As an Australian migrant living in Europe, I am often asked where I would live next after Germany. While South East Europe is great, there are tons of great opportunities beyond its borders and one of the countries to watch is Turkey.
Sector-wise, Türkiye has a very strong defense, aerospace and space industry, along with strength in 5G, cyber security and fintech.
There is funding available
In 2021, venture capital investments increased ninefold annually and reached 1.6 billion dollars. Turkey ranks 10th in Europe and 2nd in the Middle East and North Africa region in terms of startup investments. And it’s not just VC funds available to entrepreneurial startups — government agencies like TUBITAK and FOOD comprehensive allowances provided.
An incubator for unicorns and decacorns
Turkey’s unicorn journey began with local consumer-facing companies in e-commerce, food delivery and payments. This was followed by successes in the gaming sector and more recently in B2B SaaS targeting mid-market customers.
The country has seen a significant increase in startup investment, attracting more than $1.5 billion in 2021 alone, compared to $50-100 million annually between 2010-2020.. Nearly a dozen other startups are expected to be unicorns in less than a year.
The country has given birth to two “decacorns” and four “unicorns” in the past two years (examples include Dream games, Trendyol, Hepsiburada and Impatient.
Istanbul was announced as the best place to start for startups in “The Global Startup Ecosystem Report 2023” report published by Startup Genome.
The country aims to nurture 100,000 technology start-ups and reach 100 unicorns (“Turcorns”) by 2030.
A strong innovation ecosystem
Turkey’s technology landscape is fueled by a network of more than 8,000 companies operating across 101 technoparks and more than 1,500 R&D centers and 200 universities. It provides a valuable space for start-ups, researchers and global corporations to collaborate and develop the latest technology.
Access to a lot of talent
Furthermore, your chances are good when it comes to securing local talent. Turkey is the largest and youngest country in Europe with a population of 85 million and a median age of 32.
Moreover, with more than 8 million university students, it is in the top 10 of the world in higher education. In Türkiye, more than 1.2 million young people graduate from universities every year.
So how can I live in Türkiye?
There are a few visas:
Türkiye Tech Visa offers visas startup with innovative business models and technology-based studies and for people with critical expertise in technology.
Recipients receive:
- 3-year work permit exclusive
- Simplified residence permit processes for families
- Income tax and corporate tax exemptions
- Comprehensive free healthcare insurance
- Office opportunities in technoparks and incubation centers
- Venture capital investments and project financing supported
- Mentoring and consulting support