Venture Capital in Emerging Markets

Agenda for 17 April 2009, Feriye Lokantasi, Ortakoy, Istanbul

The Second International Venture Capital in Emerging Markets Conference

17 April,  Feriye Lokantasi, Ortakoy, Istanbul

09:00 - 09:30 Registration and Coffee

09:30 - 9:45 Welcome and Introductory talk: Ahmet Aykac

9:45 - 10:30 The Financial Crisis and Venture Capital in Emerging Markets: Ohad Finkelstein, Venrock Capital

10:30 - 11:15 The Financial Crisis and Venture Capital in Emerging Markets Panel

Moderator: Ahmet Aykac

Ohad Finkelstein, Venrock Capital

Michelle de Fonseca, EBRD

David Nieuwendijk, FMO

11:15 - 11:45 - Networking Time and Break

11:45 - 12:00 -The Impact of the socio-economic structure of an emerging

country on Venture Capital in the example of Turkey: Can Paker

12:00- 12:30 - The Impact of the socio-economic structure of an emerging

country on Venture Capital: Panel

Moderator: Can Paker

Lady Barbara Judge

Umair Haque, Harvard Business, Bubblegeneration

Cemil Turun, Yogurt

12:30 - 14:00 - Lunch

14:00 - 15:00 The Constructive Capitalism: Umair Haque, Havas Media Lab, Harvard Business, Bubblegeneration

15:00 - 15:45 The Financial Crisis and Opportunities and the Exit Structures in Emerging Markets

Moderator: Mae Ozkan

Inma Martinez, Stradbroke Advisors

Reza Kezamipour, Clearstone Venture

Cuneyt Ozveren, Leaptag.com

15:45 - 16:15 The Global VC - Where Are the Hot Spots? Tim Draper, DFJ

16:15 - 17:00 Networking Time/ break

17:00  - 17:45 Inma Martinez: European Entrepreneurs: How to Lead Locally and Succeed Globally

17:45 - 18:30 Panel: The Ten Deadly Problems a Company Faces in an Emerging Market and How to Overcome them

Moderator: Mae Ozkan

Didem Altop, Endeavor

Cemil Turun, Yogurt

Tekin Tatar, Befunky

Hakki Goktas, Soundklan

 18:30 - 18:45  Closing Speech: Lady Barbara Judge

The Second Annual International Venture Capital in Emerging Markets Conference, 17 April 2009, Istanbul, Turkey

The Second Annual 

International Venture Capital in Emerging Markets Conference

April 17, 2009   Istanbul, Turkey

Registration Page

Background and Outline

Last year, in introducing the first “Venture Capital in Emerging Markets Conference”, we had said:

 “...And yet, the conditions under which the VC “industry” emerged and developed in US and Europe were different in some fundamental ways from the world of today and tomorrow. …. Not only are the competitive conditions and elements of success vastly different but finance is no longer the essential “rare” input. In Emerging Markets, there is, in most cases, a mis-match between available intellectual capital, creativity, and innovation and vision combined with the requisite managerial competence for success in this new world. The financial resources needed to create and grow more successful businesses are not that difficult to come by. Surely, emerging markets need more by way of early stage funds, but what is critical is the management experience and expertise to make optimal use of the ideas in the emerging competitive conditions. …..

These considerations therefore call into question the appropriateness of replicating the established Venture Capital and Private Investor (“Business Angel”) models of the USA and Western Europe in the emerging markets. This, therefore, seems an excellent moment in time to bring together an international group of business and investor practitioners – some “old hands” at business creation and financing, others, enthusiastic to learn and participate, and to develop a clearer understanding of what is going on in emerging markets, what best practices can be adopted and how knowledge and expertise can be transferred with the support of public and private interests, institutions and businesses, to oil the wheels and enable more effective progress for the good of all.

We still firmly believe that venturing is not about financing but about ideas and consequently that, in order to create the highest value for all concerned, the organizing principle should be the efficient use of ideas.  This has significant implications, which were discussed during last years’ conference.

Having said that….

recent developments in financial markets would surely lead any reasonable person to reconsider their previously held ideas.  Is it not the case that a collapse of the international banking system at the end of 2008 required massive government intervention to begin redressing the situation?  Was there not a credit crunch so that even the most prestigious of banks could not find the liquidity to run their operations?  Would this not imply that liquidity is going to become scarce in general, and in particular in emerging markets, and that, once again, ‘financing’ is going to be the essential rare input?

Maybe…  but this requires careful analysis and this is what we propose to do in the second annual International Venture Capital in Emerging Markets Conference.

How did a relatively obscure change in banking regulations in the United States in the mid 90’s lead to the collapse of the banking system there? Does the ‘collapse’ of the banking system go much beyond the US and EU?  Where are the ‘sources of funds’ worldwide?  What will be the impact of the trillions of dollars and Euros involved in the rescue operations?  What can be expected of developments in the ‘real’ markets?

These questions require looking in to in order to get an appreciation of what has been going on in the ‘macro’ sense but there is also the need to understand some ‘micro’ aspects as well.  Indeed, understanding the effects of the current crisis in the financial markets on the Private Equity and Venture Capital markets is not as straightforward as intuition might lead one to believe.

We have seen that the sustainability of cash flow of early stage companies and the limitation of exit opportunities for companies are questions that many are discussing nowadays. However, we regard these changes as opportunities for many and especially for emerging country entrepreneurs and Venture Capitalists. These problems have been the ones that we have been facing in our markets as we have been investing and growing.

Golden Horn Ventures, the first early stage fund in Turkey and one of the first of its kind in the region has invested in an impressive portfolio and continues to do so. The initiative to hold this second international event for participants from emerging markets and others from established investment areas, seemed to emerge itself naturally in this location. Golden Horn Ventures is therefore delighted, as Host, to invite delegates to attend this event.

Who Should Attend?

• Entrepreneurs with a serious interest in early stage business and entrepreneurial finance in emerging markets 

• National and International Investors and those advising investors in larger funds on capital allocations 

• Banking Leaders 

• Executives of Multinational Corporations with strategic decision responsibility for the development of Emerging Markets 

• Leaders of Institutions, such as Universities and Business Schools with special interests in business creation, technology transfer and entrepreneurial finance 

• Those in Government and key regional development agencies concerned with economic development and business and job creation

Registration Information

Please register the event through the Registration Page.

The Agenda: 17 April

9:00 - 10:00 Registration and Coffee

10:00 - 10:30 Welcome and Introductory talk

10:30 - 11:30 The Financial Crisis and Venture Capital in Emerging Markets

11:30 – 12:00 Networking Time and Break

12:00 – 13:00 The Impact of the Social Economic Structure of an Emerging Country on Venture Capital in the Example of Turkey

13:00 – 14:30 Lunch

14:30 – 15:30 The Financial Crisis and Opportunities and The Exit Structures in Emerging Markets 

15:30 – 16:30 Next Hot Spots: Green Energy

15:30 – 17:00 Networking Time and Break

17:00 – 18:00 A Time for Startup Depression: The Ten Deadly Problems a Company Faces in an Emerging Market how to Overcome them

18:00 – .... Networking Time

Venture Capital in Emerging Markets Conference Photos are Available

... at Golden Horn Ventures GROU.PS page

The Venture Capital in Emerging Markets Conference Unplugged

The audio files of the Venture Capital in Emerging Markets conference are now available.

If you would like to listen to the conference sessions by session:

Day 1: Introduction by Ahmet Aykac, Golden Horn Ventures Download

Day 1: Nature of Financing in Emerging Markets: Introduction by Can Paker, Golden Horn Ventures Download

Day 1: The Nature of Financing in Emerging Markets: Panel Download

Ralph Keitel, Senior Investment Officer, IFC

Jose Romano Lopez, EIF

  Michelle Senegal de Fonseca, EBRD

Day 1: Reha Denemec, Presentation: The role of R&D Download

Day 1: The Problems of Emerging Market Entrepreneurs Download

    Moderator: Mae Mehtap Ozkan, Golden Horn Ventures

Feroz Sanualla, Director EMEA, Intel Capital

Murat Ozgen, Is Girisim Sermayesi

Bulent Celebi, Airties

Cemil Turun, CEO Yogurt

Caglar Erol, CEO Cember.net

Day 1: View from Local VCs Download

        Moderator: Mae Mehtap Ozkan, Golden Horn Ventures

    Ralph Keitel, IFC

Feroz Sanualla, Intel Capital

Patrick Keating, JetBA

Prof. Dr. Ahmet Aykac, Golden Horn Ventures

Day 2: The Ecology of Emerging Markets Download

     Moderator: Prof. Dr. Ahmet Aykac

  Serhat Gorgun, Inovent

       Arda Kutsal, Webrazzi

     Cenan Civi, Endeavor

     Hakki Goktas, CEO, Soundklan

     Tekin  Tatar, CEO, Befunky

Day 2: What Does Silicon Valley Think about the Emerging Market Opportunity by Don Wood, DFJ Download

Day 2: Angel Networking and Cross Border Angel Activities Download

  Moderator: Candace Johnson

             Jim Cook, MobiAd News, Startup Executive

     Don Wood, DFJ

     Cem Sertoglu, iLab Ventures

     Pamir Gelenbe, Newtonmore Partner and Angel Investor

     Alain Andre, CICOM, Sophia Antipolis

The Program

9 June

9:00 - 10:00 Registration and Coffee

10:00 - 10:30 Welcome and Introductory talk - Prof. Dr. Ahmet Aykac, GoldenHorn Ventures

10:30 - 12:30 The Nature of Financing in Emerging Markets - Moderator and Introductory Speaker: Dr. Can Paker, GoldenHorn Ventures

Panelists:

Ralph Keitel, Senior Investment Officer, IFC

Jose Romano Lopez, EIF

Michelle Senegal de Fonseca, EBRD

12:30 - 14:00 Lunch

14:00 - 15:30 The role of R&D and the Problems of emerging market entrepreneurs - Moderator: Mae Mehtap Ozkan, GoldenHorn Ventures

Panelists:

Feroz Sanualla, Director EMEA, Intel Capital

Murat Ozgen, Is Girisim Sermayesi

Bulent Celebi, Airties

Cemil Turun, CEO Yogurt

Reha Denemec, VP for R&D AKP

Caglar Erol, CEO Cember.net

15:30 - 16:00 Coffee-break

16:00 - 17:30 Networking time or "chat" groups around specific topics

- Fundraising Tips from LPs, New Model suggestions from Fund Managers

- Managing Portfolio Companies

17:30 - 19:00 View from local VC'S; what is it they are doing right/wrong, strategies, commonalities between emerging market conditions: Moderator:  Dr. Can Paker, GoldenHorn Ventures

Panelists:

Ralph Keitel, IFC

Feroz Sanualla, Intel Capital

Don Wood, Draper, Fisher, Jurvetson

Prof. Dr. Ahmet Aykac, Golden Horn Ventures

 

10 June

7:00 – 9:00 Women’s Telecom IT Convergence Breakfast

8:30 - 9:00 Coffee Break

9:00 - 10:00 The Ecology of Emerging Markets - Moderator: Prof. Dr. Ahmet Aykac

Panelists:

Patrick Keating, JetBA

Serhat Gorgun, Inovent

Arda Kutsal, Webrazzi

Cenan Civi, Endeavor

Hakki Goktas, CEO, Soundklan

Tekin  Tatar, CEO, Befunky

10:00 - 10:30  "What does Silicon Valley think about the Emerging Market Opportunity?"

Panelists:

Don Wood, DFJ

Prof. Dr. Ahmet Aykac, Golden Horn Ventures

11:00 -12:30 Angel Networking and cross-border angel activities - Speaker and Moderator: Candace Johnson, Sophia Business Angels, Innovation Europe SA and Croissance Europe

Panelists:

Jim Cook, MobiAd News, Startup Executive

Pamir Gelenbe, Newtonmore Partner and Angel Investor

Alain Andre, CICOM, Sophia Antipolis

VENTURE CAPITAL AND FUNDING EARLY STAGE BUSINESSES IN EMERGING MARKETS

An International Conference and Information Exchange

Istanbul, June 9-10 2008

Registration Page

Background and Outline

At a time when our definitions of Globalisation are changing, due to the shift in World economic power and monetary flows, and when Nations we refer to as “emerging” include not only the Asian Superpowers, but others, some much smaller, are showing dramatic advances in education, scientific and technological innovation, imaginative initiatives and entrepreneurship, we perceive an imbalance in investment funds available for early stage technology based businesses and in the expertise and managerial skills needed to match entrepreneurship with appropriate finance and the skills to make more effective investment selections and successful portfolio management.

Business creation, brought about by turning more science, technology and intellectual capital into viable companies, is a cornerstone of economic development. In the USA in particular, Japan, and parts of Western Europe, the past two-three decades have seen the evolution of Venture Investing as an Equity Class which has made possible the birth and growth of numbers of fast growth technology companies. This in the age of information and dramatically advancing computer science and ground breaking life science discoveries.

In China, and India it is clear that movement has accelerated in economic development, bringing shifts from agrarian focus to production and service orientated economies and, most recently, more towards research driven activities and innovation. Elsewhere, in South America, North Africa, the liberated markets of Eastern Europe and the Baltic States, some very small States included, the “Age of the Entrepreneur” has dawned. Creativity and Innovation are the watchwords spoken and written everywhere. New role models and successful examples of world changing technological advances, many emanating from computer science and the internet, advanced electronics and new materials, have created a vibrant atmosphere of enterprise and education has contributed to the development of new mindsets.

And yet, the conditions under which the VC “industry” emerged and developed in US and Europe were different in some fundamental ways from the world of today and tomorrow. Not only are the competitive conditions and elements of success vastly different but finance is no longer the essential “rare” input. In Emerging Markets, there is, in most cases, a mis-match between available intellectual capital, creativity, and innovation and vision combined with the requisite managerial competence for success in this new world. The financial resources needed to create and grow more successful businesses are not that difficult to come by. Surely, emerging markets need more by way of early stage funds, but what is critical is the management experience and expertise to make optimal use of the ideas in the emerging competitive conditions.

These considerations therefore call into question the appropriateness of replicating the established Venture Capital and Private Investor ( “Business Angel”) models of the USA and Western Europe in the emerging markets.

This, therefore, seems an excellent moment in time to bring together an international group of business and investor practitioners – some “old hands” at business creation and financing, others, enthusiastic to learn and participate, and to develop a clearer understanding of what is going on in emerging markets, what best practices can be adopted and how knowledge and expertise can be transferred with the support of public and private interests, institutions and businesses, to oil the wheels and enable more effective progress for the good of all.

Turkey is a Nation which bridges Europe and Asia, and is rich in history and in scientific and technological capability. It is one of those Nations with an abundance of opportunities in the business creation area, and a relative lack of early stage investing expertise. Golden Horn Ventures, the first early stage fund in Turkey and one of the first of its kind in the region, has passed a first closing, invested in an impressive portfolio, and continues with successful fund raising for its final closing. The initiative to hold this international event for participants from emerging markets and others from established investment areas, seemed to emerge itself naturally in this location. Golden Horn Ventures is therefore delighted, as Host, to invite delegates to attend this event.

Who Should Attend?

• Entrepreneurs with a serious interest in early stage business and entrepreneurial finance in emerging markets
• National and International Investors and those advising investors in larger funds on capital allocations
• Banking Leaders
• Executives of Multinational Corporations with strategic decision responsibility for the development of Emerging Markets
• Leaders of Institutions, such as Universities and Business Schools with special interests in business creation, technology transfer and entrepreneurial finance
• Those in Government and key regional development agencies concerned with economic development and business and job creation

Registration Information

Please register the event through Registration Page.

Venture Capital in Emerging Markets, 9 - 10 June 2008, Istanbul, Turkey

Venture Capital in Emerging Markets Conference will be held in Istanbul, Turkey on 9 and 10 June 2008.

The goal of the conference is to bring venture capitalists, limited partners (investors to venture capital firms) and entrepreneurs together and start discussions on what are the right and wrong models of venture capital investing in emerging markets. It is an important goal to create an open environment where parties can discuss what each party needs, lacks and can do better. We also think it is important if we can share some stories about failures and successes.

There will be many networking activities and panels on the conference where topics such as "what do the limited partners expect from an emerging market venture capitalist, what are the top 10 mistakes of the emerging market venture capitalists, why do the startups fail, why do the venture capital firms fail, how to overcome the exit problems, what do entrepreneurs need and how to help creation of a technology ecosystem in emerging markets" will be discussed.

Venture Capital in Emerging Markets is an international conference with around 100 attendees from North America, Europe, Asia and South America.

The Agenda will be as follows:

9 June

9:30 - 10:00 Registration and Coffee
10:00 - 11:00 Welcome and Introductory talk
11:30 - 12:30 The Nature of Financing in Emerging Markets
- What would make a qualified VC from LP point of view?
- Is the model of funding right? ( from an LP point of view) What else is missing? How can it be improved?
- What could be done to create a VC environment in emerging markets?
- What role each party wants to play in the regions?

12:30 - 14:00 Lunch
14:00 - 15:00 Problems of emerging market entrepreneurs
- What are the common mistakes of Venture Capitalists in the Emerging markets?
- Why do they fail?
15:00 - 16:30 Networking time or "chat" groups around specific topics
- Company going global
- Fundraising Tips from LPs, New Model suggestions from Fund Managers
- Managing Portfolio Companies
- How to exchange information for more Success Stories
16:30 - 17:30 View from local VC'S; what is it they are doing right/wrong, strategies, commonalities between emerging market conditions
- What are the Investment Strategies?
- What do we need to make success stories? Is it the fundraising/ dealflow/ managing portfolio companies/ exits the most time consuming? / where you need partners / help?
- What are the wrong models for venture capital in emerging markets?
- What are the right strategies for venture capital in emerging markets, which brought success to your companies?

Free time until dinner for "networking"/marketplace activities

20:00 - 22:00 Dinner and Networking Events

10 June

9:30 - 10:30 The ecology of emerging markets
11:00 -12:00 Angel Networking and cross-border angel activities
Buffet lunch