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Entrepreneurship Incentives in Turkey
STPS 517 Innovation and SMEsInstructor: Dr. Erdal AKDEVE
Burak OĞUZ01.11.2010
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Outline What is Entrepreneurship? Classical Financing Options
Angel Investors Venture Capital Investors
Financing Options in Turkey KOSGEB TUBITAK European Union Framework Programmes TTGV Ministry of Industry and Trade Ministry of Finance TPE Other Incentives
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Entrepreneurship
Schumpeter The entrepreneur did not bear risk: the capitalist did.
Frank Knight (1921) and Peter Drucker (1970) Entrepreneurship is about taking risk. The behavior of the
entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture.
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Entrepreneurship Risk, which is measurable statistically (such as the
probability of drawing a red color ball from a jar containing 5 red balls and 5 white balls).
Ambiguity, which is hard to measure statistically (such as the probability of drawing a red ball from a jar containing 5 red balls but with an unknown number of white balls).
True Uncertainty or Knightian Uncertainty, which is impossible to estimate or predict statistically (such as the probability of drawing a red ball from a jar whose number of red balls is unknown as well as the number of other colored balls).
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Entrepreneurship The entrepreneur is widely regarded as an integral player in the
business culture of American life, and particularly as an engine for job creation and economic growth.
Robert Sobel published The Entrepreneurs: Explorations Within the American Business Tradition in 1974.
Zoltan Acs and David Audretsch have produced an edited volume surveying Entrepreneurship as an academic field of research, and more than a hundred scholars around the world track entrepreneurial activity, policy and social influences as part of the Global Entrepreneurship Monitor (GEM) and its associated reports.
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Angel Investors
An angel investor or angel is an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity. A small but increasing number of angel investors organize themselves into angel groups or angel networks to share research and pool their investment capital.
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Angel Investors
In the U.S. average angel funding was 450.000 $ in 2007. Software (%27) Medical and healthcare (%19) Biotech (%12) Rest is equally divided into high-tech.
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Venture Capital
Venture capital (VC) is financial capital provided to early-stage, high-potential, growth Startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology, IT, Software etc.
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Venture Capital In addition to angel investing and other seed funding options,
venture capital is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and less mature companies, venture capitalists usually get significant control over company decisions, in addition to a significant portion of the company's ownership (and consequently value).
In 2009, Venture capital is also associated with job creation accounting for 21% of US GDP
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Venture Capital
There are typically six stages of financing offered in Venture Capital, that roughly correspond to these stages of a company's development.
Seed Money: Low level financing needed to prove a new idea (Often provided by "angel investors")
Start-up: Early stage firms that need funding for expenses associated with marketing and product development
First-Round: Early sales and manufacturing funds Second-Round: Working capital for early stage companies that
are selling product, but not yet turning a profit Third-Round: Also called Mezzanine financing, this is expansion
money for a newly profitable company Fourth-Round: Also called bridge financing, 4th round is intended
to finance the "going public" process
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KOSGEB KOSGEB is a subdivision of Ministry of Industry and
Trade. Main support mechanism for SMEs. Incentives are;
SME Project Support Program Thematic Project Support Program Cooperation Support Program (İşbirliği - Güçbirliği) R&D, Innovation and Industrial Application Support Program Entrepreneurship Support Program General Support Program
TEKMER Program Competitiveness and Innovation Framework Program
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KOSGEB SME Project Support Program
Aim Support enterprises to solve their problems on
their own with creating new projects about their problems.
Establish project culture and consciousness to SMEs.
Increase project management capacities of SMEs.
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KOSGEB SME Project Support Program
Project Scope and Incentives are Program duration: 3 years Project duration: 6-24 months Max. Donation limit: 150.000 TL Support ratios: % 50 for 1st and 2nd regions -
%60 for 3rd and 4th regions
Manufacting, management, organization, marketing, export, HR, financial projects about enterprise
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KOSGEBThematic Project Support Program
Aim; Support SMEs and Chambers to produce projects
to develop SMEs Fulfill the thematic sectoral and regional needs
pointed by macro strategy document To adapt SMEs to international legislations
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KOSGEBThematic Project Support Program
This program contains two types of subprogram Invited thematic support program Chambers project support program
In invited thematic support program, appliers, all durations and max donations are specified in invitation.
In chambers project support program it is 24 months with 150.000 TL max donation limit.
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KOSGEBCooperation Support Program
Aim; Increase cooperation culture among SMEs To solve problems like marketing, competition
weakness, low capacity usage, finance in SMEs To increase competitiveness and capacity of
SMEs Resource utilization with scale of economics
At least 5 SMEs with several partnership models.
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KOSGEBCooperation Support Program
Supported topics are; Fast and cheap acquisition of logistic and raw materials New designs according to customer and market needs. Increasing international market share by increasing quality.
Create brands and shared marketing Shared labrotories to increase product and service quality Increasing quality, variety, efficiency with shared
production and services
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KOSGEBCooperation Support Program
Project Scope and Incentives Project scope: 6-24 months Max donation: 250.000 TL (no payback),
500.000(with payback) Support ratios: % 50 for 1st and 2nd regions -
%60 for 3rd and 4th regions
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KOSGEBR&D, Innovation and Industrial Production Support Program
Aim; To develop SMEs and entrepreneurs with scientific and
technologic ideas To increase R&D conciousness of SMEs To develop current R&D incentives To support innovative activities To industrialize project outputs of R&D and innovative
activities This program contains 2 subprograms.
R&D and Innovation Program (12-24 months + 12 months) Industrial Production Support Program (18 months + 12
months)
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KOSGEBR&D, Innovation and Industrial Production Support Program
R&D and Innovation Support Program Max Donation (TL) Support Ratio (%)
Workshop Support No Cost
Rent Support 12.000 75
Machinery Support(no payback) 100.000 75
Machinery Support(with payback) 200.000 75
Personnel Support 100.000 75
Startup Capital Support 20.000 100
Project DevelopmentSupport
Consultancy 25.000
75
Education 5.000
IPR Support 25.000
Dissemination 5.000
International Fair, Congress Support 15.000
Test, analysis and certification 25.000
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KOSGEBR&D, Innovation and Industrial Production Support Program
Industrial Application Support Program Max Donation (TL) Support Ratio (%)
Rent Support 18.000 75
Machinery Support(no payback) 150.000 75
Machinery Support(with payback) 200.000 75
Personnel Support 100.000 75
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KOSGEBEntrepreneurship Support Program
Aim; To support entrepreneurship, to solve development and
unemployment issues To establish successful and sustainable enterprises To increase entrepreneurship culture To support entrepreneurs with local dynamics
This program contains 3 subprograms. Applied entrepreneurship education New entrepreneurship support Business Improvement Center (İŞGEM) support
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KOSGEBEntrepreneurship Support Program
Applied Entrepreneurship Education Program Contains 60 hours of education Education includes general and
specialized(women, adolescents, disadvanted people) groups
No fee for educations
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KOSGEBEntrepreneurship Support Program
New Entrepreneurship Program This support is for people who successfully completes
applied entrepreneurship program
Type Max Limit (TL) Support Ratio (%)(1st and 2nd / 3rd and 4th)
Enterprise establishment support
No Payback 5.000 60 / 70
Machinery and hardware support
No Payback 10.000 60 / 70
Enterprise expenses support
No Payback 12.000 60 / 70
Constant investment support
With Payback 70.000 60 / 70
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KOSGEBGeneral Support Program
Aim, To increase project development capacities of SMEs To support SMEs to produce with quality and efficiency To revise current KOSGEB incentives and make them
available for more SMEs To increase competitiveness of SMEs, encourage general
enterprise development activities To increase marketing and dissemination aactivities of
SMEs both national and international
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KOSGEBGeneral Support Program
Incentives Support Upper Limit (TL)
Support Ratio (%)
National Fair 30.000 50 / 60
International Business Travel 10.000
Dissemination 15.000
Matching 15.000
Personnel 20.000
Consultancy 15.000
Education 10.000
Energy Efficiency 30.000
Design 15.000
IPR 20.000
Certification 10.000
Test, Analysis, Calibration 20.000
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KOSGEB - TEKMER
TEKMERs work as technological development supporting “Business Incubation Center”.
Now, there are 20 TEKMER in universities. Main goal is to support new technological
development oriented micro-companies and support their competitiveness.
Provides infrastructure support and workshops.
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KOSGEB - CIP
With SMEs as its main target, CIP supports innovation activities, provides better access to finance and delivers business support services in the regions.
It encourages a better take-up and use of ICT and helps to develop the information society.
It also promotes the increased use of renewable energies and energy efficiency.
The CIP runs from 2007 to 2013 with an overall budget of € 3621 million.
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KOSGEB - CIP
The CIP is divided into three operational programmes.
The Entrepreneurship and Innovation Programme (2.14 billion €)
The Information Communication Technologies Policy Support Programme (0.73 billion €)
The Intelligent Energy Europe Programme (0.73 billion €)
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TUBITAK
Organized by TEYDEB. From late 2004. Main goal is to rise rate of
R&D expenditures in GNP to 2.0%. So, focused on R&D projects. Compatible with EU strategic goal. Another goals is to rise the portion of private
sector in R&D expenditures to over 50.0%.
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TUBITAK - TEYDEB
1501 - Sanayi Ar-Ge Projeleri Destekleme Programı
1503 - Proje Pazarları Destekleme Programı 1507 - KOBİ Ar-Ge Başlangıç DestekProgramı 1508 - Teknoloji ve Yenilik Odaklı Girişimleri
Destekleme Programı (TEKNOGİRİŞİM) 1509 - Uluslararası Sanayi Ar-Ge Projeleri
Destekleme Programı
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Support Procedures TUBITAK
Organizations applies for support by filling “Project Proposal From” (AGY100)
A council including TUBITAK staff and related academic staff evaluates project offer.
After approval, organization should present council report within every six month periods.
Council evaluates the report project outputs for every six month period in order to that check R&D activities are carried out as in proposal.
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TEYDEB 1501 Started with a sign of a protocol between TUBITAK and
Undersecretariat of Foreign Trade in 2005. Expenditure shares; 75% TUBITAK, 25% UFT. Strategic goals; production of a new product, increase in quality,
reducing costs, development of new production techniques. Supports Industry Foundations with donations, and amount of
these donations is up to 60% of total R&D expenditures. This support includes all R&D phases from conception
development to production tests and prototypes. Support duration is three years. No donation limit.
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TEYDEB 1503
Brokerage Events. Main goals is to increase university – industry
cooperation. Meetings with representatives from
universities, research foundations, industry umbrella foundations.
Concrete project proposals. Donation limit is determined by Science
Council every year.
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TEYDEB 1507 Primary target of this programme is SMEs which
didn't apply TEYDEB for support before. Strategic goals; production of a new product,
increase in quality, reducing costs, development of new production techniques.
Amount of donations is 75% of total R&D expenditures.
This support includes all R&D phases from conception development to production tests and prototypes.
Support duration is 18 months. Donation limit is 400.000 TLs.
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TEYDEB 1508
For entrepreneurs. Senior undergraduate students, graduate students,
alumni which has graduated five years ago at most. Goal is to support initiatives; Supported by technology and innovation oriented
business ideas. Have potential for employment and international
competition. After acceptance, entrepreneur starts a new
company.
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TEYDEB 1508
Amount of donations is 75% of total R&D expenditures.
This support includes all R&D phases from conception development to production tests and prototypes.
Support duration is one year. Donation limit is 100.000 TLs.
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TEYDEB 1509
EUREKA CORNET
TEYDEB is the coordinator of EU Framework Programme projects.
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EUREKA
Established by 19 European countries including Turkey at 1985.
Today 38 country and EU is member of EUREKA. Goals of EUREKA;
Support market oriented R&D activities in all high technology areas.
Improve competition power of Europe. Develop good quality products, methods and services. International cooperation of industry and universities.
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EUREKA
EUREKA coordinates companies and research institutes in member countries for establishing a synergy in order to develop high technology products, process and services.
Application and evaluation processes are carried out by TEYDEB.
Generally TUBITAK resources are used for support
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CORNET
Supported within Sixth FW Programme. Main goals is to improve knowledge transfer
between national and regional collective research programmes and create new collaborations
Started with 24 institutions from 17 country at 2005.
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CORNET
Focused on “Collective Research” Not improving competition between SMEs Creating a cooperation platform in order to overcome a
common problem. Results should be usable for other companies in related
sector.
SME groups can present proposals. Amount of donations is 75% of total R&D
expenditures. Support duration is two years.
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TUBITAK - ARDEB 1001 – Bilimsel ve Teknoloji Araştırma Projelerini Destekleme
Programı 1002 – Hızlı Destek Programı 1007 – Kamu Kurumları Araştırma ve Geliştirme Projelerini
Destekleme Programı 1008 – Patent Başvurusu Teşvik ve Destekleme Programı 1010 – Evrensel Araştırmacı (EVRENA) Programı 1011 – Uluslararası Bilimsel Araştırma Projelerine Katılma
Programı 1301 – Bilimsel ve Teknolojik İşbirliği Ağları ve Platformları
Kurma Girişimi Projeleri (İŞBAP) Destekleme Programı 3501 – Ulusal Genç Araştırmacı Kariyer Geliştirme Programı
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ARDEB 1007
Main goal is to support projects which may overcome problems of public institutions with R&D projects.
Universities, private foundations or public R&D units can present their project proposals.
Maximum project duration is three years. Projects are evaluated by two different
councils; Public and Defense
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ARDEB 1008 Main goal is to increase number of national and
international patent requests, to encourage people about patent requests, to aware people about intellectual property rights.
The Republic of Turkey citizens, and companies which operate in Turkey can apply.
Supports; 3.000 TLs donation for national patent request. 3.000 TLs donation for international/regional patent
request. 100.000 TLs interest-free credit for international/regional
patent request.
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ARDEB 1301
Main goal is to support creation of cooperation networks and platforms between national and international institutions, foundations, units and groups.
Institutions from industry and business world, universities, public institutions and foundations and consortiums between these can apply.
Support duration is three years. Donation limit is 250.000 TLs per year.
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National Coordination Office
Kobi Saha Ziyaretleri Sanayi Farkındalık Programı Türk Sanayisiyle Yürütülen Eşgüdümlü Çalışmalar Finansal Konuların Yönetiminde Destek AB Çerçeve Programları Proje Önerisi Özendirme
Ödülü Programı AB Çerçeve Programları Proje Geliştirme Amaçlı
Seyahat ve Toplantı Desteği Programı
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EU Framework Programme 7th Framework Programme (2007-2013); with 52.3
billion € budget. 83% of budget is reserved for offered projects. 17% of budget is reserved for administrative expenditures.
Biggest civil research programme in the world. International competitiveness and scientific
perfection oriented. Every project should include at least three partners
from different regions. Applications are directly to EU Commission. Contribution to fund is proportional with GNP. But, return amount is proportional with researcher count.
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EU Framework Programme
Divided into four main programmes; Cooperation (32.3 billion €) Ideas (7.4 billion €) People (4.7 billion €) Capacities (4.2 billion €)
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EU Framework ProgrammeCooperation Main goal is to improve cooperation between industry and
research foundations. Areas;
Health Food, Agriculture, Biotechnology ICT Nanotechnology Energy Environment Transportation Socio-economic and human sciences Space Security
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EU Framework ProgrammeProcedure
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TTGV
R&D Project Supports Technology Development Projects Support Commercialization Projects Support Mutual Technology Development Projects Support
Technological Entrepreneurship Supports Pre-incubation Support Risk Sharing Support Startup Capital Support
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TTGVTechnology Development Projects Support
Main goal is to support “Technological Product” and “Technological Process Innovation” development. Intellectual property belongs to company. Support duration is up to two years. Support amount is up to one million USD. At most 50% of
project budget. After one year, interest-free repayment in four years. Up to 3% of project budget is paid to TTGV as “Service
Price”.
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TTGV Commercialization Projects Support
Main goal is to support commercialization projects of companies which successfully complete prototype production process. Support duration is up to one year. Support amount is up to one million USD. At most
50% of project budget. After one year, interest-free repayment in four
years. Up to 3% of project budget is paid to TTGV as
“Service Price”.
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TTGVMutual Technology Development Projects Support
Main goal is to support cooperation of industry and software companies and improving practical use of R&D innovations in industry with software solutions. Support duration is up to two years. Support amount is up to 2.5 million USD. At most 60% of
project budget. After one year, interest-free repayment in four years. Up to 2% of project budget is paid to TTGV as “Service
Price”.
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TTGVPre-Incubation Support
Same goal with TUBITAK 1508. Support duration is up to two years. Support amount is up to 50.000 USD. Also offers workshop supports. TTGV will demand repayment. 50% of produced industrial property belongs to
TTGV. 50% of project profit belong to TTGV.
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TTGVStartup Capital Support
Same goal with TUBITAK 1508. Support duration is up to two years. Support amount is up to 200000 USD. At most
50% of project budget. TTGV will demand repayment. 50% of produced industrial property belongs to
TTGV. 50% of project profit belong to TTGV.
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Ministry of Industry and Trade
SAN-TEZ Main goal is to institutionalize university – industry
cooperation and commercialize scientific studies carried out in universities.
Projects including both domestic companies and universities can be presented.
Amount of donations is 75% of total R&D expenditures.
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Ministry of Industry and Trade
TGSD Generally same with TUBITAK 1508. But, TGSD is prepaid and amount of donations is
up to 100% of R&D expenditures. Conducted in 2009 and 2010. Nearly 100 new ideas are supported each year Max donation limit is 100.000 TL.
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Ministry of Industry and Trade
Technology Development Areas Main goal is to encourage private sector about
university – industry cooperation by providing tax advantages in determined areas near universities.
Carried out with Ministry of Finance. R&D staff working in “Technology Development
Areas” is exempted from several taxes. Also companies deployed on “Technology
Development Areas” has several tax advantages.
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Ministry of Industry and Trade Technoparks
Is a space, physical or cybernetic, managed by a specialized professional team that provides value-added services, whose main aim is to increase thecompetitiveness of its region or territory of influence by stimulating a culture of quality and innovation among its associated businesses and knowledge-based institutions, organizing the transfer of knowledge and technology from its sources to companies and to the market place, and by actively fostering the creation of new and sustainable innovation-based companies through incubation and spin-off processes. (IASP definition)
Act 4691 Services provided by Technoparks can be examined in three
titles; Consultancy Technical Services Social Services
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Ministry of Finance
Tax advantages according to Act 5746. Exempt from Income Tax. Exempt from Corporation Tax. Exempt from Stamp Tax. Several advantages on Social Security
Contribution. Only for R&D staff.
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Turk Patent Institute
Hazerfen Project Started in 2007. Main goal is to provide innovation culture to
SMEs. Hazerfen is an pilot application. Applied on Ostim OID. Free education and consultancy seminars. To create awareness about innovation
management and protection of intellectual property.
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Other Incentives IPARD – EU 7 FP based about animal husbandry in
rural areas Regional Development Agencies
e.g. Mevlana RDA – Increasing capacity with manufacturing, agro-industry, tourism and services projects with modern and new approach.
Total 15.000.000 TL funding 20.000 TL – 400.000 TL funding for each project Max %50 support ratio
Membership to E-Commerce Sites 10.000 $ funding 3 years
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References
Wikipedia http://en.wikipedia.org/wiki/Entrepreneurship http://en.wikipedia.org/wiki/Angel_Investors http://en.wikipedia.org/wiki/Venture_capital
GEM - http://www.gemconsortium.org/ KOSGEB Official Web Site TUBİTAK Official Web Site TTGV Official Web Site Ministry of Industry and Trade Official Web Site Ministry of Finance Official Web Site Hazerfen Project Official Web Site