Investors and Business Leaders met at the Second goodINVESTMENT SUMMIT

The second goodINVESTMENT SUMMIT organized jointly by TÜSİAD, Endeavor Turkey and Angel Resources Institute was held on January 10th, 2013 at the Sabancı Center. The Summit gathering the prominent investors, entrepreneurs, academicians and high level managers was opened with the addresses of Mr. Kaan Gür, Executive Vice President of Akbank in charge of Commercial and SME Banking, Mr. Mustafa Say, Member of the Board of Directors of Endeavor Turkey, Ms. Selen Kocabaş, Deputy general Manager of Turkcell and Mr. Tayfun Bayazıt, Member of the Board of Directors of TÜSİAD and President of the Economic and Financial Affairs Committee,

The speakers draw attention to the formation of an ecosystem of angel investors in Turkey and the need to build a shared language in this context. In addition to the topics such as “angel portfolio strategy, assessment, valuation, presentation to the investors”, the speakers discussed also angel investor regulations based on the framework of the new Turkish Commercial Code. During the panels prominent Turkish and foreign investors, entrepreneurs, academicians and high level managers shared their knowledge and experience. Distinguished investors and entrepreneurs such as Mr. Ali Dağlı, Director of GPBullhound, Mr. Ali Karabey, Director of 2012 Yönetim, Mr. Burak Büyükdemir, Founder of Etohum, Mr. Cem Sertoğlu, Partner of Earlybird Venture Capital, Mr. Emre Kurttepeli, President of the Board of Directors of Mynet, Mr. Emre Berkin, Vice President of Microsoft for Europe Middle East and Africa, and Mr. Melih Ödemiş, Founder of Yemeksepeti.com were among the panel speaker.

Incentives for the Angel Investors brought on by the Turkish Commercial Code and in the context of the Law no. 6327, were also discussed in the Summit. The panelists underlined that according to the regulations, Angel Investors, or “Individual Investment Partners” as called by the regulations will benefit tax reductions up to 75 percent, and for the Individual Investment Partners investing in firms which have projects supported by R&D and innovation promotion programs during the previous five years, the tax reductions will be applied up to 100 percent.

The speakers also indicated that the Undersecretariat of Treasury has stepped in to monitor the implementation of the regulations and this involvement further supports individual investment capital as a financial tool for the enterprises at the start up or take off stages which bear a high risk and consequently have great difficulties in accessing to financial facilities.

In his address, Mr. Tayfun Bayazıt, Vice President of the Board of Directors of TÜSİAD spoke as follows:

“A financial tool which, up to now, created resource for the innovative enterprises at the early stages in Europe and the US, “angel investment”, is new for Turkey; but it will become widespread rapidly. The new incentive scheme being implemented during recent years are particularly instrumental in this process. If these encouraging developments are sustained successfully, the number of angel investors will multiply rapidly and prospects for the new enterprises which will enhance innovation and competitiveness of the economy will increase accordingly.”