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28 March, 2024

Turkey – One of the Fastest Growing ICT Sectors in the Globe

With geographical and cultural proximity to several countries, a large domestic market and dynamic economy, and enabling institutions growing both in quantity and quality, Turkey offers unique advantages for the entrepreneurs to start and scale their businesses.

In the Global Innovation Index (GII), the country has the 37th rank in the world in 2022 (WIPO, 2022), the highest in its history, and ranks 4th among the 36 upper-middle-income group economies. As of 2023, Turkiye is an emerging innovator in the European Innovation Scoreboard, with a performance of 47.6% (European Commision, 2023). Compared to the EU average, it has lower per capita income, but a faster growing economy.

The entrepreneurial ecosystem in Turkiye is an evolving landscape marked by a large and dynamic internal market, a well-developed physical infrastructure, government support, increasing collaboration among agents, and innovation. According to WIPO’s “World’s Top 100 Science and Technology Clusters” 2022 report (WIPO, 2022), Istanbul has the 46th and Ankara has the 86th ranks among the S&T clusters in the world.

Support schemes developed by TÜBİTAK (Scientific and Technological Research Council of Turkiye) and applied in collaboration with universities and other stakeholders in the ecosystems such as 1512 BİGG (Individual Young Entrepreneur) program play a pivotal role in connecting key stakeholders, improvement of the human capital in the ecosystem, the spread of entrepreneurial activities across the country and providing resources essential for startup creation and growth.

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Read the full SWOT Analysis of Turkish Entrepreneurial Ecosystem to understand the strengths and weaknesses in fostering new ventures. ExcellEnt’s SWOT Analysis examines the dynamics of entrepreneuria ecosystems in six European countries (Greece, Turkey, Bulgaria, Ukraine, France, and Ireland). It presents detailed SWOT analysis of each country to understand their strengths and weaknesses in fostering new ventures. 

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