GLOBAL ENTREPRENEURSHIP PROGRAM TURKEY

Transcription

1 GLOBAL ENTREPRENEURSHIP PROGRAM TURKEY Activity Report

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3 FOREWORD The Global Entrepreneurship Program Turkey (GEP Turkey) is a joint effort between the U.S. Department of State, the Union of Turkish Chambers of Commerce (TOBB) and the Economic Policy Research Foundation of Turkey (TEPAV). The objective of GEP Turkey is to bolster the entrepreneurship ecosystem in Turkey. To this end, GEP Turkey partners with an extensive list of organizations from the private sector, civil society, and academia within Turkey and U.S. Launched in June 2011, GEP Turkey organized a series of events in the last year-and-a-half. Our tent pole event was an Entrepreneurship Delegation of 15 prominent American earlystage investors and entrepreneurs who visited Turkey for four days, and --along with their 8 Turkish peers-- judged 32 finalists who participated in a Showcase of Turkey s Best of the Best Entrepreneurs. In addition to Showcase finalists, Delegates met with around 100 other entrepreneurs and started long-lasting mentorship and investment linkages with Turkish investors and entrepreneurs. Deputy Prime Minister Ali Babacan announced Showcase winners, and the Delegation participated in an entrepreneurship policy meeting with President Abdullah Gul..GEP Turkey also took a high profile role in the Second Global Summit on Entrepreneurship in Istanbul in December 2011, hosted by Prime Minister Erdogan and attended by U.S. Vice-President Biden. This report summarizes both of these events, as well as other GEP Turkey activities, including journalism workshops, Start-up Weekends, local eco-system strategy documents, and other conferences. We are grateful to all of our sponsors and partners that contributed to these activities and look forward to continuing working with you on upcoming projects. TEPAV has a dual role of leading and coordinating GEP Turkey and more broadly, providing thought leadership on economic development policy in Turkey. Because of these dual roles with respect to entrepreneurship and policy development, TEPAV has spearheaded a number of policy dialogues in Turkey that have contributed to some new entrepreneurship policy initiatives by the Government of Turkey, which are also highlighted in this report. TEPAV also convenes a Conference on Entrepreneurship Policies in November 2012 as a part of the Global Entrepreneurship Week, of which TEPAV is a lead partner. 3

4 The entire GEP Turkey program exists only through the vision and leadership of TOBB and its President Rifat Hisarciklioglu. GEP Turkey has greatly benefited from the continuing support of two key TOBB councils, TOBB Young Entrepreneurs Board chaired by Ali Sabanci, and TOBB Venture Capital Industry Assembly chaired by Goktekin Dincerler. TEPAV runs the Entrepreneur-in-Residence office and manages operations of GEP Turkey. GEP Turkey owes its existence to the support of TEPAV management and staff, and in particular to advice and encouragement by TEPAV Managing Director Guven Sak. The U.S. Embassy in Turkey, led by Ambassador Francis Ricciardone, Economic Counselor Laird Treiber and Economic Officer Tom Coleman, have also provided invaluable assistance and leadership. The GEP Program of the U.S. State Department was launched by U.S. President Barack Obama at the first Global Summit on Entrepreneurship in 2010 in Washington D.C., and Turkey has been the third country after Egypt and Indonesia. GEP was started under the leadership of U.S. State Department Special Representative for Commercial and Business Affairs Lorraine Hariton. Senior Advisor on Entrepreneurship Shelly Porges currently heads up GEP worldwide. Steven Koltai was GEP s first manager. He left the State Department in September 2011 but continued through his own consulting firm, Koltai & Company, LLC, to provide critical advisory to GEP Turkey and helped organize some of our key programs. On the working level, the day to day operations of GEP Turkey would never have been possible without the tireless efforts of Damla Ozdemir, Beril Benli, Nihan Siriklioglu, Anil Ozen, and Selin Kiral. I am deeply indebted to each of them. Most importantly, I thank the entrepreneurs, investors and others who have not only worked with us but inspired us to work even harder in the coming years to make Turkey one of the shining stars of entrepreneurship worldwide. Thanks and best regards, Ussal Sahbaz GEP Turkey Entrepreneur-in-Residence 4

5 PARTNERS 5

6 SPONSORS (2012) 6

7 PRAISE FOR GEP TURKEY (Entrepreneurship Delegation) This Delegation sets a benchmark for events on entrepreneurship in Turkey! Emre Kurttepeli, Chairman of Mynet Group and Galata Business Angels Network Meeting the amazing people on the delegation and hearing and meeting the energetic Turkish entrepreneurs made the week a truly worthwhile and once in a lifetime experience! Jim Boettcher, Founding Partner of Focus Ventures This delegation was both productive and inspiring. We are all excited to stay in touch both with the Turkish entrepreneurs and investors we met -- as well as with each other. Diane Hessan, President and CEO of Communispace I am confident I will invest in and mentor at least one company out of this trip. I have met with local investors and have started to look at least 7 companies. These are all with local investors and part of their existing portfolio. Faysail Sohail, General Partner at CMEA Ventures Two years ago, we would have had only clone companies and e-commerce companies. For the first time, I have experienced a big variety of industries. It s an indication of the change in the Turkish entrepreneurial culture. Sina Afra, Co-Founder and CEO of Markafoni I think the local technical talent stakes up against any of their colleagues at MIT, Stanford and Carnegie Mellon. It s absolutely cutting edge That was very surprising it was not what I expected at all. Saad Khan, Partner of CMEA Capital 7

8 TEAM USSAL ŞAHBAZ / Entrepreneur-in-Residence Ussal Sahbaz is an adviser to the executive director of the Economic Policy Research Foundation of Turkey (TEPAV). In this capacity, among other things, he coordinates the Turkey office of the Global Entrepreneurship Program. Ussal also advises the recently established TOBB Venture Capital Sectoral Assembly (TOBB Girisim Sermayesi Sektor Meclisi), an industry council to foster policy dialogue on private equity, venture capital and angel investing. Ussal Sahbaz graduated from Harvard Kennedy School with a master s degree in public administration and international development. His thesis on public policies to foster venture capital in Turkey got honorable mention award. He worked as a consultant to the World Bank in Washington D.C. He also worked as a competition economist at Turkish Competition Authority. A native of Ankara, Ussal holds a BS degree from the Middle East Technical University and an MA from Bilkent University, both in economics. İpek Beril Benli İpek Beril Benli holds a BSc degree in Economics and an MA degree in Law & Economics from Bilkent University. Benli worked as a financial accountant intern in a public accountant office(october-december 2010) and as marketing ambassador of YKM in Bilkent University (February- June 2009). İpek Beril Benli has been working at TEPAV since March 2012 and continuing her studies on entrepreneurship, global business bridges and development of the private sector. 8

9 Selin Kıral Selin Kıral joined TEPAV in August 2012 and assisted various projects, in particular the ones about entrepreneurship. She is experienced in the coordination and organization of events such as GEP - Entrepreneurship Delegation and TEPAV Constitution Platform. In addition Selin assists PR activities as well as data collection and analysis of the projects implemented in TEPAV. Selin Kıral holds a B.S. degree in Political Science and Public Administration from Middle East Technical University (METU). In METU she was a member of Entrepreneurship Club. Selin worked as an intern in the foreign trade department of Petkim Petro-chemistry Holding Inc. and in the Research Department of TODAIE. Emir Anıl Özen Emir Anıl Özen joined TEPAV in December 2010 and worked for various projects, especially about entrepreneurship and innovation. He is experienced in coordination and organization of the events such as 2nd Global Presidential Summit. Also, Özen assisted PR activities, data collection and analysis of TEPAV. Emir Anıl Özen holds a B.S. degree in Economics from Middle East Technical University. During his undergraduate years, Özen worked at European Cyclists Federation and Eczacıbaşı-Baxter. Damla Özdemir Damla Özdemir got her undergraduate degree in Economics from the Middle East Technical University in Doing an internship at the UNDP in summer 2009, she completed her studies in the "Political Economy of Late Development" MSc program in London School of Economics. Her dissertation on the rise of the SME's and a new middle class in Turkey, received High Merit. Özdemir joined TEPAV in October 2010, and continues her studies on entrepreneurship, innovation, the development of the private sector, private equity funds and political economy. 9

10 Nihan Sırıklıoğlu Nihan has been working at TEPAV since 2009 and is responsible for business development activities, in addition to assisting research and implementation projects. She also has her own entrepreneurship initiatives and writes columns in TR de Marka Magazine. In 2007 Nihan graduated from Hacettepe University Wood Processing Industrial Engineering department. Between 2007 and 2009 she worked in private company active in foreign trade. Nihan obtained her MBA degree from TOBB University of Economics and Technology in ÜMİT ÖZLALE / Academic Advisor After receiving his B.A. in economics from Middle East Technical University in1995, Ümit Özlale finished his Ph.D. in Boston College in 2001 and joined Bilkent University, Department of Economics. He received his associate professor degree from The Council of Higher Education in In addition to his academic studies, he worked as a consultant in Turkey s Central Bank, Economic Research and Monetary Policy Department and undertook several projects with Ministry of Finance as well as the World Bank. Since 2010, he has been working at the Training and Research Institute of Public Policy (TRIPP) in TEPAV and the founding chair of the Department of International Business in TOBB University of Economics and Technology. 10

11 ACTIVITIES Memorandum of Understanding Signature Ceremony, June 22 nd, 2011 Above: Fancois Ricciardone, US Ambassador to Ankara and M. Rifat Hisarcıklıoğlu, TOBB President signed the memorandum of the program. The memorandum of understanding for cooperation between the U.S. Embassy Ankara, TOBB and TEPAV on the Global Entrepreneurship Program was signed on Wednesday, June 22, 2011 by M. Rifat Hisarcıklıoğlu, TOBB President and Head of the TEPAV Board of Trustees; and H. E. Francis Ricciardone, US Ambassador to Ankara. In the conference M. Rifat Hisarcıklıoğlu, TOBB President gave information about the events to be carried out in the context of the one-year pogram such as; events tailored for universities, entrepreneurship curriculum development in pilot universities in cooperation with prominent American universities and study technology transfer system and technoparks. 11

12 Entrepreneurship Breakfast with Assistant Secretary Jose Fernandez, October 4 th, 2011 Above: Rifat Hisarcıklıoğlu is speaking in the Entrepreneurship Breakfast with Secretary Fernandez. The working breakfast with the participation of U.S. Assistant Secretary Jose Fernandez aimed an exchange of views on the development of entrepreneurship in Turkey, and the main focus areas of the GEP-Turkey program. Representatives from TEPAV, GEP, U.S. Government, U.S. Embassy, TOBB, Intel, Youth for Habitat, Inventram, Endeavor, TTGV, MIT Enterprise Forum, Sabancı University, Bilkent Cyberpark, NOVUSENSE, Bilkent University, METU, TOBB ETU, TÜBİTAK and entrepreneurs participated the working breakfast. The need for smart money, a safe investment climate, angel investors, mentorship and the organization of actors in this area were emphasized. Issues such as the development of entrepreneurship education opportunities via internet, focus on technology transfer offices and incubator models, and the completion of legislation needed in the area of venture capital were discussed. The Breakfast Meeting provided a roadmap of the upcoming GEP Turkey activities. 12

13 World Bank Turkey Innovation Report Launch, October 18 th, 2011 Above: The panel session of the event was held in TEPAV. World Bank Turkey s report Igniting Innovation: Rethinking the Role of Government in Emerging Asia and Central Asia were disseminated by GEP Turkey. The launch event was attended by wide range of audience from governmental bodies, private sector, NGOs, universities as well as potential entrepreneurs and others. As a part of the event, a panel regarding the conditions of and developments in the innovation process in the region was organized. Keynote speeches were given by TEPAV Managing Director Güven Sak and World Bank Turkey Director Ulrich Zachau. Panel speakers included TEPAV analyst, Esen Çağlar;; World Bank Europe and Central Asia Private Sector Development Director, Gerardo Corrochano and World Bank economist at the Europe and Central Asia Financial and Private Sector Development Department, John Gabriel Goddard. At the dissemination meeting of the report, the importance of the level and efficient use of R&D expenditures was stressed and recommendations for the report were reviewed. Attracting foreign R&D investment, restructuring research and development institutes, rethinking financial support instruments, and facilitating trade, FDI and entrepreneurial startups and spinoffs stood out as the main recommendations of the report. The participants also exchanged views on the Turkish R&D system, pointing out areas of innovation that need to be addressed by policymakers. 13

14 Istanbul Forum on Woman Entrepreneurship, November 1-2, 2011 Above: The roundtable meeting about women entrepreneurs. Participants: Ahmet Davutoglu, Foreign Minister of Turkey; Hina Rabbani Khan, Foreign Minister of Pakistan David Burns, Deputy Secretary of State, Ambassador Beth Jones and Mrs Marie Riccardione Vice President of TOBB, Faik Yavuz; Minister of Mining of Afghanistan, Vahedullah Shahrani; Minister of State on Investment of Pakistan, Saleem Mandviwalla, and Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Mohammad Akbar Khan. Fatemah Akbari, Shahla Akbari, Malalai Mir Abotorah, Andeisha Farid Mohammed Akram from Afghanistan; Shah Rukh, Shagufta Parveen, Sadaffe Abid from Pakistan and Aynur Bektaş, Şafak Çivici, Gamze Kiracı, Nazlı Ceylan Balduk Kurtul from Turkey. The meeting aimed to foster the activities of women entrepreneurs in the entrepreneurship ecosystem of the region by building a network of women entrepreneurs between Afghanistan, Pakistan and Turkey, as well as identifying the greatest obstacles and bottlenecks in women entrepreneurship, and producing projects of women entrepreneurs in these countries for the future. An exchange of experiences of women entrepreneurs took place during the event, and all participants agreed on creating new forms of cooperation in order to make a more systematic effort to develop women entrepreneurship in these countries. 14

15 Prime Minister s Global Summit on Entrepreneurship (2nd Global Entrepreneurship Summit), December 3-6, 2011 Above: The winners of Turkey Fast Growing 25 Program were awarded by Parliamentary Speaker Cemil Çiçek, Economy Minister Zafer Çağlayan, Development Minister Cevdet Yılmaz and TOBB President M. Rifat Hisarcıklıoğlu. Keynote Speakers: Vice President of U.S.A, Joe Biden; Speaker of the Turkish Grand National Assembly, Cemil Çiçek;; Deputy Prime Minister of Turkey, Ali Babacan Participants: Over 500 entrepreneurs, investors, venture capitalists, incubator managers, academics and government officials from around the world Second Global Entrepreneurship Summit under the theme of Entrepreneurship, Values and Development: A Global Agenda held on December 2011 at Istanbul Harbiye Convention Center under the auspices of Turkey. The Summit, hosted by Turkish Prime Minister Recep Tayyip Erdogan, was a follow up on the Presidential Summit on Entrepreneurship called by President Barack Obama in Washington, DC, last year to explore the role new and young firms play in unleashing innovation, creating jobs and driving economic growth. The Summit received great attention by entrepreneurs, entrepreneur candidates and investors. The sessions and events held as a part of the summit included the award ceremony for Turkey s fastest growing 25 firms, meeting of GEP and PNB partners, Turkey 15

16 Pakistan entrepreneurs forum, the report launch for GEM Turkey, an insiders roundtable on Turkish entrepreneurial ecosystem, a speed networking session, a workshop on mentorship and TOBB sessions on several topics. GEP & PNB Partners Meeting with Vice President Joe Biden Above: After the meeting of GEP and PNB Partners with Joe Biden. This small meeting that took place right after the opening speeches has provided an opportunity for select Turkish business leaders and key GEP partners to exchange ideas with Vice-President Biden. During the meeting, the Turkey branch activities of PNB program were discussed, and the progress of this partnership s continuing projects were also assessed. 16

17 Plenary Sessions Above: Linda Rottenberg CEO of Endeavor is making keynote speech. Opening Remarks: M. Rifat Hisarcıklıoğlu, President of TOBB and Lorraine Hariton, Special Representative for Commercial and Business Affairs, U.S. Department of State Keynote Speech: Linda Rottenberg, CEO, Endeavor Closing Speeches: Shelly Porges, Senior Adviser on Entrepreneurship, U.S. Department of State and Jonathan Ortmans, Chairman of Global Entrepreneurship Week at Kauffman Foundation Panel 1: Global Entrepreneurship Revolution Moderator: Usama FAYYAD, Founder and CEO, Oasis 500 Speakers: Dilawar Syed, President & CEO, Yonja Media Group, Haytham El-Fadeel, CEO, Kngine.com, Ali Sabanci, Chairman, Pegasus Airlines, TOBB Young Entrepreneurs Board, Ayo Megbope, CEO, No LeftOver Panel 2: From Silicon Valley to Istanbul: A New Hub for Venture Capital Moderator: Christopher M. Schroeder, CEO, Health Central; Co-founder, Online Publishers Association, Elizabeth Clarkson, Director of Global Network, Faysal Sohail, Managing Director, CMEA Capital, Ahmed El Alfi, Founder & chairman, Sawari Ventures, Goktekin Dincerler, Chairman TOBB Venture Capital Industry Council, Mustafa Abdel-Wadood, CEO, Abraaj Capital 17

18 Panel 3. Global Era in Entrepreneurship: Transformation of Entrepreneurship, its Contribution to Development and the Effects of Global Cooperation on Cross-Cultural Approximation This panel was opened with the remarks of the Minister for Development of Turkey, Dr. Cevdet YILMAZ. The opening speech was followed by a panel discussion, moderated by the Managing Director of TEPAV, Mr. Güven SAK. At the panel that involved heated discussions on entrepreneurship trends, panelists from various sectors contributed to the discussion, sharing their experiences in the global entrepreneurial ecosystem. These panelists included Arif NAQVI, Founder and CEO of Abraaj Capital, Leonard A. SCHLESINGER, President of Babson College and Ferit F. ŞAHENK, Chairman of Doğuş Group. Turkey Pakistan Entrepreneurs Forum Above: From left to right: Ahmet Kayhan, Founder and CEO REIDIN, Zafar Khan, Founder and CEO Sofizar, Prof. Erhan Erkut, President of Ozyegin University, Faisal Farid, Founder & CEO Maxim International, Cem Sertoglu, Founder Young Turk Ventures, Board Member and Dilawar Syed, Yonja Media Group President and CEO. Forum included an opening speech by Dilawar Syed, Yonja Media Group President and CEO and discussion by several participants to the panel. After the opening speech, during the welcoming remarks Allworld Network Pakistan Director Ahmad Jalal and Turkey Director Ozan Acar evaluated the situation of the entrepreneurs and fast growing companies in Pakistan and Turkey. Within this framework, the opportunities of possible partnerships among the fast growing companies of both countries were emphasized. 18

19 Insiders Roundtable on Turkish Entrepreneurship Ecosystem A roundtable event was held with the participation of Turkish entrepreneurs, venture capitalists and the panelists of the TOBB sessions in the Summit. The insider s roundtable event brought together managers Above: Insiders Roundtable was organized at at the Istanbul of institutions and funds that Congress Center. give support to entrepreneurs in Turkey and the world, discussing the shortcomings of the entrepreneurship culture, primary obstacles entrepreneurs face, the possible entrepreneurship development models for Turkey and the situation of incubators in Turkey. Two more roundtables were organized with special themes: (1) Global Entrepreneurship Week Stakeholders in Turkey with Jonathan Ortmans, head of Global Entrepreneurship Week at Kauffman Foundation. (2) Managers of main incubators with David Monkman, head of National Business incubation Association. Global Entrepreneurship Monitor Turkey Report Launch This session launched of the Global Entrepreneurship Monitor (GEM) 2010 report, and presented the findings of GEM for Turkey, announcing Turkey s bottlenecks in entrepreneurship and its relative position in the world. GEM is a global leading publication aiming to provide data that would enable researchers and policymakers to compare entrepreneurship environments in different countries. The event was attended by Len Schlesinger, president of Babson College. Mowgli Mentorship Workshop The Mowgli Foundation, an active organization in the UK and in MENA region provides mentors who inspire, support and empower entrepreneurs in achieving their business and personal potential, encouraging sustainable job creation and social and economic development. This two-hour workshop introduced the participants to key aspects of 19

20 mentoring to entrepreneurs. The importance of mentorship in sustainability of enterprises was stressed during the workshop. Endeavor Speed Networking Session Over 120 Endeavor network members gathered in Istanbul to participate in the 2nd Global Entrepreneurship Summit. This event provided a networking opportunity with them, involving different environments and topics to interact. Exchange Room and Booths 2nd Global Entrepreneurship Summit presented a great environment for entrepreneurs to exchange their business ideas in the Exchange Room. Many institutions, actively participating in the development of entrepreneurship in Turkey promoted their activities via booths at the halls of the Convention Center. Allworld Arabia 500 Above: After the award ceremony of AllWorld Arabia Fast Growing 500 AllWorld Network presents the largest collaboration of growth entrepreneurs from emerging countries in the Middle East, North Africa, Turkey and Pakistan. In this session, the result of Arabia 500+Turkey was announced and the entrepreneurs were awarded. 20

21 CRDF GIST Competition Above: After the award ceremony of AllWorld Arabia Fast Growing 500 This activity was hosted by TEPAV, CRDF moved to the final round of GIST Tech-I (GIST Technologic Idea Competition) from Jordan to Istanbul and announced the finalist during the Presidential Summit. 25 semi-finalists were trained on Business Models, Nuts and Bolts of the Executive Summary and the Pitch, Raising Funds for Your Ideas and Ventures. After presenting business ideas in front of a panel of international judges, the 11 most successful entrepreneurs received their prizes. 21

22 Bi-national Industrial Research and Development (BIRD) Foundation Workshop, December 20, 2011 Keynote Speakers: Limor Nakar Vincent (BIRD Foundation) Participants: Representatives from public and private sector institutions and NGOs that actively participate in Research and Development in Turkey; such as the Ministry of Science, Industry and Technology, Ministry of Development, TÜBİTAK, TTGV, Bilkent Cyberpark, METU Technopark and the U.S. Embassy. Above: Bi-national Industrial Research and Development (BIRD) Foundation Workshop in TEPAV. This event was not indicated in the initial budget of GEP-Turkey Project. The meeting aimed to have a better understanding of the matchmaking mechanisms between the U.S. and Israel that allowed the development and sale of numerous innovative products in the U.S. market. Hence, the possibility of a Turkish BIRD institution was discussed. The meeting hosted the director of the U.S. Business Development and BIRD Energy department of BIRD foundation, Limor Nakar Vincent, who made a presentation about the mechanisms, structure and investments of the BIRD model. 22

23 Entrepreneurship Journalism, Media Workshop with Scott Kirsner March 27th, 2012 Location: TOBB Facilities, Ozyegin University, Istanbul Participants: Senior and Junior Journalists from Bugün Daily Newspaper, Radikal Daily, Vatan Daily, Hurriyet Daily, Ekonomist Daily, Dünya Daily, Habertürk Daily, Anadolu Ajansı, Infomag, Bloomberg Business week Turkey, Endeavor Above:Scott Kisner and the participants in Media Workshop. Representatives and Entrepreneurs representing Digitouch Media Group and Webrazzi. The media workshop targeted 20 participants and aimed to increase the amount of entrepreneurship news and improve the content of them. The half-day workshop started with the comparative evaluation of entrepreneurship news in Turkey and USA by Scott Kirsner followed by comments from two leading journalists of the Turkish Media. Going through the examples of the entrepreneurship news in the States, stories of Turkish entrepreneurs were discussed. 3 entrepreneurs also participated in the workshop and answered journalists questions. Scott Kirsner is the chief technology columnist for Boston Globe. 23

24 Entrepreneurship Journalism, Media Workshop (Development of Entrepreneurship News) with Donna Fenn, May 28th, 2012 Participants: Senior and Junior Journalists from Bugün Gazetesi, Dünya, Bloomberg Businessweek Turkey, Radikal, Anadolu Ajansı, Businessweek Turkey, Vatan, Emlak Kulisi, Infomag, Posta and Entrepreneurs representing HemenKiralik, Balerin as well as an investor from 212 Ltd. The media workshop concentrated on increasing the amount of entrepreneurship news and improving the content of them. The half-day workshop started with the comparative evaluation of entrepreneurship news in Turkey and in USA by Donna Fenn, followed by comments from leading journalists of the Turkish Media. Above: Donna Fenn. Going through the examples of the entrepreneurship news in the States, stories of Turkish entrepreneurs were discussed. In order to increase the awareness of entrepreneurship it was also emphasized to increase news about investors. Two entrepreneurs and an investor also participated to the workshop and answered journalists questions. 24

25 Entrepreneurship Delegation to Turkey May 28th June 1st, 2012 Above: Award Ceremony of Entrepreneurship Delegation. GEP Turkey launched its Entrepreneurship Delegation (EDEL) activities, comprised of 15 leading American entrepreneurs and early-stage investors and 8 Turkish investors. The Turkey EDEL delegates are entrepreneurs and investors at the forefront of their respective industries, including: e-commerce, mobile applications, telecom, information and communications technology, biotech, agribusiness, alternative energy, and pharmaceuticals. Delegates have taught at leading U.S. universities, authored more than a dozen books on business and management, and have a combined $50 billion in venture investments across hundreds of companies. Collectively, the group has been involved in more than two dozen IPOs (see attached list of delegates). As a part of the EDEL activities, American delegates joined with Turkish investors in judging the Showcase of Turkey s Best of the Best Entrepreneurs, a business plan competition featuring 32 of Turkey s most promising entrepreneurs and brightest innovators. The EDEL also spent time mentoring companies whose businesses did not make the final competition through speed mentoring events in both Ankara and Istanbul). Over the course of the four days, the delegates interacted with an estimated 300 Turkish entrepreneurs. EDEL members are already actively pursuing over 30 new investments based directly on this trip. The first investment decision by one of the delegates Bob Stringer to WeDecide, a finalist of the Showcase, has been announced in October

26 Showcase of Turkey s Best of the Best Entrepreneurs (Business Plan Showcase) The centerpiece of the EDEL was the business plan competition, the Showcase of Turkey s Best of the Best Entrepreneurs. The competition s semifinalists were chosen from 153 nominations submitted by more than 30 organizations, including Endeavor, Massachusetts Institute of Technology (MIT) Enterprise Forum, Middle East Technical University, Bilkent University, and Ozyegin University, that sponsored business plan competitions throughout Turkey over the past year. The startups competed along two tracks early-stage and growth-stage, and came from sectors as diverse as mobile applications, green energy, education technologies, gaming hardware and software, e-commerce, agribusiness, fashion, biomedical products, and image processing. On May 30 th, the top three winners of each category were announced at an Awards Ceremony & dinner that was attended by Deputy Prime Minister Ali Babacan along with over 350 guests. The winners received cash awards and were invited to the United States to meet with additional U.S. investors, customers, suppliers and model entrepreneurs from companies such as YouTube, Twitter and Instagram (see list of winners below and full list of finalists attached) to widen their networks. The showcase winners are listed below. Early-stage competition 1 st place: Green Age Tech wastewater treatment technology, Mehmet Enes Kutluca, Istanbul 2 nd place: Antropi Education Tech smart board software company, Abdullah Erdogan, Istanbul 3 rd place: Exa-Tech - optical sensing software for sports performance management, Serdar Alemdar and Emre Ercin, Istanbul Growth-stage competition 1 st place: Hemen Kiralik short-term rental web platform, Rina Onur and Remi Onur, Istanbul 2 nd place: InfoDif image processing system, Kerem Caliskan and Salih Eren Parlakgumus, Ankara 3 rd place: Hediyemo social and mobile gifting and payment platform, Altug Acar and Pinar Kart, Istanbul 26