| 2nd Annual Private Equity International Turkey Forum - September 22-23 |
| 28 July 2010 |
Finally pulling together all the major players in the Turkish private equity space last year (as reported on this site), it appears that EMPEA and PEI are doing it again - The 2nd Annual PEI Turkey Forum. This is really the largest "who's who" event that has ever happened in Turkey for this high potential space. (Dimiter, hope it worked out well for you last year.) I mean, look at this list of speakers:
- Amjad Ahmad, Senior Managing Director, Alternative Investments, NBK Capital
- Meltem Akol, Partner, White & Case
- Sarah Alexander, President, EMPEA
- Ozgur Altan, Investment Manager, European Investment Fund (EIF)
- Meltem Ankara, Senior Banker, European Bank for Reconstruction and Development (EBRD)
- Isak Antika, Co-Founder & Managing Partner, Actera Group
- Kathleen Bacon, Managing Director, HarbourVest
- Jean-Philippe Burcklen, Head of Lower Mid-Market, European Investment Fund (EIF)
- Dr. Mete Çakmakcı, Secretary General, Technology Development Foundation of Turkey
- Jennifer Choi, Director of Research, EMPEA
- Serkan Elden, Managing Director & CEO - Eurasia, PineBridge Investments
- Ercan Ergul, Managing Director, Bedminster Capital Management
- Mete Ikiz, Investment Director, NBGI Private Equity
- Tolga Işmen, Managing Partner, Ismen
- Ralph Jaeger, Senior Research Consultant, Cambridge Associates
- Amanda Janis, Senior Editor, Private Equity, PEI Media
- Yalin Karadogan, Principal, Cinven
- David Nieuwendijk, Senior Investment Officer Private Equity, FMO
- Murat Özgen, Chief Executive Officer, İş Private Equity
- Frank Roccogrande, Partner, Bilgili Holding
- Mehmet Sami, Executive Board Member, ATA Invest
- Selim Selimata, Manager - Project & Acquisition Finance, Garanti Bank
- Onur Takmak, Principal, RHEA Investments
- Seymur Tari, Managing Director, Turkven
- Sasha van de Water, Managing Director, Keyhaven Capital Partners
- Memet Yazıcı, Managing Director, Private Equity, Rhea Asset Management
- Selcuk Yorgancioglu, Executive Director & Turkey Country Head, Abraaj Capital
- Can Yucaoglu, Director, Turkven Real Estate
Incredible! Truly, what a great event this will be. While I can't imagine there is really that much to say about Turkey, the presence of such brain power and "pro-invest-Turkey" spirit will certainly be there. And it should be, because all tickets for institutional investors are FREE! (As is always the case at such events). Just curious, would anyone like to sponsor me to go to this event? I'd like to go. Maybe I could get a press pass? Hmmm....well anyway, let's hope this means that more inflow of private equity is able to enter Turkey and continue to grow this country to its potential.Labels: Conferences, PEI Turkey Forum, Private Equity, Serkan Elden, Seymur Tari
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| Private Equity International Turkey Forum set for November 2009 in Istanbul |
| 14 August 2009 |
That's right, this is the latest news about a very significant event. Scheduled for November 23 and 24 at the Hyatt Regency in Istanbul, Private Equity International and EMPEA are coordinating a Turkey Forum with the main sponsors being Turkven, the Actera Group and Abraaj Capital. Endeavor is also supporting the event. I know Golden Horn Ventures tried to do something like this a year ago, and it proved a valuable spearhead to get this type of conference moving in Turkey. While the event does not seem to be significant for venture capital or entrepreneurs seeking investment, it is good to see Turkey's prominent PE executives getting together to hash this one out. The agenda looks interesting, especially the panels that will discuss the great potential that the emerging market of Turkey will have for LPs and GPs. In addition take a look at this list of conference speakers:
Sarah Alexander, President, EMPEA
Achmed Al-Shahrabani, Senior Vice President, Abraaj Capital
Uğur Bayar, Managing Director & CEO, Credit Suisse Turkey
Mete Çakmakcı, TTGV
Murat Çavuşoğlu, Managing Partner, Actera Group
Can Deldag, Managing Director, The Carlyle Group
Serkan Elden, Managing Director, AIG Capital Partners
Saki Georgiadis, Investment Director, Gartmore Private Equity
Tolga Işmen, Lawyer, Ismen
Salim Kadıbeşegil, Chief Executive Officer, ORSA Strategic Communications Consultancy
David Nieuwendijk, Senior Investment Officer Private Equity, FMO
Murat Özgen, Chief Executive Officer, İş Private Equity
Carlos Perry, Chief Operating Officer, EMPEA
Jose Romano, Head of Turkey & Istabul Venture Capital Initiative, European Investment Fund
Nikos Stathopoulos, Managing Partner, BC Partners
Seymur Tari, Managing Director, Turkven
Selcuk Yorgancioglu, Executive Director & Turkey Country Head, Abraaj Capital
Birol Yücel, Managing Director, Turkven
For most of you who have followed Grandstanding Traction over the last few years, I think you can see the significance right away about what this conference means for Turkey and the growth of private equity. What I wouldn't give to be a potential GP with a private placement memo ready to go for this event. So for all those interested in putting together a fund, dust off your elevator pitch. Registration for the PEI Turkey Forum will cost you a pretty penny.
The question will remain, "Will those types of high net-worth individuals from Turkey come out for this event?" I encourage all who are interested in making investments in Turkey to attend this event. Private equity is cyclical, and Turkey has some thriving industries yearning for investment since the recent downturn. The website specifically states that all types of institutional investors will be given complementary tickets, so we can already see the potential waiting for GPs at this event. All the relavant players will be there - so should you.
Labels: Abraaj Capital, Actera, Conferences, Endeavor, Turkven
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| Conference Announcement: Venture Capital in Emerging Markets - 9 - 10 June, 2008 - Istanbul, Turkey |
| 11 May 2008 |
I am very happy and proud to hear that Mae Ozkan and her team at GoldenHorn Ventures have put together a conference: Venture Capital in Emerging Markets (http://emergetechvc.com) to be held on the 9 - 10 June, 2008 in Istanbul, Turkey.
For registration, please visit the:
Venture Capital in Emerging Markets Registration Page
Hosted by GoldenHorn Ventures, I'm very curious to see the spectacular things that will get started as a result of this first conference. This is truly great news for Turkey, the Turkish VC industry, and Turkish entrepreneurship.
From their website:
This, therefore, seems an excellent moment in time to bring together an international group of business and investor practitioners – some “old hands” at business creation and financing, others, enthusiastic to learn and participate, and to develop a clearer understanding of what is going on in emerging markets, what best practices can be adopted and how knowledge and expertise can be transferred with the support of public and private interests, institutions and businesses, to oil the wheels and enable more effective progress for the good of all.
Who Should Attend?
- Entrepreneurs with a serious interest in early stage business and entrepreneurial finance in emerging markets
- National and International Investors and those advising investors in larger funds on capital allocations
- Banking Leaders
- Executives of Multinational Corporations with strategic decision responsibility for the development of Emerging Markets
- Leaders of Institutions, such as Universities and Business Schools with special interests in business creation, technology transfer and entrepreneurial finance
- Those in Government and key regional development agencies concerned with economic development and business and job creation
The Agenda will be as follows:
9 June
9:30 - 10:00 Registration and Coffee
10:00 - 11:00 Welcome and Introductory talk
11:30 - 12:30 The Nature of Financing in Emerging Markets
- What would make a qualified VC from LP point of view?
- Is the model of funding right? ( from an LP point of view) What else is missing? How can it be improved?
- What could be done to create a VC environment in emerging markets?
- What role each party wants to play in the regions?
12:30 - 14:00 Lunch
14:00 - 15:00 Problems of emerging market entrepreneurs
- What are the common mistakes of Venture Capitalists in the Emerging markets?
- Why do they fail?
15:00 - 16:30 Networking time or "chat" groups around specific topics
- Company going global
- Fundraising Tips from LPs, New Model suggestions from Fund Managers
- Managing Portfolio Companies
- How to exchange information for more Success Stories
16:30 - 17:30 View from local VC'S; what is it they are doing right/wrong, strategies, commonalities between emerging market conditions
- What are the Investment Strategies?
- What do we need to make success stories? Is it the fundraising/ dealflow/ managing portfolio companies/ exits the most time consuming? / where you need partners / help?
- What are the wrong models for venture capital in emerging markets?
- What are the right strategies for venture capital in emerging markets, which brought success to your companies?
Free time until dinner for "networking"/marketplace activities
20:00 - 22:00 Dinner and Networking Events
10 June
9:30 - 10:30 The ecology of emerging markets
11:00 -12:00 Angel Networking and cross-border angel activities
Buffet lunch
Please forward this post on to those who you feel may be interested.
Labels: Conferences, Golden Horn Ventures
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| Summary: METU/ODTÜ Holds Entrepreneur/Investor Summit |
| 25 November 2007 |
 At the beginning of November, I happily attended the Entrepreneur-Investor Summit hosted by Middle East Technical University (METU/ODTÜ) at the Ritz Carlton in Istanbul. I went there with many ideas and goals in mind. However, what I took away was somewhat different from my expectations.
First and foremeost, who attended the event? A fine list of panelists can be found on the Metutech site. However, the attendees constituted:
- International Banks - The EIF, the EIB and KFW presented their foci on helping other banks fund entrepreneurship through loans. Only the EIF through the EIB acts as Fund of Funds to the venture space.
- European Angels - The midmorning panel consisted of a discussion on the merits, successes and opportunities of setting up an angel investor network. This included The European Business Angels Network (EBAN), and the Italian Business Angels Network (IBAN) as well as The London Business Angels. All stressed the need for increased legislation on the taxation or tax incentives for angel investments - which could in turn aid innovation and entrepeneurship. Only a handful of Turkish Angels were believed to be present in the room.
- Entrepreneurs - Since the Summit was preceded by a business plan workshop online and presentations to a panel of angels for evaluation, it is only natural to see some entrepreneurs in the audience. Apparently, 18 entrepreneurs were able to present, but no word on if any got funded.
- Innovation/Entrepreneur Consultants - A few European firms attended and sat on panels to discuss their particular methodology behind becoming innovative, how to present a business plan, and how to succeed at finding investors.
- Academicians - Of course, with ODTÜ organizing the event, there were quite a few academics in the audience asking poignant questions. The event was also organized with the help of International Relay Centers (IRC) Anatolia, TTGV, KOSGEB, and MetuTech.
- Turkish Finance Brokers - There were a few representatives of Turkish Brokerage firms in attendance. They were looking for both corporate venturing opportunities with entrepreneurs, or investors for their own funds. Perhaps they just wanted to hear about the current status of innovation, entrepreneurship, and news on the incubation/venture/private equity space. It is hit or miss whether they found what they were looking for.
- Government Representatives - The event was delayed as we waited for the arrival of the Secretary of the Ministry of Industry - Hilmi Guler, who then preceded to go on and on about the development of energy in Turkey and how it vaguely applies to increasing innovation and entrepreneurship. Perhaps showing the readiness for foreign investment in Turkey was the goal here. Needless to say, the entrepreneurs and guys in Turkey's garages present in the conference hall couldn't have cared less. TUBITAK spoke (in Turkish) about the number of patents and published works - much of what can be seen on their website. TTGV, frankly, gave a very enlightening presentation on TTGV's work and increased spending (despite their small budget). Mete Çakmacı of TTGV confirmed my supspicions when he stated, "{In Turkey} Entrepreneurs have naive expectations {about obtaining funds and the requirements of that investment}, they want a 'life-style' business."
 Notice anyone missing? Exactly. In all the sessions and panels, only one representative from an official Turkish venture capital firm was on a panel, and I have heard since the conference only a few were in attendance. Suleyman Yilmaz, CEO of Kobi A.Ş sat on the last panel. His firm comprises of 20 million YTL with the backing of TOBB, KOSGEB and various Chambers of Commerce from 15 cities.
In Mr. Yilmaz's presentation, he was fairly pessimistic regarding the current entrepreneurial environment. Some of his statistics were no different than any other VC. Of the 800 applications since the beginning of the fund, 3 investments were made. The translator mentioned that 400 of those applications/business plans were in very bad shape. Disappointingly, Mr. Yilmaz did not stick around for questions after the panel.
 Suprisingly, there were those at the conference who believed that only 2 or 3 venture firms existed in Turkey, which is definitely debateable. However, not suprisingly, the consensus of the presenters confirmed that on the demand side there is a lack of activity and an investment gap between the incubation stage and growth stages. This was summarized as a gap between €100K - €3/5 million. Anthony Clarke, Managing Director of GLE Growth Capital (as well as Chairman of British Business Angel Association (BBAA) and President of European Business Angels Network (EBAN)) stated, "There is not only an equity gap, but we have a management gap." For the investor, the supply side barriers are simply that management teams are just not good enough in most business plans and the variety of risks to invest in some countries are simply too great. Here's a link to Anthony Clarke's PPT "Angels and Angle Co-Investment Funds" via the Metutech website.
 Mr. Risto Kalske from Finland and Director of SITRA, The Finnish Innovation Fund, quite interestingly told the story of how Finland built a fund of funds to spur the venture capital market which in turn spurs the innovation of entrepreneurship. This in turn - worked - and it is only now, that Finland is starting to concentrate on Science and Technology Parks. This is exactly the opposite of what Turkey has done, and in my eyes confirms that the next great step for Turkey would be to establish this Fund of Funds. Here's the link to Mr. Risto Kalske's PPT "Public Measures: Encouragement for Private Capital?" courtesy of the IRC website
Overall, What Were the Results?
- European Angels gained a better perspective on Turkey. Unfortunately, Turkish Angels were not in attendance. A Turkish Business Angel Network has a domain registered but whether it has been formed is up to speculation (although there are 2 Angels from Turkey registered with EBAN). This is probably why Angel Network representatives did not hang around for the last session.
- 18 Entrepreneurs were able to improve their business plans and give their elevator pitches at the coffee breaks. (It would be interesting to learn if any of these entrepreneurs got funded - in the comments of this post.)
- For academics, METU learned what to do (or not to do) for next year. Perhaps there will now be a deeper focus on attendance, innovation building and closing the venture funding gap.
- As publisher of Grandstanding Traction, I received a number of topics and ideas on content to publish and improve this site. (To be continued...)
To conclude, upon speaking with a prominent Director of a Venture/Entrepreneurship consultancy, it was voiced that "At these types of conferences, you never know what kind of crowd is going to show up." Pardon the Forrest Gump analogy, but indeed, Entrepeneurs (and prospective fund managers) who were looking for investors - they most likely did not find them. For Business Angel Networks looking for Angels in Turkey to band together - they probably didn't find them. For academics looking for answers toward improving innovation and entrepeneurship - let's hope they found enlightenment. In addition, let's hope the government gets the follow-up memo.
 Technorati Tags: Venture Capital, KOSGEB, ODTÜ, TUBITAK, TTGV, Turkey, entrepreneurship, Incubation, innovation, Funding Gap, incubator, VC, Angel Networks, Angel Investors, Business Planning, Conferences, MetutechLabels: Angel Investors, Business Planning, Conferences, Incubators, KOSGEB, MetuTech, ODTU, Trainings, TTGV, Venture Capital
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| ODTÜ-Teknokent and KOSGEB Hold "Entrepreneur-Investor Meeting": Training for Entrepreneurs |
| 23 September 2007 |
Middle East Technical University Metutech (ODTÜ-Teknokent) and KOSGEB (Small/Medium-size Industry Development Organization - see left sidebar) have teamed up and are holding an "Entrepreneur-Investor Meeting" in Istanbul. The Entrepreneur-Investor Meeting {Site Link} will take place at the Ritz-Carlton Hotel on Oct. 31 and Nov. 1st. A Forum will convene on Nov. 2nd to discuss, "Early-Stage Funding in Technology Start-Ups / Benchmarkings for Turkey".
For entrepreneurs of Turkey, this is exciting news, but you must hurry to register. The program includes an "Online Business Plan Preparation Training" between September 15, 2007 and October 15, 2007 where entrepreneurs are trained in the necessities of arranging their own business plan. Registration for this training will cost 450 YTL.
Then according to the website:
Technology entrepreneurs that successfully complete the training will present the business plans to be prepared by them to a team of experts in venture capital and business plan evaluation during the "Business Plan Review Board" activity to be held on October 31, 2007, where they will finalize their business plans by obtaining the opinions of experts as well.
During the "Entrepreneur-Investor Meeting", which will be organized on November 1, 2007, on the other hand, technology entrepreneurs will share their business plans with potential actual investors – business angels or venture capital companies. Our objective is to allow the minimum technology start-up to proceed on its way with new funding opportunities …
 Then on Nov. 2nd, the "Early-Stage Funding in Technology Start-Ups / Benchmarkings for Turkey" Forum will take place as an all-day event. This event is open to the first 200 registrations, and is only 30 YTL, so sign up today. The Forum panel looks to include many dignataries from TUBITAK, TTGV and various Angel Investment Networks from Europe. This shall be a very interesting forum to spectate as we well see some very professional opinions on the current state of incubation and Series A Round Venturing in Turkey with models coming from Europe.
For a long time, I have always stressed the idea of good business planning and its need for an educative place in the building of Turkey's innovation and entrepreneurship. In previous interviews with Turkish VCs, I am constantly amazed by the lack of knowledge in the business planning area from the entrepreneurs part. But now, with this Training and Forum, it looks like KOSGEB, TUBITAK, TTGV and ODTÜ are finally making some choices toward entrepreneur education. While not really a fan of what the government can do with its bureaucracy and many faceted organizations that take up the Turkish R&D space, it will be interesting to see their take on this forum moving forward.
Perhaps in the future, why is it that only the entrepreneurs who take the training are able to participate in the Business Plan Meetings with investors? Do entrepreneurs usually have 450 lira to pitch their ideas? I would also encourage atleast in the future a more open submission guideline, perhaps an extra day for outside submissions and evaluations by committee.
In addition, by the look of those attending on the forum, it looks like we will capture an interesting viewpoint by leaders in the Angel Investor space. Most curiously (and poignantly), none of these angel organizations are from Turkey. Yes, I realize, per my last post, that for Turkey's incubated companies getting out of the Science and Technoparks; they are having trouble finding financing and are being lost in a "VC funding gap". Continually we are seeing more and more incubation, and non-existant VC investment and/or higher VC investments, basically squeezing out the entrepreneurs looking for that Seed-Venture round. We will have to wait and see what our friends at KOSGEB, TTGV and TUBITAK feel about this issue.
Thanks again to my friends at Endeavor who passed this on to me.
Technorati Tags: Venture Capital, KOSGEB, ODTÜ, TUBITAK, TTGV, Turkey, entrepreneurship, Incubation, innovation, Funding Gap, incubator, VC, Angel Networks, Angel Investors, Business Planning, Conferences, MetutechLabels: Angel Investors, Business Planning, Conferences, Incubators, KOSGEB, MetuTech, ODTU, Trainings, TTGV, Venture Capital
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Publisher: Jon H. Black
