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The Entrepreneurial Ecosystem - 02.04.2016

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by Caglar Karatas

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The Entrepreneurial Ecosystem - 02.04.2016

  1. 1. 1 The Entrepreneurial Ecosystem Sep 2016, Istanbul by Çağlar Karataş Entrepreneur in Turkey Angel Investor in Turkey & United Kingdom Previously: Investment Banking&Trading: 14 years in New York & London MiF NYU Stern Business School ExecEdu Harvard Business School MSc King’s College, Uni. of London
  2. 2. 2 Why do you want to be an entrepreneur?
  3. 3. 3 (Generally) Top 10 Reasons My - only - 4 Reasons were • Freedom • Unlimited earnings • Lifestyle • Work smart, not hard! • Creativity doesn't fit • Legacy • Conventional ideas • Change the world • Location independency • You think you can be next Mark Zuckerberg • Control my destiny • Create jobs • Freedom & Lifestyle • Unlimited earnings
  4. 4. 4 • Are you a follower or a leader? • Entrepreneurship: A bag of smart tricks! Work smart, not hard! • Hiring people is hard! • Raising money is humbling! (Do you like being told your baby is ugly!…again and again and again… but ‘Hey! keep in touch!’ Entrepreneurship: Is it you-either-got-it-or-you-don’t proposition? What about sheer will, patient habit and intense desire?
  5. 5. 5 let’s look at the ecosystem
  6. 6. 6 Most invested sectors in the UK StartUp Ecosystem • Technology • Food & Drink • Business Services • E-commerce • Retail Most invested sectors in the Turkish StartUp Ecosystem • Any ideas?
  7. 7. 7 Recent Valuations in UK vs Turkey 11.7 Billion USD by HP 1 Billion USD 800 Million USD 500 Million USD by Google 500 Million USD 140 Million USD 20 Million USD by Facebook 18 Million USD by Playtech 589 Million USD 400 Million USD by Abraaj PE 280 Million USD by Nasper 215 Million USD by EBay Undisclosed by Amazon Undisclosed by Ticketmaster Do we see any pattern?
  8. 8. 8
  9. 9. 9 Why Angels Reject?
  10. 10. 10 Where’s the problem? There is money! Next Mark Zuckerberg or a stereotype? Care to guess the average age tech founder in USA? There are ideas! Where’s the problem? But only 1% succeeds!
  11. 11. 11 Survivorship- bias?
  12. 12. 12 Hiring wrongly Bad Timing Not raising enough Bad management Fight between founders No target audience Not wanting get your hands dirty Spending too much A Half-hearted effort Fear of uncertainty Too young/inexperienced One founder Mistakes that kill startups post investment!
  13. 13. 13 Individual Event Probability Probability Probability right time, right place %80 %90 %80 compelling need to buy %80 %90 %80 right customer %80 %90 %80 channels to market %80 %90 %80 innovation as the driver %80 %90 %80 competitive advantage %80 %90 %80 sustainability %80 %90 %80 scability %80 %90 %80 clear vision %80 %90 %80 long term strategy %80 %90 %80 robust margins %80 %90 %80 management of risk %80 %90 %40 capable of management team %80 %90 %40 profitable %80 %90 %80 Combined Probability of Success %4,40 %22,88 %1,10 #DirenMatematik
  14. 14. 14 Interesting facts! ✓ Founders with helpful mentors raise 7x more money & 3.5x better user growth ✓ Startups that pivot 1 or 2 times raise 2.5x more money, %52 less likely to scale prematurely ✓ Solo founders and teams without technical cofounders have much lower probability to success. They take 3.6X longer to reach scale stage ✓ Business-heavy founding teams are 6.2X more likely to successfully scale with sales driven startups
  15. 15. 2/10/16 3 GastroClub ✓ World of discounts and privileges in 400+ Top Restaurants in 6 biggest cities ✓ The largest partner restaurant network in Turkey ✓ Discounts from 10% up to 50% on total bills. ✓ Priority in reservation, special treats, discounted chauffeur service and cooking classes ✓ B2B dining solutions ✓ Mobile payment technology in 100 restaurants
  16. 16. 2/10/16 3 Journey • Nov 2012: Website launch • Oct 2013 (+11 months): Received 175,000 USD angel investment from BIC Angels • Feb 2015 (+18 months): Reached positive EBITDA • Mar 2015 (+1 month): Reached break-even
  17. 17. 2/10/16 2
  18. 18. 18 What’s making GastroClub successfully grow? Execution Angel investment Product Market Timing Mentoring
  19. 19. 19 Too Soon To Exit? Victoria’s Secret 
 by Roy Raymond Daily Deal by Fabien & Ferry Heilemann
  20. 20. Caglar.Karatas@GastroClub.com.tr www.bicangels.com THANK YOU facebook.com/BICAngelInvestments twitter.com/bicangels linkedin.com/company/bic-angel-investments

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