Emrah Yalaz - String Ventures - Turkey - Stanford Engineering - Feb 24 2014

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Talk by Emrah Yalaz, String Ventures, Istanbul @ Stanford Engineering, Feb 24 2014. Website: http://me421.stanford.edu

Talk by Emrah Yalaz, String Ventures, Istanbul @ Stanford Engineering, Feb 24 2014. Website: http://me421.stanford.edu

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  • 1. Turkey’s  Emerging  Startup  &   Venture  Capital  Ecosystem   Emrah  Yalaz   Founding  Partner,  String  Ventures     www.stringventures.com         Stanford  Engineering   European  Entrepreneurship  and  Innova@on   February  24,  2014   1  
  • 2.              Emrah  Yalaz     LeS  Chicago  for   SF  to  pursue   tech  startups   1998   2005   2007   2009   Teaching   tech   startups     Cofounded   2012   2013   2014   QRM   QRM  signed     Early   adviser  to  Silicon   employee   35  of  top  50   Interna@onal   Valley  startups     in  product   banks  in  US   Expansion   2  
  • 3. Turkey  Seems  Ripe  For  a  Tech  Boom     World's  15th,   Europe's  6th   economy     67m  mobile  users   38m  on  3G   36.5m     Internet  users     5th  in  Europe   185%  YoY   Smartphone   growth   33m  Facebook     10m  TwiXer  users      (top  10  in  World,   top  3  in  Europe)   Startup  Ecosystem   building  up  rapidly   Source:  The  World  Bank,  IMF,  TK.gov.tr,  comScore  Media  Metrix,  SocialBakers,  GP  Bullhound  LLP,  Semiocast,  Flurry     3  
  • 4. Turkey  Is  Sizeable,  Young   popula@on=76m,  median  age  =29.3   Source:  TurkStat,  UN   4  
  • 5. Istanbul  Is  The  Center   City  Center   5  
  • 6. Istanbul  +  Ankara  =  Income  +  Universi@es   Istanbul   Ankara   Source:  Time  World  University  Rankings,  UN   6  
  • 7. 20+  Early  Stage  Accelerator/Incubators   7  
  • 8. Seed  Financing  Dominated  by  Aslanoba   8  
  • 9. Startup  Ecosystem  Building  Up   2012:  <200  Angels  invested  $10m       2013:  Aslanoba  invested  $38m  in  37  startups.   Turkish  Government  introduced    75%  Angel   Investment  tax  write-­‐off,  highest  in  Europe     2014  Expected:    >600  Angels  and  $200M       9  
  • 10. Venture  Capital  Dominated  by  Foreigners     Hummingbird  $300M  fund  based  in  Belgium   $40M  in  Peak  Games  (social  gaming)  with  EarlyBird     EarlyBird  $800M  fund  based  in  Germany     Peak  Games,  seed  in  Metrekare  (real  estate  classifieds)     General  Atlan@c  $20B  PE  fund  based  in  NYC   $44m  in  Yemek  Sepe@  (GrubHub  clone)     Tiger  Global  $2.8B  PE  fund  based  in  NYC.  Mynet  (Yahoo   clone),  $26M  in  Trendyol  (Gilt  clone)  with  KPCB     RTP  Ventures  $750M  fund  of  RuNet  Holdings  in  Moscow   $3M  Investment  in  Lidyana  (fashion  ecommerce)   10  
  • 11. Marquee  VCs  and  Corps  Are  Lurking   11  
  • 12. Turkish  VCs  Play  Catch  Up     iLab  both  an  investor  and  incubator,  focuses  primarily  on   classifieds,  price  comparison  and  ecommerce   investments:  Gipgidiyor  (ebay  clone),  Kariyer.net  (online   job  pos@ng)     212VC  largest  early-­‐stage,  local  $30M  VC  fund     investments:  Solvoyo  (supply  chain),  CloudArena  (hotel   management  Saas)       12  
  • 13. Problem:     20+  Turkish  Accelerators  +   Seed  Programs  +  Angels  =   liXle  innova@on  +  lots  of   ecommerce  +  copy  cats     13  
  • 14. Why?   14  
  • 15. 1.  Not  adop@ng  US   model  to  fit  Turkey’s   ecosystem     YC  model  works  for  YC   15  
  • 16. 2.  Missing  out  on  top   talent     VCs  fail  to  differen@ate  great   technical  talent  from  good   16  
  • 17. 3.  Investors  without   innova@on  background     VCs  lack  product  and  growth   marke@ng  skills,  few  experiened   10x  tech  solu@on   17  
  • 18. 4.  Limited  connec@on   to  Silicon  Valley     LiXle  experience  about  what   Silicon  Valley  demands  and   how  it  operates   18  
  • 19. Solu@on  ≠  Accelerator   Accelerator  =     Shallow  talent  pool  →  Compe@@on-­‐like  applica@on     →  Batch  Process  →  Graduated  Rapidly     →  Investment  Frenzy  at  Demo  Day   Disserves  Investors  and  Technical  Founders   19  
  • 20. Solu@on  ≠  Incubator   Incubator  =   Shallow  talent  pool  →  Compe@@on-­‐like  applica@on     →  Batch  Process  →  Provide  Office  Space     →  Keep  Around  with  government  subsidies   Yields  Zombie  Startups   20  
  • 21. Solu@on  =  New  VC  Model   1.  Win  the  talent  war  early:  scout  and  recruit  top   technical  and  design  talent,  especially  at  universi@es     2.  Inject  product  know-­‐how  early  and  retain  talent  to   build  products  aiming  at  global  or  regional  leadership   3.  Place  growing  products  in  Silicon  Valley  to   overcome  the  shallow  ecosystem  (e.g.  YC  prep-­‐school)     21  
  • 22. Sample  Porxolio  Companies     22  
  • 23.   imcom   revolu@onary     furniture  buying  experience   using  depth  sensors  and   projec@on  mapping   www.imcom.com.tr     23  
  • 24. 24  
  • 25.   Surfio     fully  interac@ve     gesture/touch-­‐controlled   large  surfaces     www.surfio.com     25  
  • 26. hXp://bit.ly/1hIY8Y9     26  
  • 27. SigmaRD     Advanced     Computer  Vision  and  Natural   User  Interfaces  tools   www.sigmard.com     27  
  • 28. hXp://bit.ly/1eo8aWC     28  
  • 29. Emrah  Yalaz   emrahyalaz@stringventures.com   www.stringventures.com     Stanford  Engineering   European  Entrepreneurship  and  Innova@on   February  24,  2014   29