Navigating Turkish Tech in US Market

Sep 7, 2024

Trio VC Insights - Session Overview

Introduction

  • Host: Z Malop, General Partner at Trio VC.
  • Trio VC began in August 2023, made six investments supporting Turkish tech in the US market.

Topic: US Market for Turkish Tech Companies

  • Why the US market is strategic for Turkish tech companies.
  • Turkish tech's potential to compete globally.

Guest Speaker: Mr. Bant CH

  • Founder of AirTies, experienced entrepreneur, and investor.
  • Career spans three continents: US, Asia, and Turkey.

Key Career Insights

  • Started in the US chip industry, expanded to Asia, then Turkey.
  • Developed mesh technology for WiFi connectivity.
  • Importance of timely US market entry.

Challenges for Turkish Startups

  • Limited Turkish market size for growth.
  • Need for a globalization strategy to attract VC investment.
  • Initial focus on regional markets before tackling the US.

Advantages of the US Market

  • Large, receptive customer base open to new technology.
  • Focus on tangible metrics rather than relationships.
  • Opportunity for paid pilots and co-development with US clients.

Customer and Investor Strategies

  • Importance of having a founder in the US for customer interaction.
  • Differences in VC expectations: Europe (financial projections) vs. US (actual metrics).
  • US VCs prioritize growth and execution potential.

Product-Market Fit and Go-To-Market Strategy

  • Start small with well-defined target customers.
  • Importance of focus and solving specific customer problems.
  • Adopting a growth mindset for scaling.

Challenges for Hardware Startups

  • Need to focus on adding value through software and services.

Broader Market Trends

  • Nearshoring and supply chain localization trends.
  • US culture supportive of startups despite political changes.

Conclusion

  • Trio VC's role in bridging Turkish tech and US markets.
  • Importance of adapting strategies to meet US market and investor expectations.

These notes provide a summary of the key insights and strategies discussed during the Trio VC Insights session, focusing on the opportunities and challenges for Turkish tech companies entering the US market.