TECHNOLOGY BRIEF No. 1 September 14, 2017

TURKEY’S TECHNOLOGY STARTUPS: U.S.-TURKEY

COLLABORATION IN A GROWING ECOSYSTEM

Alexander Snow

For the better part of the 20th century, Turkey was far from a hub of scientific and technological innovation. R&D efforts were chronically underfunded, and the scientific community was long susceptible to brain drain. [1] However, when the Justice and Development Party (known by its Turkish initials, AKP) took power following its 2002 electoral victory, the government proceeded to invest heavily in technology, science, and industry. Motivated by their free-market ethos and EU accession bid, the AKP put greater emphasis on scientific education and worked to bring in foreign investment. These exertions yielded substantial returns, and Turkey’s scientific and tech communities grew in international stature.

Recent events in Turkey have rolled back some of that progress. Over the course of 2016, terrorist attacks, a traumatic coup attempt, and a subsequent government backlash shook the country’s foundations. 2017 offered little respite; another devastating terrorist attack in Istanbul on New Year’s Day and a caustic political campaign over proposed constitutional changes added to the general sense of uncertainty in the country. These developments scared off private investment and reignited brain drain across high-skill sectors. This trajectory, as it affects the larger world of Turkish innovation and innovators, holds true for the realm of technology startups as well. This sector grew under AKP rule, but the events of 2016 and 2017 left it bruised. Rule of law and stability are indispensable to the continued operation of companies that rely on a navigable business world and adequate research infrastructure. Nevertheless, engineers, researchers, and entrepreneurs remain active in Turkey, and there is evidence that the world of Turkey’s technology startups has proven more resilient than other scientific sectors. Robust and Resilient While living in Turkey in the mid 2000’s, Udemy founder Eren Bali tried and failed to get an early version of his online learning platform off the ground. He succeeded in turning the concept into a massive, lucrative enterprise only after moving to San Francisco a few years later. Said Bali of the earlier attempt, “It wasn’t the right time because all this different section [sic] wasn’t ready, bandwidth was expensive and audio conversation wasn’t really working well. And Turkey wasn’t the right place. We needed tons of influences [sic] to make the idea work.” [2] Since then, Turkey has emerged as a haven for engineers, entrepreneurs, and investors. By 2011, research spending was ten times what it had been in 2000. [3] The government built and sponsored over 50 technoparks throughout the country; these are centralized hubs for research and businesses that encourage collaboration by offering access to academic, economic, and social infrastructure. [4] Private investment in research became heavily subsidized, largely through tax breaks. [5]

SUMMARY

• After a decade of benefiting from growing investment and government incentives, numerous terror attacks in Turkey and an attempted coup in 2016 harmed prospects for Turkish innovation, industry, and technology.

• Despite the shock to their ecosystem, Turkey’s technology startups seem to have weathered the storm, thanks largely to continued government investment and the startup culture's unique embrace of flexibility.

• The rapidly growing ecosystem still faces systemic challenges, such as an overbearing bureaucracy, lack of investment, and relatively poor infrastructure.

• U.S. collaboration and investment remains key to Turkey’s fledgling startup ecosystem, and bridging between the countries continues to advance.

• Turkey’s young, tech-savvy workforce and consumer base make its tech ventures ideal targets for American investment.

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Top-down investment aside, the past two decades also witnessed Turkey’s metamorphosis into a market rife with potential. Turkey has a large population (80 million), of which the majority is under the age of 30. [6] Eighty percent of Turkish households have internet access. [7] As of February 2016, 59 percent of Turks owned smart phones. [8] In short, Turkey offers a considerable tech-savvy workforce and tech-reliant consumer base.

While Bali’s decision to launch Udemy in Silicon Valley instead of Turkey paid off, there are now a host of reasons American startups might well consider Turkey a better fit for risky tech ventures. Elmira Bayrasli profiles Turkish startup AirTies in her 2015 book, From the Other Side of the World: Extraordinary Entrepreneurs, Unlikely Places, and describes why founder Bulent Celebi made the move from California to Istanbul. Turkey offered “lower rents and lower labor costs…Turkey also had something that had slowly been dissipating in Silicon Valley: perspective. Turkey lacked Silicon Valley’s hubris.” [9] Concerning the instability, detentions, and terrorist attacks Turkey has seen in 2016 and 2017, Bayrasli believes that “Turkish entrepreneurs are used to this.” [10] Indeed, as enterprises born of disruption and volatility, tech startups are better equipped than most to withstand political trauma and security concerns. Bayrasli appears to be correct – while instability and political polarization can never be good for business, the Turkish entrepreneurial spirit has shown remarkable resilience. Per Startups.watch, a Turkish consulting firm, the first half (H1) of 2017 saw 36M USD invested in Turkish startups, good for the third best H1 since 2010. [11] In terms of number of investments, it was also the best first half over that same seven-year period. The industry is clearly capable of weathering the storm.

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The Turkish government’s response to the 2016 coup attempt, which has involved efforts to remove followers of Fethullah Gulen [12] from government institutions, may have also inadvertently helped address an entrenched problem plaguing Turkey’s preeminent research and tech institution. The Scientific and Technological Research Council of Turkey (TUBITAK) had “been deeply infiltrated by members of the Gulen movement,” according to Nature’s Alison Abbott. “Scientists generally agree that removing Gulenists from the system was necessary. They have long complained that TUBITAK’s distribution of money had become skewed and that processes were no longer transparent,” Abbott writes. [13] In this way, the groundwork may have been laid to restore a more level playing field in a key component of the startup ecosystem, as TUBITAK subsidizes up to 75 percent of the R&D costs of technology startups and helps fund venture capital activity in Turkey. [14] It remains to be seen, however, whether the government’s response will lead to a more balanced and transparent approach at TUBITAK.

Disadvantages and Disorder Despite their resilience, Turkish tech startups still face a host of obstacles. First and foremost is a lack of adequate funding. A 2017 poll of Turkish research and technological organizations by business strategist Ferhat Demir found the number one barrier to innovation to be lack of “heavy investment.” [15] This is true of startups as well, and Turkey’s venture capital world – while growing – remains comparatively small. [16] Private investment aside, many of the other impediments that plague startups in emerging markets also pose problems for startups in Turkey. While state policies improve year-to-year, Turkey still invests significantly less in research and technology than its G20 counterparts. [17] Where the government does give money, there is almost no

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evaluation process after the fact, which disincentivizes efficiency and growth. [18] The lack of qualified personnel remains a serious challenge, as does an ingrained, rigid, and often stifling workplace culture. Fledgling companies must also confront Turkey’s “serpentine bureaucracy” and its “vortex of paperwork,” as Bayrasli puts it. [19] These problems make for a weak ecosystem, which in turn deters potential investors. While Turkish startups have proven surprisingly resilient in the face of political turmoil throughout 2016 and 2017, there is no denying that such turmoil weakens the entire startup ecosystem. The R&D world has been hurt by the tumult, and many scientists, engineers, and academics have left the country. According to Harvard geneticist Gokhan Hotamisligil, “the state of emergency has not served science well,” and almost all international scientific conferences planned for Turkey in 2017 have been canceled. [20] In the aftermath of the coup, the national research agency even stopped functioning entirely for several months due to loss of personnel. [21] U.S.-Turkey Collaboration To address many of these problems, Turkish tech entrepreneurs usually look to the U.S. for solutions. “Turkish start-ups are actively aimed towards the United States for their international ambitions, especially towards Silicon Valley,” wrote two analysts in a 2016 Dutch governmental report. [22] American capital, for instance, has helped fill the Turkish ecosystem’s urgent need for “heavy investment.” Endeavor, an American non-profit that funds high-impact entrepreneurs, has been active in Turkey since 2006. It has funded several Turkish startups. [23] Many American venture capital and private equity firms have made substantial investments in Turkish tech startups over the past few years as well. In

2012 alone, Kleiner Perkins Caufield & Byers and Tiger Global Management poured over ten million dollars into Trendyol, an e-commerce site, and General Atlantic invested $44 million into YemekSepeti, an online food delivery service. [24] The U.S. government has also encouraged Turkey’s ecosystem’s growth. In 2011, the U.S. Embassy in Ankara, in concert with the Economic Policy Research Foundation of Turkey (TEPAV) and the Union of Chambers and Commodity Exchanges in Turkey (TOBB), launched an initiative to connect American investors with Turkish entrepreneurs. [25] The impact of this bilateral relationship on tech startups goes beyond funding. The TEPAV-TOBB-USG initiative also set up training partnerships in entrepreneurialism. Turkish entrepreneurs have spoken at influential gatherings like South by Southwest (SXSW) and routinely come to the U.S. for trainings, networking, and conferences. [26] Annual conferences like Startup Turkey and Startup Istanbul regularly host American luminaries in innovation, such as Steve Blank (entrepreneurial commentator), Dave McClure (founder of 500 Startups), and David Rose (founder of Gust). [27]

Case Study 1: Iyzico Turkey’s latest high-profile startup success story is that of the payment company Iyzico. In many ways, the company’s journey and profile represent the strengths and weaknesses of the Turkish startup ecosystem. Founded in 2013 by two German-Turkish entrepreneurs, the company offers e-commerce functions (like PayPal) and a single point of payment contact for businesses. This latter product enables businesses to circumvent an inefficient and decades-old system brought about by Turkish banks’ insistence on operating closed payment systems. For years, every business had to possess a slew of different card readers to accommodate this foible, and acquiring these readers meant navigating a hellish maze of red tape. Co-founders Barbaros Ozbugutu and Tahsin Isin pounced on the opportunity to address this issue. They also knew that in Turkey, “the e-commerce growth rate has been approximately 30% yearly since 2008.” [39] As startup expert Peri Kadaster writes, “Turkey’s mobile users are also reported to be the most active consumers in the world for mobile shopping, mobile banking and QR code scanning, and are third in the world for mobile wallet technology usage.” [40] Ozbugutu and Isin were also aware that competition was weak from non-Turkish companies, as the Turkish government had set up heavy barriers in the payment sector. Companies were required by law to host their IT infrastructure locally; as an entirely Turkey-based operation, the co-founders had an advantage over U.S.-based behemoths. [41] Still, it wasn’t an easy process. In 2013, “Ozbugutu thought Iyzico’s paperwork would take three months,” but “it took a year and a half to complete the 45 agreements needed.” [42] In July 2016, the night after obtaining five term sheets from investors, their celebration was cut short by a traumatic coup attempt. Within a few days, three of the five investors had pulled out. [43] Despite these localized setbacks, the company is thriving. After his company poured 12 million into Iyzico in April 2017, an executive spoke confidently of Iyzico’s niche: “Turkey offers a very rich opportunity set in the payments space.” [44] It is not surprising, therefore, that Ozbugutu believes “the coup attempt hasn’t affected their business much.” [45]

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A variety of other vehicles help bridge the Turkish and American startup ecosystems. ITU Gate, a program attached to Istanbul Technical University, holds an “accelerator” competition and sends finalists to San Francisco, where they “are encouraged to open U.S. entities to help attract investors and customers.” [28] Elif Ceylan, program coordinator for ITU Gate, says “there's some really quality engineers in Turkey and a lot of amazing ideas but not a lot of investing going on…There's a lot of amazing companies that get a great start and they need funding, and because they can't find the funding, they kind of die down.” [29] Etohum, an angel investor network, has hosted a yearly conference in San Francisco since 2013. The conference seeks to link investors and tech startups from the two countries. [30] The U.S. government and private sector should continue to support and invest in Turkish tech startups. Politically, any step that draws the American and Turkish economies further together is beneficial for the relationship. Substantial foreign direct investment (FDI) from the U.S. can’t help but combat Turkey’s widespread anti-American sentiment. Moreover, there is something to be said for the soft power of technology collaboration. Without over-emphasizing the already hyperbolic worship of Silicon Valley’s workplace culture, there is evidence that aspects of this culture has injected new energy into the traditionally static Turkish business world. Bayrasli writes of how AirTies built a successful company out of prioritizing customer satisfaction and pushing their employees to embrace innovation. [31] Technological innovation can also affect broader social norms outside the workplace. Melis Guctas, founder and CEO of Modacruz, a mobile marketplace for second-hand women’s fashion, mused that when she launched her now-lucrative enterprise, the concept of second-hand fashion “was not only a nonexistent culture, but also a taboo amongst Turkish women.” [32] Admittedly, none of these examples represent the kind of value change that could bridge inter-governmental disagreements. Yet they are a testament to the ways in which Turkish technology startups have changed whole industries and mindsets by drawing inspiration in part from the U.S. approach, and as such, they deserve serious attention. A growing Turkish ecosystem is mutually beneficial to both the U.S. and Turkish economies. American funding and upscaling opportunity can allow Turkish entrepreneurs and investors to prosper. U.S. investors, for their part, can make considerable gains from lucrative opportunities in untapped and powerful markets like Turkey’s. Founders of Turkish tech startups like Iyzico, Modanisa, and Scotty (a ride-sharing app using motorcycles instead of cars) achieved success by exploiting local idiosyncrasies and catering to cultural markets that have been overlooked by U.S. tech giants. Startups founded by Turks continue to bridge and set up offices in the U.S., creating jobs and wealth in American cities. [33] Further bilateral investment

Case Study 2: Modanisa Modanisa was founded in 2011 by Turkish entrepreneur Kerim Ture and retail executive Lale Tuzun. It achieved great success with a seemingly simple concept: the company is an online fashion retailer that caters to Muslim women. This is a huge market; the Islamic women’s fashion industry is expected to be worth approximately 488 billion USD by 2019. [46] Modanisa serves more than 100 million customers a year in over 70 countries, and their website receives six million visitors a month. [47] While it sells brands from all over the Muslim world to customers all over the Muslim world, Modanisa’s success is in many ways a product of its Turkish roots. Ture claims the country is the “biggest conservative fashion market in the world today,” which is a boon in terms of customer and vendor base. [48] As to those vendors, Turkish textiles are world-famous. Four hundred medium-size textile manufacturers can be found within a 25-mile radius of the company’s Istanbul headquarters, according to Ture. [49] The company wrapped up a Series D funding round (for an undisclosed amount) in March 2017, proving again that at least some investors are not put off by the recent political and economic turmoil in Turkey. [50] Modanisa’s funding path is a reflection of the country’s increasingly internationally-connected ecosystem. Their seed funding came by way of Startup Turkey, a conference organized by Turkish angel investor network Etohum. The conference is now sponsored by massive multinationals (like Amazon, MasterCard, Paypal, Samsung, and Microsoft), and venture capitalists from firms like Google Ventures, Qualcomm Ventures, and Microsoft Ventures attend the event. [51] Shortly after presenting their product at Startup Turkey, Modanisa’s founders received a funding offer from Aslanoba Capital, an early stage investor in tech startups. As the company grew, they were put in touch with a Saudi venture capital firm eager to help Modanisa expand their reach in the Gulf. Modanisa now reaps the benefits of taking risks and innovating in an industry long ignored by Western entrepreneurs and investors. Their success should only grow as payment methods and delivery services improve in predominantly Muslim Middle Eastern and African countries. Modanisa is also looking to expand its customer base in Muslim-minority countries like the U.S. The company recently launched an ad campaign titled “#JustLikeYou” that features American Muslim women against the everyday backdrop of New York City; the video was directed by D.C.-based filmmaker Samah Safi Bayazid. [52] With Modanisa, Ture has achieved success by following a simple ethos: “Provide the latest fashion in conservative style and help conservative women to look stylish while following the dress codes of Islam – all with excellent customer service.” [53]

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and bridging programs will be beneficial for sectors on both sides of the Atlantic, in that they represent the chief currency of continued innovation. Nitin Dahad, a tech blogger, writes that “collaboration is a key theme in the success of any innovation ecosystem. Collaboration across industry, university and government all contribute to the development and prosperity of a city, region or nation. But cross border-collaboration between hubs is also important.” [34] For investors and entrepreneurs looking to participate in the world of Turkish technology startups, the risks and rewards are well-documented. The Turkish government is serious about subsidizing and encouraging this sector, but bureaucracy and corruption remain problems. The ecosystem is growing but is still relatively undersized. The market potential is huge, but political troubles are a concern. What seems clear, however, is that for all the risks, Turkish tech startups will continue to emerge apace. “As long as there are good startups, VCs [venture capitalists] will keep an eye on Turkey,” said one prominent Turkish tech blogger. [35] According to Rina Onur, founding partner of 500 Start-ups Istanbul, “the world just doesn’t stop because bad things happen. People continue to build and consume.” [36] Iyzico founder Barbaros Ozbugutu echoed this sense of inexorability when asked about the coup attempt: “Digitalization will still move forward, ecommerce will still move forward...it is what it is.” [37] Even where certain concerns force VCs to rethink strategy, such as concentrating investment in the more mature and risk-averse startups, the strength of the market will fill the void. Onur’s 500 Start-ups Istanbul, for instance, does exactly that; her VC fund targets startups seeking early-stage funding. [38] Investors from the U.S. and elsewhere should take notice – tech startups in Turkey aren’t going anywhere.

Endnotes

[1] Abbott, A. (2017, February 16). Turkish science on the brink. Nature. Retrieved from https://www.nature.com/polopoly_fs/1.21475!/ menu/main/topColumns/topLeftColumn/pdf/542286a.pdf?origin=ppub [2] Udemy: Interview with its founder, Eren Bali. (2014, December 16). Cleverism. Retrieved from https://www.cleverism.com/udemy-interview-co-founder-chairman-eren-bali/ [3] Abbott (2017). [4] Technoparks in Turkey. (n.d.). ODTU Teknokent. Retrieved from http://odtuteknokent.com.tr/en/information/technoparks-in-turkey [5] Colak, T., & Yildirim, R. (2016, October 1). Are Turkish start-ups the next big thing? Holland Innovation Network & Netherlands Foreign Investment Agency. Retrieved from https://www.rvo.nl/sites/default/files/2017/01/Startup_Turkey.pdf [6] The World Factbook: Turkey. (n.d). Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html [7] Erozden, C. (2017, August 18). Turkey: Eight out of ten households have internet access. Anadolu Agency. Retrieved from http://aa.com.tr/en/science-technology/turkey-8-out-of-10-households-have-internet-access/887322 [8] Poushter, J. (2016, February 22). Smartphone ownership rates skyrocket in many emerging economies, but digital divide remains. Pew Research Center. Retrieved from http://www.pewglobal.org/2016/02/22/smartphone-ownership-rates-skyrocket-in-many-emerging-economies-but-digital-divide-remains/ [9] Bayrasli, E. (2015). From the other side of the world: Extraordinary entrepreneurs, unlikely places. New York: PublicAffairs, p. 28. [10] Butcher, M. (2017, April 17). Erdogan’s victory means uncertain times for Turkey’s startups. TechCrunch. Retrieved from https://techcrunch.com/2017/04/17/erdogans-victory-means-uncertain-times-for-turkeys-startups/ [11] Unsal, S. (2017, July 17). 2017 H1 funding activities in Turkey & Europe. Startups.watch. Retrieved from https://blog.startups.watch/2017-h1-funding-activities-in-turkey-europe-5318460dc1dc [12] The Turkish government believes the coup attempt was organized by Fethullah Gulen, who resides in the U.S., and was carried out by his followers in the Turkish Armed Forces. See: Fraser, S. (2017, May 26). Turkish committee: US-based cleric was behind failed

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coup. U.S. News & World Report. Retrieved from https://www.usnews.com/news/world/articles/2017-05-26/turkish-committee-us-based-cleric-was-behind-failed-coup [13] Abbott (2017). [14] Durgun, C. (2015, October 10). A look inside Turkey’s startup scene. Venturebeat. Retrieved from https://venturebeat.com/2015/10/ 10/a-look-inside-turkeys-startup-scene/ [15] Demir, F. (2017). Innovation strategies and challenges in emerging economies: The case of research and technology organizations in Turkey. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 11(6), 1351-1357. https://waset.org/Publication/innovation-strategies-and-challenges-in-emerging-economies-the-case-of-research-and-technology-organizations-in-turkey/10007195 [16] Gonultas, B., & Dogan, F. E. (2017, January 11). Venture capital investors eye further growth in Turkey. Anadolu Agency. Retrieved from http://aa.com.tr/en/economy/venture-capital-investors-eye-further-growth-in-turkey/724812 [17] G20 innovation report 2016. (2016, November 4). Paris: OECD. Retrieved from https://www.oecd.org/china/G20-innovation-report-2016.pdf [18] Colak & Yildirim (2016). [19] Bayrasli (2015), p. 32. [20] Abbott (2017). [21] Abbott (2017). [22] Colak & Yildirim (2016). [23] Introducing Endeavor Catalyst. (n.d.). Endeavor. Retrieved from http://endeavor.org/approach/catalyst/ [24] See: Investors: Trendyol. (n.d.). Crunchbase. Retrieved from https://www.crunchbase.com/organization/trendyol#/entity; and, Yemeksepeti.com partners with global growth investor General Atlantic (2012, September 17). General Atlantic. Retrieved from http://www.generalatlantic.com/media/archive/yemeksepeticom-partners-with-global-growth-investor-general-atlantic/ [25] Global entrepreneurship program signed with U.S.A. (2011, June 23). The Economic Policy Research Foundation of Turkey (TEPAV). Retrieved from http://www.tepav.org.tr/en/haberler/s/2189 [26] See: Kaan Akin. (n.d). SXSW Schedule. Retrieved from http://schedule.sxsw.com/2017/speakers/2016; Mitchell, D., & Quinn, M. (2017, July 14). Turkish tech startups head to Silicon Valley. VOA News. Retrieved from https://www.voanews.com/a/turkish-tech-start-ups-head-to-silicon-valley/3944869.html; and, Cho, H. (2012, October). Startups from around the globe visit Dallas. Dallas News. Retrieved from https://www.dallasnews.com/business/business/2012/10/30/startups-from-around-the-globe-visit-dallas [27] Speakers. (n.d.). Startup Turkey. Retrieved from http://startupturkey.com/speakers [28] Mitchell & Quinn (2017). [29] Mitchell & Quinn (2017). [30] San Francisco ’17: Connecting Turkish internet ecosystem to Silicon Valley's network. (n.d.). Etohum. Retrieved from https://etohumsf.com/ [31] Bayrasli (2015), pp. 23-46. [32] Turkish second-hand clothing site raises $2M in Series B, led by MEVP. (2017, June 19). Wamda. Retrieved from https://www.wamda.com/2017/06/turkey-modacruz-site-raises-2m-series-b-mevp [33] See Turkish startups now operational in the U.S., such as Udemy, UrbanStat, Botanalytics, Logiwa, and more.

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Turkish Heritage Organization (THO) is a young, independent, nonpartisan, nonprofit 501(c)(3) organization that promotes discussion and dialogue around Turkey’s role in the international community and issues of importance in the U.S.-Turkey bilateral relationship. Founded by a group of Turkish-Americans with backgrounds in community leadership and run by a staff with demonstrated interest in and commitment to Turkish-American relations, THO strongly believes that any successful bilateral relationship rests on cooperation and constructive discussion between the people of both countries.

[34] Dahad, N. (2017, July 13). Why global collaboration between technology hubs is vital for economic growth. The Next Silicon Valley. Retrieved from http://www.thenextsiliconvalley.com/2017/07/13/9015-why-global-collaboration-between-tech-hubs-is-vital-for-economic-growth/ [35] Butcher (2017). [36] Onur, R. (2017, Feb. 8). How startups thrive in emerging markets. TechCrunch. Retrieved from https://techcrunch.com/2017/02/08/ how-startups-thrive-in-emerging-markets/; and, Butcher (2017). [37] Locke, A. (2017, January 20). Turkish payments startup Iyzico closes $13M Series C. Wamda. Retrieved from https://www.wamda.com/2017/01/Turkish-payments-solution-Iyzico-13M-Series-C [38] Onur (2017).

[39] O’Hear, S. (2017, August 26). Turkish payment platform Iyzico raises further $1.4M. TechCrunch. Retrieved from https://techcrunch.com/2014/08/26/iyzico/ [40] Kadaster, P. (2014, July 9). Turkey is becoming a new kind of Silicon Valley. Forbes. Retrieved from https://www.forbes.com/sites/ groupthink/2014/07/09/turkey-is-becoming-a-new-kind-of-silicon-valley/#43a96fd33591 [41] Locke (2017). [42] Locke (2017). [43] Locke (2017). [44] Gunen, E. (2017, April 11). Turkish online payment and fintech firm Iyzico raises 13M in Series C round. FinTechtime. Retrieved from http://bitcoinagile.com/CA4B43/turkish-online-payment-and-fintech-firm-iyzico-raises-13m-in-series-c-round_stream [45] Locke (2017). [46] Shirazi, F. (2017, May 7). How the Hijab has grown into a fashion industry. The Conversation. Retrieved from https://theconversation.com/how-the-hijab-has-grown-into-a-fashion-industry-74740 [47] About us: Modanisa. (n.d.). Modanisa. Retrieved from https://www.modanisa.com/en/about-us.page?ck=38-en-USD-s6; https://www.wamda.com/2017/03/modest-fashion-site-modanisa-closes-new-round [48] Startup of the week. (2015, January 26). Wired. Retrieved from http://www.wired.co.uk/article/startup-of-the-week-modanisa [49] Startup of the week (2015). [50] Knight, L. (2017, March 6). Modest fashion site Modanisa closes new round. Wamda. Retrieved from https://www.wamda.com/2017/ 03/modest-fashion-site-modanisa-closes-new-round [51] Startup Turkey: Demo Days of Eurasia. (n.d). Startup Turkey. Retrieved from http://www.startupturkey.com/Content/files/startup turkey2016.pdf [52] Modanisa. (2017, April 19). Just like you [Video file]. Retrieved from https://www.youtube.com/watch?time_continue=83&v= lwLXQ18qEnE [53] Startup of the week (2015).

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