Fast Growth 25 Program increases visibility of firms
The winners of the Turkey Fast Growth 25 Program were announced at the Global Entrepreneurship Summit on Dec 3, 2011.The Turkish Union of Chambers and Commodities Exchanges (TOBB) has established a long-term partnership with the AllWorld Network to find and make visible all the emerging growth entrepreneurs in Turkey.
The AllWorld Network, founded by Harvard Business School Professor Michael E. Porter, systematically identifies and ranks private growing companies in developing economies. An AllWorld ranking puts companies on the global radar screen – attracting customers, investors, growth partners and talent.
AllWorld is on its way to creating an unprecedented collaboration of entrepreneurs with real track records from more than 20 countries.
TOBB, AllWorld and TEPAV started the Turkey Fast Growth 25 Program to identify the fastest-growing companies in Turkey. Eligible companies were ranked on the basis of gross sales revenue growth between 2008 and 2010.
Winners were announced during the second Global Entrepreneurship Summit held in Istanbul, on Dec. 3, 2011. Awards were given by Parliamentary Speaker Cemil Çiçek, Economy Minister Zafer Çağlayan, Development Minister Cevdet Yılmaz, and TOBB President M. Rifat Hisarcıklıoğlu. The project aims to bring worldwide attention to Turkish entrepreneurs and expand business opportunities for them.
Despite the economic downturn in Turkey and the rest of the world, the Turkey 25 companies succeeded in sustaining their process of rapid growth. The average annual turnover growth rate of Turkey 25 companies was 250 percent between 2008 and 2010. In addition to Ankara, Istanbul and İzmir, the Turkey 25 companies are based in a number of Anatolian cities, including Kahramanmaraş, Kayseri and Kocaeli. The total employment of these companies was 5,000 people in 2010, with an average of 200 for each. The average age of the CEOs was approximately 42. The companies are operating in various sectors, from construction and engineering to software, furniture, textile, pharmaceuticals and transportation.
“The Turkey 25 companies, led by dynamic men and women, represent the leading edge of a new approach to Turkey’s competitiveness,” said Porter. “The purpose of economic development is to develop companies and help them generate employment. Companies with a prospect for growth and small and medium-sized enterprises are the backbone of all economies.”
Turkey Fast Growth 25 Program has strengthened the global economic ties of the winner companies. In the beginning of July 2012, TOBB, AllWorld, and TEPAV organized a five-day trip to the United States with the participation of the managers of the Turkey 25 companies.
During the Boston leg of the trip, the group attended the AllWorld Summit that took place in Harvard University. The group had the opportunity to interact with Harvard professors, investors and managers of several AllWorld companies established in other countries.
After the Allworld Summit at Harvard, the delegation of the Turkey 25 companies went to Washington to attend a series of meetings at the Aspen Institute’s facilities. Panels on issues such as financing opportunities available in the U.S. for foreign companies and entering the U.S. market was held at the Aspen Institute. The delegation visited Turkish Ambassador to the U.S. Namık Tan and Assistant Secretary of State for Economic, Energy and Business Affairs Jose Fernandez on the last day of the event.
TOBB, AllWorld and TEPAV is about to launch the new Turkey Fast Growth Program in the near future.