1. VC
for
the
Commercializa0on
of
the
R&D
Output
A.
Mete
ÇAKMAKCI
Technology
Development
Founda0on
of
Turkey
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”
22
October
2010,
İstanbul

2. Back
to
Industrial
Policy
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”

Can
Venture
Capital
be
deployed
as
a
strategic
vehicle
of
a
“sound”
industrial
policy?

Can
public
align
its
interests
and
priori0es
with
those
of
the
private
investors?

How
best
to
balance
the
tempta0on
to
pick
the
winners?
1

3. Opportunity
Equity
Value
Knowledge
Value
MARKET
INVESTMENT
VISION
EXECUTION
Exploi0ng
Knowledge
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”
Compe00veness
Pre-­‐
Incuba0on
Concept
Start-­‐Up
Growth
Public
Interven0on
Comfort
Zone
2

4. Innova0on
takes
systema0c
pa0ence
and
diligence:
VC
provides
the
networks,
valida0on
and
visibility
in
addi0on
to
the
cash.
(A
team
with
hybrid/cross
skills
set)
VC
Is
Not
Just
Money
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”
3

5. Concept
Start-­‐up
Growth
0,5
–
1
year
1,5
–
2
years
3
–
5
years
Condi0onal
Grants
Convertable
Co-­‐Equity
“Kicker”
Soe-­‐Loans
Tax
Incen0ves
Commercializa0on
Pipeline
Pre-­‐Incuba0on
2
–
3
years
Managing
a
Healthy
Pipeline
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”
The
“Valley
of
Death”
4

6. Role
Of
the
Public
EIB
Regional
Forum
2010
“Smart
Growth
for
Turkey”

Push
research
establisment
to
commercialize
results

Tie
part
of
the
funding
to
commercializa0on
performance

Grant
researcher
ownership
exclusivity
for
a
limited
period

Pull
private
money
with
leverage
for
investor
risk
and
returns

Promote
best
prac0ce
in
investment
governance
and
ethics

Respect
independence
of
the
VC
management

Facilitate
access
to
the
research
lab
(promote
offices
for
transfer,
encourage
u0liza0on
of
public
research
infrastructure)

Help
researchers
to
understand
the
market
and
the
process

Promote
channels
for
exit
(tax
incen0ves
for
exits
from/M&As
by
large
companies
from/of
a
young
growth
company)
5

7. Photos
:
kind
courtesy
of
METUTECH
Technology
Development
Founda0on
of
Turkey
Cyberpark,
Cyberplaza
B
Blok
Kat:6
Bilkent
06800
Ankara,
TURKEY
www.Cgv.org.tr