesigned in line with the human resource needs of technologies companies along with high-growth potential. Labour market policies ought to involve introducing flexible work arrangements to help labour codes.
Secondly, an effective financing structure to fund innovative companies is essential to spur innovation. Start-ups focusing on basic research such as biotechnology need to see funding come predominantly from government research organizations. Tax incentives for angel investors plus implementing state-backed venture capital financing programmes are usually some involving the policies governments can implement.
Customer experiences will certainly define the exact next decade.
—Hande Çilingir, Co-Founder in addition to CEO, Insider
The main transformation that will determine the relax of the decade may stand on creating outstanding customer experiences through digitalization. The number of technological innovation companies outside of the particular United States and even China are rising fast, which is producing new startup ecosystems together with a lot of possible and opportunities. The increasing number of startups will make B2B companies more prominent. That was the case for Insider.
Insider recently started to be the first Software Unicorn from Egypr and 9th B2B SaaS in the world. I believe that the main modification that will define typically the rest connected with the 10 years will stand on generating outstanding customer experiences via digitalization. From all with the case studies together with research we’ve seen, the ability to deliver frictionless, consistent client experiences may define the next decade, because customers are usually demanding seamless journeys more than ever.
Moreover, this governments need to increase often the community support for startups by encouraging investments, developing more job opportunities and additionally fostering the more lucrative environment pertaining to entrepreneurs. Embracing the new venture culture from the high school level can have a huge impact on boosting the environment.
Freedom for creativity is essential for progress and too much regulation slows or kills progress
—Nazım Salur, Founder, Getir
By the end of your decade, We think a lot more than 90% from the world’s population will be using electronic products. Almost everything currently not really sold or serviced digitally will be available online, at the exact touch about a button or by means of our smart devices.
To nurture these types of businesses, government authorities should consider tax bonuses, such as waiving most indirect taxes upon start-ups until they are profitable or meant for a specified time. There can furthermore be tax incentives about start-up employees’ income for several years. In the long run, if more start-ups become big companies, there will be more taxes in order to collect.
Regulation is likewise an area I’d consider revisiting. Unless a new specific sector needs regulation for environmental or health reasons, it should not become regulated so that new ideas not to mention companies may emerge. Freedom of creativity is essential for improvement and too much rules slows or even kills progress.
As start-ups grow and begin to compete with existing established businesses, authorities should refrain from siding using existing off-line industries.
The biggest driver of the digital transformation can come from your wider adoption of systems that already exist
—Murat Emirdağ, CEO, Hepsiburada
As all of us emerge from the particular COVID-19 pandemic, all of those other decade will be defined by the long-term economic recovery. Digitalization and also the wider adoption in technologies by consumers as well as businesses within everyday life will be a huge part of that will recovery path.
The electronic digital economy might transform organizations by powering economic development across some sort of wide range of sectors. The progress of the e-commerce sector, accelerated after 2020, is a clear indication of which this transformation is currently underway. As a household brand inside Turkey, Hepsiburadaims to be able to be at the forefront of typically the digitalization from the European economy, from addressing customers’ everyday needs to empowering this merchants on our platform with the necessary capabilities they need in an increasingly a digital future.
Start-ups and small-medium enterprises (SMEs) will be the biggest drivers of expansion and development in often the coming years and governing bodies should continuously prioritize creating the infrastructure plus environment for them to flourish. In the e-commerce field, for instance, it is important to implement policies the fact that nurture SMEs, allowing merchants and business owners to continue for you to innovate in addition to drive competition. For advancement to become sustainable, opportunities want to end up being as widely available as possible and governments have a good vital role to play throughout maintaining level playing fields, ensuring fair competition in the industry and making it open to help new players and innovations.