Target to have 10 unicorns within reach: Minister

ANKARA

Türkiye can easily achieve the target it set for itself to have 10 unicorns in 2023, Industry and Technology Minister Mustafa Varank has said.

Turkish startups have already attracted about $1.4 billion in investments in the first half of 2022, said Varank, speaking at the TechAnkara Project Market event held in the capital on Sept. 26, noting that this is close to the amount invested in local startups in the whole of 2021.

Türkiye presently has six unicorns, including two decacorns, Varank said.

Unicorns and decacorns refers to startups valued over $1 billion and $10 billion, respectively.

“Looking at this performance, I believe achieving the target of having 10 Turkish startups is not very difficult.”

Varank recalled that his ministry set this target for 2023 in a document, titled “National Technology Initiative,” prepared back in 2020.

“Some circles belittled this target, undermining the potential of this country and its youth. We, however, continued to support entrepreneurs. The success we have achieved is well appreciated by the world,”

Last year, more than 300 startups attracted a record $1.5 billion in investments, which was nine times higher than the previous year and this strong trend in investments continue in 2022,” Varank said.