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The Entrepreneurial EcosystemSep 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 SchoolExecEdu Harvard Business SchoolMSc King’s College, Uni. of London
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Why do you want to be an entrepreneur?
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(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
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• 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?
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let’s look at the ecosystem
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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?
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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?
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Why Angels Reject?
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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!
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Survivorship-bias?
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Hiring wrongly
Bad Timing
Not raising enough
Bad management
Fight between founders
No target audience
Not wanting get
your hands dirtySpending too much
A Half-hearted
effort
Fear of uncertainty
Too young/inexperienced
One founder
Mistakes that kill startups post investment!
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Individual Event Probability Probability Probability
right time, right place %80 %90 %80compelling need to buy %80 %90 %80right customer %80 %90 %80channels to market %80 %90 %80innovation as the driver %80 %90 %80competitive advantage %80 %90 %80sustainability %80 %90 %80scability %80 %90 %80clear vision %80 %90 %80long term strategy %80 %90 %80robust margins %80 %90 %80management of risk %80 %90 %40capable of management team %80 %90 %40profitable %80 %90 %80
Combined Probability of Success
%4,40 %22,88 %1,10
#DirenMatematik
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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
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
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
2/10/16 2
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What’s making GastroClub successfully
grow?
Execution
Angel investment
Product
Market
Timing
Mentoring
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Too Soon To Exit?
Victoria’s Secret by
Roy Raymond
Daily Deal by
Fabien & Ferry Heilemann
www.bicangels.com
THANK YOU
facebook.com/BICAngelInvestments
twitter.com/bicangels
linkedin.com/company/bic-angel-investments
