‘Türkiye has the potential to produce unicorns on a global scale”

Organized since 2012 by Capital, Ekonomist and Start Up magazines, the International Economy Summit (UEZ 2026) is being held for the 15th time this year, bringing together distinguished politicians, business leaders, and academics from Türkiye and around the world.

Held under the theme ‘The Great Transformation: The Compass for Transition to a Resilient and Sustainable Global System’ the second day of the summit also saw strong participation.

The first panel of the second day, sponsored by Tera Finans Group, was titled ‘The Billion-Dollar Company Journey: The Dynamics of Becoming a Unicorn in Türkiye.’

The panel, sponsored by RePie Portföy, was moderated by GEN Türkiye Chairman and investor Nevzat Aydın. Highlighting the transformation in the entrepreneurship ecosystem, Aydın stated that the growth model focused on speed in recent years has been replaced by a more sustainable and quality-oriented growth approach. He also noted that while the number of unicorns emerging from Türkiye has increased, the main issue is making this success sustainable.

In his opening remarks, RePie Portföy CEO Altuğ Dayıoğlu said; “We have 58 venture capital investment funds and more than 30 real estate investment funds. We manage approximately 3 billion dollars. Over the past 4-5 years, we have been going through a period where raising capital and achieving exits-especially in venture capital-has become very difficult worldwide. We also see many funds selling their portfolio companies to other funds. It is not enough to invest only in companies that can be called unicorns; we must also invest in well-managed companies. Becoming a unicorn is not easy. Over the past 5–10 years, raising capital globally has become increasingly challenging. Now, we need to develop methodologies that enable more exits. Therefore, investing in strong companies is essential. Growth alone is not enough. A distinction has begun to emerge between being a unicorn and being a good company. Valuations are very important in this context.”

‘WE NEED TO FOCUS ON THE RIGHT AREAS’

Emphasizing Türkiye’s strong potential, Dayıoğlu continued:

“As a country, we have the ability to manage talent that can grow and scale globally. We have a young and talented population. I believe we have a solid educational infrastructure. Türkiye is among the countries with high internet penetration. We can develop applications very quickly and adapt to them. We are a country that can grow locally, capture local opportunities, and turn them into global success stories. Regionally, we attract significant attention. We are close to Central Asia, the Middle East, and Europe. Therefore, when we focus on the right areas, I believe we will produce companies that can grow and scale very successfully. Our main challenge is the limited inflow of foreign capital. In this respect, it is a challenging environment for companies that need funding. Artificial intelligence is an area that needs to advance further in Türkiye. We will continue to succeed in fintech. It is also clear that we can produce highly successful companies in the defense industry. It is very likely that we will produce more unicorns.”

‘ARTIFICIAL INTELLIGENCE MAKES A SIGNIFICANT CONTRIBUTION’

Nihan Çolak Erol, Co-Founder and COO of Wingie Enuygun Group, said; “The challenges of being an entrepreneur in Türkiye are very different from doing business abroad. Initially, there are serious difficulties in finding capital. Venture capital is quite limited. Therefore, we had to grow with our own equity from day one. We focused on achieving profitability at an early stage. Through our operations and by leveraging technology, we did our best to grow. The fragility of the capital 

structure is one of the main challenges entrepreneurs face. In such a politically and economically volatile environment, it is very difficult to grow a business. Operating in an inflationary environment is also not easy. However, with the contribution of artificial intelligence, I believe we are now in a more positive environment.”

‘FOCUSING ON A GLOBAL PROBLEM IS CRITICAL FOR GROWTH’

Dr. Süleyman Özarslan, Co-Founder of Picus Security, stated that the company originated directly from a real need observed in the field. Founded in 2013 by three entrepreneurs from METU, the company now operates in more than 60 countries and serves over 600 clients. Özarslan noted that they provide services to global players such as Bank of New York, Bank of China, Volvo, and NASA.

Highlighting that the main issue in cybersecurity is not product quality but the lack of effective testing and management, Özarslan said their solution targets exactly this gap. He emphasized that focusing on a problem with global relevance is critical for growth. Developing a product that creates its own category offers significant advantages but also requires substantial market education. He added that the turning point for their product was transitioning from a ‘nice-to-have’ to a ‘must-have’ solution, after which global scalability accelerated.

Stating that artificial intelligence creates both opportunities and risks in cybersecurity, Özarslan concluded:

“As in all sectors, artificial intelligence brings both opportunities and challenges in cybersecurity and creates new complexities. Attacks are much faster, and there is uncertainty. At the same time, we see this as an opportunity. We are trying to adapt to the new world. Autonomy introduces certain cybersecurity risks. The key is to achieve autonomy while also ensuring reliability and minimizing risk.”

‘WE ARE CURRENTLY IN A NEW INDUSTRIAL REVOLUTION’

Yusuf Ürey, Founder and CEO of Innovance, stated that the foundation of the entrepreneurial journey lies in the motivation to solve problems. He explained that what started with limited capital has evolved over approximately eight years into a structure with nearly 1,000 employees serving more than 20 countries, transforming into a technology holding.

Ürey emphasized the accelerating technological transformation on a global scale, noting that artificial intelligence is not just a conventional technology trend but a force initiating a new industrial revolution.

Pointing out that professions will undergo significant transformation in the coming period, Ürey said; “The world is changing and evolving very rapidly. Today, artificial intelligence is at the center of our agenda. Before this, transformations have been ongoing for centuries. The industrial revolution was one of the most impactful transformations in world history. In fact, we are now in the midst of a new industrial revolution. Artificial intelligence is not an ordinary technological shift. Many professions will transform, many will disappear, and many new ones will emerge. Some of these changes we can predict, while others we cannot. Therefore, we have made many developments to be prepared for this transformation.”