24/11/2010
The last panel held within the Global Entrepreneurship Week activities at Sabancı University took place on Thursday, November 11th. Speakers of the panel titled “Resources for Entrepreneurs: Contests and Funds” were Galata Business Angels Secretary-General Kutlu Kazancı, Inovent General Manager Serhat Görgün, MIT EF Director Richard Kivel, MIT EF Turkey Representative Bülent Hiçsönmez and Sabancı University Faculty Member Ziya Boyacıgiller.
The last panel of the Global Entrepreneurship Week events at Sabancı University was held on Thursday, November 11th, and was titled “Resources for Entrepreneurs: Contests and Funds.” Speakers of the panel were Serhat Görgün (Inovent General Manager), Kutlu Kazancı (Galata Business Angels Secretary-General), Richard Kivel (MIT Enterprise Forum Director), Bülent Hiçsönmez (MIT Enterprise Forum Turkey Representative) and Ziya Boyacıgiller (Sabancı University Faculty Member).
Speakers explained various means for entrepreneurs to secure the resources they need when realizing their business plans, and provided information on noteworthy resources, competitions and funds across the world.
Serhat Görgün spoke about the establishment and activities of Inovent, a wholly-owned subsidiary of Sabancı University. Görgün explained that while Inovent had been initially established to support business ideas of Sabancı University students and faculty, it expanded to seek out and support innovative business ideas across Turkey. Görgün said that 16 start-up companies had been founded within Inovent so far, 8 of which were founded by Sabancı University students, and that the company phased out of two such establishments to date. Serhat Görgün concluded by extending invitations to all students with innovative business ideas.
Kutlu Kazancı began his speech by explaining that business angels were individuals that have the time and experience to devote to young entrepreneurs. Kazancı explained the structure of Galata Business Angels, and added that they support start-up internet and technology companies.
Ziya Boyacıgiller spoke from an entrepreneur’s standpoint, explaining why entrepreneurs need investors, and emphasized that investors provide financial support in addition to the ability to act rapidly, and bring the network, experience and credibility that entrepreneurs require. Boyacıgiller cautioned entrepreneurs against several issues: All investors invest in businesses that they know; the experience level and know-how of investors are important; the networking abilities of investors matter greatly; investors prioritize results and fast exit strategies; the growth potential of the market matters; and do not transfer the majority of your shares to investors. On ways to secure funds, Ziya Boyacıgiller explained that state institutions like TÜBİTAK and the Ministry of Industry and Trade have various enterprise funds, while many investors from Europe and the US have a wish to invest in Turkey. Boyacıgiller concluded by saying, “Make short-term plans. Try to convert your idea to production with small investments. Risk investors and business angels look for tried and true ideas.”
An entrepreneur himself, Richard Kivel explained that the MIT EF was founded 30 years ago by two entrepreneurs, and was now operating in 22 countries of the world, which would provide a global network to entrepreneurs in Turkey.
Bülent Hiçsönmez spoke about the MIT Turkey 50K Business Plan Competition (“50K BPC”) held with the cooperation of MIT EF Turkey and Toyota Turkey to support innovative start-up companies, giving cash prizes of USD 50,000 to the winner, USD 15,000 to the second place, and USD 5000 to the third place.
Bülent Hiçsönmez said that the purpose of the competition transcended the cash reward; the consultancy and mentoring services provided throughout the competition would realize the true potential of the projects, and cultivate an environment in which project owners could meet potential investors. Bülent Hiçsönmez said, “Applications will be accepted online from teams of three or more, two of whom must be Turkish nationals. The 50K BPC organization committee will support the teams with workshops on entrepreneurship in addition to the independent research and efforts the teams are expected to undertake with respect to their business plans. During the business plan preparation phase, the Committee will bring the teams together with volunteer experts of their respective industries, while the mentors assigned to the teams will help them make the best of their project presentations before the jury.”