Turkey boosts entrepreneurship with global focus and new KOSGEB funding

Turkey is seeing a significant transformation in its entrepreneurship and investment ecosystem. Ali Karabey, Co-Founder of 212, noted that Turkish startups are now targeting global markets, investors, and customers from their earliest stages rather than focusing solely on domestic success.

Investors are increasingly prioritizing revenue quality, sustainability, and scalability. Karabey emphasized that successful ventures must focus on solving global problems, stating that being a “Turkey champion” is no longer sufficient; the goal must be to become a “world champion.”

To support this growth, Industry and Technology Minister Mehmet Fatih Kacır announced a new call for the KOSGEB Entrepreneur Support Program. Under the Business Development Support framework, businesses can access financing of up to 2.5 million lira. Applications for this cycle are open until October 31.

Minister Kacır reported that through the Business Establishment Support, 645 million lira has been provided to 31,250 businesses so far in 2024. Additionally, a decision has been made to provide 6.4 billion lira in support for 4,476 projects under the Business Development Support program, with 2.4 billion lira already distributed to 2,400 projects.