Global expansion opportunities opening for entrepreneurial ventures
THE LANDSCAPE for technology ventures aiming to operate on a global scale is evolving, propelled by an increasing number of export support programs. These initiatives not only boost the revenue of exporting ventures but also aid in retaining their workforce.
The proliferation of acceleration programs is also providing crucial assistance to startups looking to venture into the global market.
Among these initiatives is the Innogate International Acceleration Program, which has been aiding local technology firms in their quest to tap into global markets for a decade now.
The 18th term of the program has recently opened its application process, targeting technology companies in Türkiye seeking to venture into international arenas.
The program, which has been conducted 15 times targeting the U.S. market up to now, will be conducted for the third time with a focus on the British market. Companies wishing to expand into the European market via the U.K. can apply through the website innogate.org until Feb. 29, 2024.
The program has previously enabled local technology companies to achieve remarkable export growth, with a staggering fifteenfold increase in the United States market and a fourfold increase globally.
MARKETING, SALES TECHNIQUES
In discussing the significance of the program that has been organized for 10 years, Attila Dikbaş, the general manager of Istanbul Technical University (İTÜ) ARI Teknokent, emphasized its role in bridging the gap between local success and global expansion.
Dikbaş highlighted the program’s comprehensive support, which includes guidance on developing suitable business models for new markets, global marketing and sales techniques and access to international networks.
“At İTÜ ARI Teknokent, we provide many programs and platforms to contribute to technology-based startups and research and development (R&D) companies at different stages. In this context, our Innogate International Acceleration Program has been filling a significant gap since 2014. We offer a comprehensive service including guidance for local technology companies to expand their local successes to a global scale, development methods for suitable business models for new markets, global marketing/sales techniques and access to international connections,” he said.
“Expanding our efforts to contribute to the globalization of our companies and ventures, in 2024, our priority goals include enlarging our European circulation program, primarily in France, Germany, and the Netherlands, and expanding our global network of leading universities, incubators and investors.”
229 TECH FIRMS
Over the past decade, the Innogate International Acceleration Program has seen substantial participation, with 229 domestic technology firms availing themselves of the opportunity to access potential customers in global markets. Notably, 131 firms have benefited from the program’s global phase, resulting in significant investments totaling $41 million, primarily in the U.S. and U.K. markets.
Arzu Eryılmaz, deputy general manager of Entrepreneurship Ecosystem and Marketing at İTU ARI Teknokent, underscored the tailored nature of Innogate’s support services, which are designed to address the specific needs of the market.
Eryılmaz elaborated on the program’s structured approach, involving preparatory sessions, expert mentorship, and networking opportunities aimed at facilitating successful market entry for participating firms.
“In our Innogate program, during the six-week preparation period, we connect our technology companies with experienced trainers and coaches who have global expertise. For the success of our companies aiming to enter the market, we bring them together with our critical partners, experts and mentors in roundtable meetings, organize one-on-one coaching sessions, and facilitate companies’ understanding of the market and meetings with their potential customers,” she noted.
“In addition to opening up Innogate’s existing business network to companies, we ensure their participation in one of the world’s most important technology events, London Tech Week, to provide them with even more opportunities for connections and collaborations.”
Ventures boasting a potential to grow on a global scale are what attract the attention of investors the most.
Notably, TT Ventures, a venture capital firm of Türk Telekom, one of Türkiye’s pioneering telecommunications and technology companies, is actively investing in ventures demonstrating rapid global expansion in sectors such as artificial intelligence, health care and financial technology.