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MoU signed between Borsa İstanbul and the Scientific and Technological Research Council of Turkey (TÜBİTAK) and two new Investments on Borsa İstanbul Private Market

17 March 2016 - 17:56

The Scientific and Technological Research Council of Turkey (TÜBİTAK) becomes a solution partner on “Technology and Innovation Support” for Borsa İstanbul Private Market with the MoU envisaging cooperation of the parties for strengthening the entrepreneurial ecosystem in Turkey.

Borsa İstanbul and the Scientific and Technological Research Council of Turkey (TÜBİTAK) signed a Memorandum of Understanding (MoU) envisaging mutual support of the parties for strengthening the technology-focused entrepreneurial system in Turkey and organization of joint events, with a ceremony at the investor-entrepreneurial company meeting held at Borsa İstanbul on March 17, 2016. At the event, nearly 25 companies that receive Research & Development support from TÜBİTAK became members of the Private Market and came together with the investors in the Private Market. Contracts for two investments in the Private Market were enacted at the event.

The MoU envisages that the parties will offer support for promoting and announcing the efforts and activities of each other aimed at improving technology and innovation focused entrepreneurship; will cooperate towards this aim; companies included in TÜBİTAK support programs and that satisfy the Private Market criteria will be directed to the Private Market to meet investors on the Private Market; entrepreneurs will be encouraged to participate in TÜBİTAK’s support programs and to benefit from the funds within the framework of these programs; and the parties will carry out joint efforts for the promotion and development of the  Patent Market that Borsa İstanbul plans to establish.

Within this framework, the parties will cooperate on offering mentorship for Private Market member entrepreneurial companies for growth and institutionalization as well as training and consultancy services. Furthermore, discounts will be applied on the membership fees for companies that are included in TÜBİTAK programs and that fulfill the Private Market criteria. With this agreement, TÜBİTAK becomes the Private Market’s “solution partner” in “technology and innovation”.

At the signing ceremony, two new Private Market investments were announced. Sina Afra, Private Market Start-Up Evaluation Committee member and a super angel investor, invested in “Silence of the Bees“, operating in the design-clothing area. Abdullah Orkun Kaya, partner of Corment investment fund, invested in “BirBileneSor”, a mobile education application. Therefore, the number of investment contracts on the Private Market increased to 3 in 2016, and a total of 6.

Following the signing ceremony, investors participated in the company-investor meeting, where they had an opportunity to meet innovative companies that have secured TÜBİTAK’s support. Technology companies were able to promote themselves to investors and receive investments through the Private Market.

At the event, Borsa İstanbul Chief Operations Officer Çetin Ali Dönmez emphasized that TÜBİTAK, as a solution partner of the Private Market, will contribute to the development of technology-focused companies and innovation in Turkey, and went on to say, “The agreement signed here today is a significant step for our strategy to offer mentorship support to start-ups through institutions promoting innovation and entrepreneurship in every sector. As you know, previously, General Electric became our solution partner in the energy and health technologies areas. We believe that TÜBİTAK’s support for the Private Market is very important and will significantly contribute to the growth of companies. Furthermore, the two new investments signed today increase the number of transactions on the Private Market to a total of 6. The signatures made here today display the significance of our efforts for improving the entrepreneurial eco-system in Turkey and the role of Borsa İstanbul Private Market in this respect”.

TÜBİTAK – TEYDEB Chairman Mehmet Aslan reminded the audience that TÜBİTAK and Borsa İstanbul Private Market assume mutually complementary roles for improving innovative entrepreneurship in Turkey and went on to say that thanks to the cooperation agreement signed, entrepreneurs that receive TÜBİTAK’s support or engage in Research & Development activities can apply to the Private Market to find investors to make bigger leaps. Aslan added that an important lack is fulfilled with the MoU signed between TÜBİTAK and Borsa İstanbul, and it will accelerate TÜBİTAK-supported companies to transfer to the Private Market.

The Scientific and Technological Research Council of Turkey (TÜBİTAK) was established in 1963, at the time when planned economy was introduced. TÜBİTAK supports basic and applied academic research and encourages young researchers. As envisaged by its establishment law, TÜBİTAK represents Turkey in international bi-lateral and multi-lateral scientific and technologic cooperation activities and ensures coordination in this area. Furthermore, following Turkey’s full participation in the EU Framework Programs in 2003, TÜBİTAK provides the coordination of these programs on the national level. Since its establishment, TÜBİTAK has been working to ensure that awareness on scientific, technological and innovative activities and scientific literacy are promoted through magazines and books, as well as competitions and fairs. Since 2007, TÜBİTAK has been supporting “Science and Society Projects” in this field. TÜBİTAK also carries out activities where the society convenes in events that join entertainment with learning. TÜBİTAK acts as an advisory agency to the Turkish Government on science and research issues. Government subsidies aimed at encouraging industrial companies and the private sector to improve technology and innovation are funded by TÜBİTAK resources.