Istanbul: Trkiye is enhancing its support for startups at every stage of their development, from initial engagement with the ecosystem to global expansion, according to Anadolu Agency. Mehmet Fatih Kacir, Trkiye's Industry and Technology Minister, emphasized the nation's commitment to fostering technology entrepreneurship as a key component of its future success. Speaking at the Take Off Istanbul Startup Summit, he outlined the country's goal to create an environment where innovative ideas can thrive.
According to Anadolu Agency, Kacir highlighted the importance of innovation-friendly regulations, developed in collaboration with founders and investors, to enable new business models to flourish. The two-day summit, organized by the Turkish Industry and Technology Ministry and Trkiye's Investment and Finance Office, with Anadolu Agency as the global communication partner, showcased Trkiye's efforts to align policies with a forward-looking vision.
Trkiye is investing in equipping its young generation with future-ready skills, recognizing that access to finance is vital for transforming bold ideas into successful projects. The ministry has broadened the capital available to entrepreneurs, acknowledging that early-stage companies often struggle to meet traditional financing criteria.
Highlighting Trkiye's success stories, Kacir noted that Turkish gaming studios and startups in grocery delivery, fintech, and AI have made significant impacts globally. Since 2019, Trkiye has produced seven "turcorns," or unicorns, six of which received direct support from the ministry. The ambition is to see 100,000 tech startups emerge by 2030, with turcorns reaching a combined valuation of $100 billion.
New programs like the Turcorn 100 Program are being launched to support startups in scaling up. Kacir reported that 35 Turcorn candidates have received government and partner support to access markets and gain experience.
Turning to research and development, Kacir pointed out Trkiye's significant increase in R and D expenditures from $1.2 billion to $20 billion, raising its share of national income dedicated to R and D. This has led to a growth in skilled R and D personnel from 29,000 to over 310,000, bolstering the country's capacity to develop advanced technologies.
The minister also highlighted Trkiye's defense industry's transformation as a result of this R and D focus, underscoring the necessity for self-reliance in critical defense systems amidst regional crises and security challenges.