Dear Readers,
Entrepreneurship is the starting point for big ideas that change the world. Bringing these ideas to life shapes the future of not only individuals but also societies. "Innovation separates the leaders from the followers," as Steve Jobs said when he founded Apple in his garage. Today, we see that the countries with the highest levels of innovation also have the most competitive and efficient economies.
The World Economic Forum reports that countries with high levels of innovation not only rank higher in competitiveness, but can also increase business productivity by up to 20%. That reminds me once again how critical entrepreneurship is not just for individuals but also for societies.
Here is perhaps the most interesting point: Innovative ideas often come not from big companies, but from brave entrepreneurs. Research by the OECD also supports this fact: More than 30% of patent applications worldwide are filed by start-ups. Particularly in sectors such as biotechnology and finance, these young and dynamic companies drive more than 40% of innovation.
All of this data shows that supporting entrepreneurship is not only an economic necessity, but also a responsibility for the future. Not only do entrepreneurs drive their own businesses forward, but also the competitiveness and sustainable development goals of countries. Therefore, strengthening the entrepreneurship ecosystem should be a common goal for all of us.
Ecosystems that foster entrepreneurship
While entrepreneurship may seem like an exciting journey on the surface, it can be quite a challenge for entrepreneurs. Secure financing, finding the right people and establishing a presence in the market can be a big challenge in itself. A strong ecosystem is therefore necessary for entrepreneurs to succeed. So what should be the key features of such an ecosystem?
A Powerful Network
Entrepreneurship is not a path to be walked alone. Getting to know the right people, seeking the guidance of mentors and exchanging ideas with other entrepreneurs can make a big difference on the road to success. In this respect, accelerator programs and universities play a critical role.
In addition, education and access to information are of great value in this journey. Accelerator programs, universities and mentors help entrepreneurs overcome these challenges by supporting them through the difficult stages of starting, growing and accessing financing.
Access to Funding
One of the biggest needs of entrepreneurs is to access funding to bring an idea to life. However, access to these resources is not always easy. Investors, venture capital funds and appropriate financing models provide critical support for entrepreneurs to turn their projects into reality.
Supporting Policies
Entrepreneurs may often face bureaucratic hurdles when setting up their businesses. Flexible and encouraging regulations help entrepreneurs make the most of their opportunities and accelerate the start-up of their businesses. When governments create policies that support entrepreneurs, the entrepreneurial ecosystem grows and new ideas emerge.
Social Acceptance and Entrepreneurial Culture
In order for entrepreneurship to thrive, not only economic but also cultural support is needed. Entrepreneurs can take braver steps in a society where innovative ideas are valued and risk-taking is accepted. Even failure should be seen as an opportunity for experience and learning. Such a culture creates a solid ground for entrepreneurs to express themselves and grow by taking risks.
As QNBEYOND, we support the entrepreneurs of the future.
Entrepreneurship has the potential to achieve goals such as building a sustainable future, creating jobs and preventing brain drain. This is why entrepreneurship is becoming a field that requires more and more investment.
Accordingly, QNBEYOND has built our acceleration program on four main focus areas. These are the innovation lab, in-house entrepreneurship, acceleration program and our corporate venture capital fund, QNBEYONDVentures.
In the innovation laboratory of our Bank, we develop projects that will carry our fields of activity into the future; we work on exciting projects with young talents specialized in growth, marketing, design, UI/UX, data science and software. The Lidy project, which we launched at this center, has turned into a remarkable success story that has not only become a benchmarking platform that brings a breath of fresh air to the banking ecosystem, but also creates employment for young people.
We develop new business ideas and turn them into success in the Idea Camp program, where we realize the creative ideas of our employees with the importance we attach to in-house entrepreneurship. Through this program, our employees not only develop their ideas, but also have the opportunity to incorporate outside the bank if they wish. Kiralarsın, which enables the easy rental of electronic devices, is one of these success stories.
At the QNBEYOND IGNITE innovation camp, that we organize in cooperation with Koç University to include university students in our innovation ecosystem, we offer students the opportunity to solve real business world problems. Successful students win both an internship and a cash prize. By providing volunteer mentoring support to entrepreneurship programs at universities such as Boğaziçi University and Istanbul Technical University (ITU) we guide students on their entrepreneurial journey. We also reach out to high school students. Alongside our collaborations with Robert College and Hisar Schools, we support young generations to unlock their innovation potential by providing instructor trainings to Hisar Schools teachers.
Successfully continuing its sixth term, our acceleration program has given 43 graduates to date and we are currently supporting 8 startups. Besides these initiatives, we are also pursuing collaborations in line with our Bank's fields of activity. Our primary focus is on 3 startups working in the field of sustainability: Apollo, Covalent and EcoTrove. Apollo reduces energy costs for organizations and manages 2.6% of Türkiye's corporate energy bills.
Covalent allows sustainability-focused investment funds to find and evaluate carbon erasure projects. Meanwhile, San Francisco-based EcoTrove enables households to transition to green energy by reducing their energy costs. In the last 2 years, we have also implemented a small win-win project: We offer career opportunities to university students in our startups and with us through our where2start community.
As QNB , with QNBYOND Ventures, we invest in startups that align with the strategic goals of our bank and can shape the future of financial services in Türkiye. To date, with QNBEYOND Ventures, we have invested approximately USD 5 million in 12 early-stage startups and supported many startups to turn their dreams into reality, including startups that have not yet launched their products or achieved revenue. Some of the initiatives include Fume, an artificial intelligence system that accelerates the product development process for engineers; HockeyStack, which enables marketing teams to manage the sales process efficiently; and Debite, which manages all financial needs on a single platform. Startups we invested in have received more than USD 40 million in investments from leading investment funds in the US and Europe, enabling Turkish startups to attract attention in the global scene. Besides our direct investments in startups, we indirectly support the growth of dozens of different startups by providing financing support to different investment funds.
With the goal of becoming a bank that shapes today and tomorrow, we continue to invest in innovation and entrepreneurship. Entrepreneurship for us is not just a business model; it is an opportunity for new generations to make the world a better place. With the support we offer to young talents, entrepreneurs and innovative ideas, we are proud to contribute to Türkiye's sustainable development.
When we say “Becoming 1 with the World”, we are not just chanting a slogan; we are expressing our belief in and responsibility for the future. Each step we take to do our best for a more livable world and to leave a better future for future generations makes us proud. We believe that we will achieve more together on this journey.
Derya Düner
Executive Vice President, Digital Banking and QNBEYOND
