2017 predictions

212, our partners in Insider, Hemenkiralik, and Hotelrunner, recently shared its January newsletter containing the 2017 predictions of regional investors for their local startup ecosystems.

You can read all of the predictions here.

Here’s what I shared. Thank you to 212 for opening up their platform to these views.

“Think of a country that experienced a failed military coup attempt, its first quarter of negative year-on-year GDP growth in 7 years, and a 20% decline in the value of its currency relative to the US Dollar. Turkey experienced each of these in 2016.

Yet, despite the political and economic challenges, Turkey’s startups are on track to receive a record amount of funding in 2016. In the first 9 months of 2016, Turkey’s startups received $49.1M of funding. Assuming the investment activity we saw during the first 9 months of the year has continued at the same pace during the final 3 months of the year, the year will close with north of $65M in total investment. This compares to $31.1M in 2014 and $55.7M in 2015. Despite the political and economic challenges, the directional trend of Turkey’s startups is clear.

I don’t know what the future holds. Turkey could experience a better or worse 2017 than 2016. But I do know two things.

First, the probability of 2017 being a worse year for Turkey than 2016 is low. 2016 was a very tough year for Turkey no matter how you look at it.

Second, even if 2017 turns out to be no different than or even worse than 2016, Turkey’s startups have proven their resilience in the face of political and economic challenges.

So, no matter what Turkey’s political or economic future holds, I believe that, just like in 2015 and 2016, 2017 is going to be another year in which Turkey’s startups build on last year’s performance. And that’s how startup ecosystems develop.”

Also published on Medium.