Istanbul | TurkeyEnabling entrepreneurs to build sustainable,high-growth startup companies
Girişim Fabrikası (Fit Startup Factory)is a technology accelerator program designed to enable techentrepreneurs in Turkey, Eastern Europe and MENA to create highpotential, sustainable businesses, taking them from the idea stage tolaunch. We seek to close the knowledge and resource gap experienced by promising young entrepreneurs as they embark on their startup adventure.
Opportunity“ Turkey is in the midst of an uprising. Young people, united and empowered by technology, “ “ are pounding at the gates of the old order and demanding that their countrys elites make room for their new ideas.Rob SalkowitzFast Company, March 2011
Who are these entrepreneurs? Abdullah (28) Uğur (25) Dilfer (27) • Engineers with MSc. degrees • National Business Plan Competition Winners • 1-2 years professional experience • Using internet technologies to solve societal and business issues… in the classroom, on the design floor, etc.
PAINS • Lack of Structured Training • Insufficient and Opaque Sector Information • Low Level of Resources in own NetworksWhat are they looking for? Feedback and Advise on Business Idea Learn to build innovative business models Access to pre-seed financing Focus on Code & Customers (rather than office space, legal terms, accounting mumbo-jumbo) • More PR, More Coverage, More WOM GAINS • Meet Like-Minded, Like-Motivated Young Entrepreneurs, i.e. a Startup Community
SelectionOur primary focus is on team rather than business plans.We seek teams who embody the core functions for startup success, whileexhibiting an openness to learn and ability to pivot their idea. We knowthat Plan A is almost never the winning formula, so we wantentrepreneurs who can Get Out of the Building, test & experiment, andthen move to Plan B based on validated learning.
Our Acceleration Process 6 Months to the Finish LineThe Fit Startup Program is built around the assumption that greatentrepreneurs are raised, but game-changing ideas (and likewisestartups) are the collaborative efforts of founders, mentors, and move tocustomers. We simply endeavor to create a platform for those market (1 month)elements to come and work together.GF Business Plan CompetitionGF Virtual Open Lecture Fit Startup Canvas develop and validate bootcamp product & biz sustainable & investableAcademic Programs (2 weeks) development business models using an in- house model canvas* + (4 months)Social Media, Web Presence badge-driven gamification processPartnership Activities & Events prototype development (3 weeks)* a blend of current entrepreneurial thinking, inspired by the workof Steve Blank, Alex Osterwalder, Eric Ries, & Ash Maurya
Our success is defined by the collaborative skills and know-how of our team,bridging live experience in startups together with academic entrepreneurshipmethodologies and an international network, which we utilize to develop anintense training and mentoring program in order to catalyze business modelinnovation and the formation of sustainable startups. Jason Lau, Murat Tortopoğlu, İhsan Elgin, Supervisor & Lecturer Supervisor Director & Entrepreneur
Acceleration Services• Office Space• Legal & Accounting Consultancy• Tech Support• Access to University Resources• Comprehensive Mentoring Program – internal mentors on a bi-weekly basis – external mentor network (local angel investors and VCs, serial entrepreneurs, experienced developers and corporate representatives) on a needs basis – external consultants (HR, marketing & branding, etc.) for short, issue-focused consultations – Board of Directors monthly for updates
Our EcosystemFoundersSponsors Government Support Non-Profit & Incubators Angel Investors Venture Capitalists
The Market Turkish culture is progressively opening up to entrepreneurship. Following impressive economic growth, Turkey has developed politically and institutionally, accommodating itself better to entrepreneurship. 80% of entrepreneurs say that Turkish culture encourages business. Entrepreneurs Speak Out The Nice Côte d’Azur 2011 Entrepreneurship Barometer
Turkey 72 50% million people under 30 8.8% economic expansion 35 million online 57% increase in e-commerce 13th internet economy In Europe, 3rd in online engagement engaged (32.7 hours online per month) 1st in content consumption (3,706 pages per month) hungry 5th in Facebook penetration 8th in Twitter penetration socially 3rd in Foursquare usage networked
Competitors • Acceleration through Lean Startup Methodology and Mentor Network Girişim Fabrikası • Business Model Innovation through Fit Startup (Fit Startup Factory) Canvas • Pre Seed Capital, Legal & Accounting Services • Focus on Business Plan, not Model University Incubators • Deliver Incubation Services Only • Professional Software Development Support Private Incubators • Seed & Angel Capital • Focused only on e-commerce • Strong Network, Ready Customer Base GSM Operators Incubation • No Seed Capital Provided Programs • Lack of Professional Services • Strong Local and Global Network • Established processes for selection & mentoring Other Startup Programs • Some imported formal training programs • Lack of Physical Space
Results: 18 months Angel Investment Raised (TL) 1,415,000 TL 727 Applications Government Support Received (TL) 74 Camp Participants 18 530,000 TL 40 People Employed Selected Some of our startups: 10 6 2startups R&D Failed
Investment Opportunities Sponsor the Factory and play an integral role in the growth of the program as well as benefiting from GF’s central position in the Turkish entrepreneurial ecosystem Join our Investor Network and get early networking and investment opportunities with our dynamic startups
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