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Ministry of Industry and Trade of Republic of : THREE NEW SUPPORT MECHANISMS AVAILABLE TO ENTREPRENEURS

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04/25/2014 | 01:13pm EDT

"We urge our young entrepreneurs to prepare their techno-initiative projects and apply for this new program"

Minister of Science, Industry and Technology Fikri Işık stated that entrepreneurs with valuable business ideas will be provided with the opportunity of doing business with large companies and continued "We are urging our young entrepreneurs to prepare their techno-initiative projects and apply for this new program".

Minister Işık attended the press conference organized for the introduction and announcement of the results of the three new support programs implemented by TÜBİTAK and thanked all the press members for contributing to enhancing their visibility.

Referring to the considerable progress recorded in the last 11 years, Minister Işık emphasized the need for a competitive and innovative real sector in order to become a high tech country.

Pointing to the fact that a fine momentum has been created in the R&D expenditures and this needs to be further improved, Minister Işık continued: "If we wish to realize 500-billion-dollar trade volume per year, we need to increase the share of high tech products in overall production by at least 20%. The share of the overall R&D expenditure in gross domestic product has doubled since 2002 and reached 1%. By 2023; we need to increase this figure to 3%. We aim to increase the overall R&D expenditure in Turkey by 2023 to 60 billion dollars, and 40 billion dollars of this amount shall be covered by the private sector".

Support programs are revised

Pointing to the fact that the support programs are constantly revised as per the needs and expectations of the real sector and the universities; Minister Işık continued: "With the 1512 program, which is currently implemented, techno-entrepreneurs are granted 100 thousand Turkish Liras. So far 239 entrepreneurs have benefitted from this. The same support mechanism is also provided by the Ministry of Science, Industry and Technology under the 'techno-initiative support program' and more than 3000 entrepreneurs have benefitted from this program. With the newly established 1512-B Program; entrepreneurs and large companies shall meet and do business.

Partners

Minister Işık stated that the partners of 1512-B Program are Avea, Borusan, COMODO Software, E-Kent Technology and Payment Systems, General Electric, Intel, Kale Seramik, Kordsa, TOFAŞ, Turkish Economy Bank and Turkish Telecommunication Company.

Stating that these 11 companies would be accepting projects under 30 different titles, Minister Işık continued: "Companies shall provide 10 thousand TL seed capital to at least 3 entrepreneurs. At least 3 entrepreneurs shall be granted with a monthly amount of 500 TL (office rental payments) for 12 months with 1 man/day technical staff support and 1 man/day business development support. Call for proposals within the scope of 1512-B shall be announced in April. The awarded entrepreneurs shall receive both the TÜBİTAK support and the support of the above mentioned companies. We urge our young entrepreneurs to prepare their techno-initiative projects and benefit from this new program.

1514 Techno-venture Capital Support Program-1

Minister Işık elaborated on the results of the TÜBİTAK's "1514 Techno-venture Capital Support Program-1" and stated that venture capital is extremely important for the early-stage technology companies.

"Regarding the venture capital funds; we shall allocate maximum 15 million TL over a ratio of 20% of the overall funds. 16 project applications have been filed for the 2013 Call for Proposals. 2 fund managers and 6 candidates for fund managers have been supported so far. This program is unique in the world for it shall pave the way for the establishment of 6 new funds. The overall amount undertaken by the accepted proposals is 430 million TL. TÜBİTAK contribution shall be 86 million TL at maximum".

Minister Işık stated that Gözde GSYO AŞ and TRPE Venture Capital are two fund managers and that the fund candidates are Anka Capital Management, Angelwings Ventures, Ekin, Erih Finansal Hizmetler AŞ, Ida Capital and Profectus.

Minister Işık also stated that TÜBİTAK would be assigning mentoring services to those who wished to enhance their R&D capacity.

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