{"status":true,"post":{"id":41249,"user_id":2,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2023-07-03 08:34:00","created_at":"2023-07-03T05:34:00.000000Z","updated_at":"2023-07-03T09:42:38.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":41249,"is_featured":0,"title":"\u00c7in\u2019de startup \u015firketler ve giri\u015fim sermayesi","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":"FAT\u0130H OKTAY","content":"<p id=\"isPasted\" style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Startup \u015firketler i\u00e7in hayat eskisi kadar kolay de\u011fil; d\u00fcnyada da, \u00c7in\u2019de de. \u00c7inli \u015firketleri k\u00fcresel ko\u015fullar yan\u0131nda \u00fclkeye \u00f6zg\u00fc olanlar da olumlu veya olumsuz etkiliyor. \u00dclkede uygulanan politikalar\u0131n da deste\u011fiyle bug\u00fcn \u00c7in, ABD\u2019den sonra ikinci b\u00fcy\u00fck giri\u015fim sermayesi sa\u011flay\u0131c\u0131s\u0131 konumunda.<\/span><\/strong><\/p><p><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Giri\u015fim sermayesi anla\u015fmalar\u0131n\u0131 takip eden \u00f6nde gelen bir kurulu\u015fun verilerine g\u00f6re, 2023\u2019\u00fcn ilk \u00e7eyre\u011fi i\u00e7inde d\u00fcnyada startup \u015firketlere sa\u011flanan giri\u015fim sermayesi tutar\u0131 76 milyar dolard\u0131. Bu tutar, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde ve \u00f6nceki y\u0131l\u0131n t\u00fcm \u00e7eyreklerinde 150 milyar dolar\u0131 a\u015f\u0131yordu. \u00c7in\u2019de durum benzer: 2023 ilk \u00e7eyrekte tutar 7 milyar dolar dolay\u0131ndayken, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde 14 milyar dolar, \u00f6nceki y\u0131l\u0131n \u00e7eyreklerinde ise ortalama 20 milyar dolar\u0131n \u00fczerindeydi.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>K\u00fcresel d\u00fczeydeki de\u011fi\u015fim, esas olarak Covid-19 ile beraber gelen ucuz, hatta reel olarak eksi maliyetli para bollu\u011fu ve evden \u00e7al\u0131\u015fma\/sosyalle\u015fmenin cazip hale getirdi\u011fi giri\u015fim imk\u00e2nlar\u0131n\u0131n yaratt\u0131\u011f\u0131 balonun s\u00f6nmesi ile ilgili. S\u00f6z konusu ko\u015fullar alt\u0131nda 2020 ortas\u0131ndan ba\u015flayarak giderek artan giri\u015fim sermayesi olanaklar\u0131, 2021 sonundan itibaren para politikalar\u0131 ve ya\u015famda normale d\u00f6n\u00fc\u015fe ko\u015fut azalarak Covid \u00f6ncesi d\u00fczeylerine d\u00f6n\u00fcyor. ABD-\u00c7in gerginli\u011fi, Ukrayna sava\u015f\u0131, enflasyon gibi etkenler de bu s\u00fcreci besliyor.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>YABANCI PAYI Y\u00dcZDE 20<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de bunlara ek olarak giri\u015fim sermayesi ak\u0131\u015flar\u0131n\u0131n azalmas\u0131nda, \u00fclke y\u00f6netiminin s\u0131f\u0131r Covid politikas\u0131 \u00e7er\u00e7evesindeki s\u0131k kapanmalar\u0131n rol\u00fc var. ABD\u2019nin \u00c7in\u2019in teknolojik geli\u015fimini yava\u015flatma ve bu \u00fclkeye sanayi \u00fcr\u00fcnleri alan\u0131ndaki ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltmay\u0131 hedefleyen politikalar\u0131n\u0131n getirdi\u011fi belirsizlik ve riskler de bunda \u00f6nemli rol oynuyor. ABD y\u00f6netimi, \u00fclke ki\u015fi ve kurulu\u015flar\u0131n\u0131n \u00c7in\u2019e yapacaklar\u0131n\u0131 d\u00fczenleyen bir yasa \u00fczerinde \u00e7al\u0131\u015f\u0131rken, \u00c7inli teknoloji \u015firketleri s\u0131k s\u0131k ABD teknoloji yapt\u0131r\u0131mlar\u0131 kapsam\u0131na al\u0131n\u0131rken, \u00fclke \u015firketlerine yat\u0131r\u0131m yapman\u0131n riski art\u0131yor. \u00c7in taraf\u0131nda da \u00fclke y\u00f6netimi, \u00f6zellikle hassas teknoloji \u015firketlerinin \u00fclke i\u00e7inden finansman sa\u011flamas\u0131n\u0131 istiyor. Bu ko\u015fullar alt\u0131nda giri\u015fim sermayesinin yap\u0131s\u0131 da de\u011fi\u015fiyor. Yabanc\u0131 kaynaklar, \u00c7inli startup \u015firketlerin finansman\u0131nda 2010 ba\u015flar\u0131nda y\u00fczde 60 dolay\u0131nda paya sahipken, 2022 y\u0131l\u0131nda bu pay y\u00fczde 20\u2019ye d\u00fc\u015fm\u00fc\u015f bulunuyordu.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>S\u0130L\u0130KON VAD\u0130S\u0130 MODEL\u0130<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de hemen her \u015feyde oldu\u011fu gibi giri\u015fim sermayesi ortam\u0131n\u0131n bi\u00e7imlenmesinde devlet politikalar\u0131 b\u00fcy\u00fck rol oynuyor. ABD\u2019de Silikon Vadisi, \u00c7in\u2019de \u00fclke y\u00f6netimi i\u00e7in reform d\u00f6neminin erken a\u015famalar\u0131ndan ba\u015flayarak bir \u00f6rnek olmu\u015ftu. ABD\u2019de giri\u015fim sermayesi fonlar\u0131n\u0131n, gelece\u011fi parlak yeni \u015firketleri bulup finansman ve di\u011fer desteklerle b\u00fcy\u00fctt\u00fckten sonra satt\u0131klar\u0131, bu s\u00fcre\u00e7te teknolojik geli\u015fme ve ekonomiye katk\u0131 yapt\u0131klar\u0131 model, \u00fclke y\u00f6netimi taraf\u0131ndan \u00e7ok \u00e7ekici bulunmu\u015f, benzeri olu\u015fturulmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131.\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u015e\u0130RKETLERE VERG\u0130 \u0130ND\u0130R\u0130M\u0130<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Bu \u00e7er\u00e7evede \u00c7in\u2019in ilk giri\u015fim sermayesi \u015firketi, 1985\u2019te Maliye Bakanl\u0131\u011f\u0131 ve Bilim ve Teknoloji Komisyonu (Bakanl\u0131\u011f\u0131) taraf\u0131ndan kurulmu\u015f, bunu yerel y\u00f6netimlerin kurdu\u011fu \u00e7ok say\u0131da \u015firket izlemi\u015fti. Merkezi y\u00f6netim, \u00fclkede giri\u015fim sermayesinin geli\u015fmesine y\u00f6nelik bir\u00e7ok d\u00fczenleme yapm\u0131\u015f, yabanc\u0131 giri\u015fim sermayesi \u015firketlerinin \u00fclkede faaliyet g\u00f6stermelerini desteklemi\u015fti. G\u00fcn\u00fcm\u00fczde de giri\u015fim sermayesi \u015firketlerine y\u00fcksek d\u00fczeyde vergi indirim olanaklar\u0131 sa\u011flan\u0131yor. Bu politikalar\u0131n da deste\u011fiyle bug\u00fcn \u00c7in, ABD\u2019den sonra d\u00fcnyada ikinci b\u00fcy\u00fck giri\u015fim sermayesi sa\u011flay\u0131c\u0131s\u0131 konumunda bulunuyor.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u015e\u0130RKETLER\u0130N DESTEK SIKINTISI YOK<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in, ABD ile ya\u015famsal bir teknoloji sava\u015f\u0131 i\u00e7inde olduk\u00e7a ve \u00fclke ulusal tasarruflar\u0131 yat\u0131r\u0131mlar i\u00e7in \u00e7ok b\u00fcy\u00fck boyutlarda yat\u0131r\u0131m yapma imkan\u0131 sa\u011flad\u0131k\u00e7a, \u00c7in\u2019de teknoloji startup \u015firketleri destek s\u0131k\u0131nt\u0131s\u0131 ya\u015famayacakt\u0131r.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><br><\/p><p id=\"isPasted\" style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>H\u0130SSE ARZI \u0130\u00c7\u0130N STAR PAZARI KURULDU<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de bu sekt\u00f6r\u00fcn geli\u015fiminin \u00f6n\u00fcndeki en b\u00fcy\u00fck engel, giri\u015fim sermayesi \u015firketlerinin, ileride ba\u015far\u0131l\u0131 olacaklar\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fckleri \u015firketlere ortak olarak yapt\u0131klar\u0131 yat\u0131r\u0131mlar\u0131n getirisini, geli\u015fip k\u00e2r etmeye ba\u015flayan \u015firketteki paylar\u0131n\u0131 satarak sa\u011flamalar\u0131n\u0131n zor olmas\u0131yd\u0131. Devlet, yat\u0131r\u0131mc\u0131lar\u0131n zarara u\u011fray\u0131p bundan da devleti sorumlu tutma olas\u0131l\u0131\u011f\u0131 nedeniyle hisse arz\u0131 i\u00e7in \u015firketin k\u00e2ra ge\u00e7mi\u015f olmas\u0131 gibi bir\u00e7ok ko\u015ful koyuyordu. Bu da genel olarak k\u00e2ra ge\u00e7meleri y\u0131llar alan startup teknoloji \u015firketlerinin \u00fclke borsalar\u0131nda hisse arz\u0131na olanak vermiyordu. Bu durumda Alibaba gibi \u00e7ok say\u0131da \u00c7inli teknoloji \u015firketi, hisse arzlar\u0131n\u0131 yurt d\u0131\u015f\u0131nda, a\u011f\u0131rl\u0131kl\u0131 olarak ABD borsalar\u0131nda ger\u00e7ekle\u015ftiriliyordu. Durum 2019\u2019da Shanghai Borsas\u0131 b\u00fcnyesinde kurulan Yeni Teknoloji ve Bilimsel \u0130novasyon Pazar\u0131 ya da \u0130ngilizce k\u0131sa ad\u0131yla STAR pazar\u0131nda, teknoloji alan\u0131nda ba\u015far\u0131l\u0131 yeni \u015firketler i\u00e7in kolayl\u0131kla ve kan\u0131tlanm\u0131\u015f k\u00e2rl\u0131l\u0131k ko\u015fulu olmaks\u0131z\u0131n hisselerinin arz\u0131n\u0131 ger\u00e7ekle\u015ftirme olana\u011f\u0131 sa\u011flanmas\u0131yla de\u011fi\u015fti.<\/span><\/p>","slug":"cinde-startup-sirketler-ve-girisim-sermayesi","tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"news_cover_min":"\/front\/uploads\/blog\/thumbnail\/16883316007Y0xvfv1U2a6o0c.webp","news_cover":null,"news_video_min":null,"news_video":null,"view_count":1586,"cropped_1200x675":null,"user":{"id":2,"name":"FAT\u0130H","surname":"OKTAY","email":"ozansoy.tuna@akay.com","slug":"fatih-oktay","avatar":"\/front\/uploads\/avatar\/1733691600qSRn7kb3ZZVHU3t.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T14:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":41375,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":41249,"locale":"tr","category_id":73,"title":"\u00c7in\u2019de startup \u015firketler ve giri\u015fim sermayesi","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":"FAT\u0130H OKTAY","content":"<p id=\"isPasted\" style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Startup \u015firketler i\u00e7in hayat eskisi kadar kolay de\u011fil; d\u00fcnyada da, \u00c7in\u2019de de. \u00c7inli \u015firketleri k\u00fcresel ko\u015fullar yan\u0131nda \u00fclkeye \u00f6zg\u00fc olanlar da olumlu veya olumsuz etkiliyor. \u00dclkede uygulanan politikalar\u0131n da deste\u011fiyle bug\u00fcn \u00c7in, ABD\u2019den sonra ikinci b\u00fcy\u00fck giri\u015fim sermayesi sa\u011flay\u0131c\u0131s\u0131 konumunda.<\/span><\/strong><\/p><p><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Giri\u015fim sermayesi anla\u015fmalar\u0131n\u0131 takip eden \u00f6nde gelen bir kurulu\u015fun verilerine g\u00f6re, 2023\u2019\u00fcn ilk \u00e7eyre\u011fi i\u00e7inde d\u00fcnyada startup \u015firketlere sa\u011flanan giri\u015fim sermayesi tutar\u0131 76 milyar dolard\u0131. Bu tutar, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde ve \u00f6nceki y\u0131l\u0131n t\u00fcm \u00e7eyreklerinde 150 milyar dolar\u0131 a\u015f\u0131yordu. \u00c7in\u2019de durum benzer: 2023 ilk \u00e7eyrekte tutar 7 milyar dolar dolay\u0131ndayken, ge\u00e7en y\u0131l\u0131n ilk \u00e7eyre\u011finde 14 milyar dolar, \u00f6nceki y\u0131l\u0131n \u00e7eyreklerinde ise ortalama 20 milyar dolar\u0131n \u00fczerindeydi.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>K\u00fcresel d\u00fczeydeki de\u011fi\u015fim, esas olarak Covid-19 ile beraber gelen ucuz, hatta reel olarak eksi maliyetli para bollu\u011fu ve evden \u00e7al\u0131\u015fma\/sosyalle\u015fmenin cazip hale getirdi\u011fi giri\u015fim imk\u00e2nlar\u0131n\u0131n yaratt\u0131\u011f\u0131 balonun s\u00f6nmesi ile ilgili. S\u00f6z konusu ko\u015fullar alt\u0131nda 2020 ortas\u0131ndan ba\u015flayarak giderek artan giri\u015fim sermayesi olanaklar\u0131, 2021 sonundan itibaren para politikalar\u0131 ve ya\u015famda normale d\u00f6n\u00fc\u015fe ko\u015fut azalarak Covid \u00f6ncesi d\u00fczeylerine d\u00f6n\u00fcyor. ABD-\u00c7in gerginli\u011fi, Ukrayna sava\u015f\u0131, enflasyon gibi etkenler de bu s\u00fcreci besliyor.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>YABANCI PAYI Y\u00dcZDE 20<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de bunlara ek olarak giri\u015fim sermayesi ak\u0131\u015flar\u0131n\u0131n azalmas\u0131nda, \u00fclke y\u00f6netiminin s\u0131f\u0131r Covid politikas\u0131 \u00e7er\u00e7evesindeki s\u0131k kapanmalar\u0131n rol\u00fc var. ABD\u2019nin \u00c7in\u2019in teknolojik geli\u015fimini yava\u015flatma ve bu \u00fclkeye sanayi \u00fcr\u00fcnleri alan\u0131ndaki ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltmay\u0131 hedefleyen politikalar\u0131n\u0131n getirdi\u011fi belirsizlik ve riskler de bunda \u00f6nemli rol oynuyor. ABD y\u00f6netimi, \u00fclke ki\u015fi ve kurulu\u015flar\u0131n\u0131n \u00c7in\u2019e yapacaklar\u0131n\u0131 d\u00fczenleyen bir yasa \u00fczerinde \u00e7al\u0131\u015f\u0131rken, \u00c7inli teknoloji \u015firketleri s\u0131k s\u0131k ABD teknoloji yapt\u0131r\u0131mlar\u0131 kapsam\u0131na al\u0131n\u0131rken, \u00fclke \u015firketlerine yat\u0131r\u0131m yapman\u0131n riski art\u0131yor. \u00c7in taraf\u0131nda da \u00fclke y\u00f6netimi, \u00f6zellikle hassas teknoloji \u015firketlerinin \u00fclke i\u00e7inden finansman sa\u011flamas\u0131n\u0131 istiyor. Bu ko\u015fullar alt\u0131nda giri\u015fim sermayesinin yap\u0131s\u0131 da de\u011fi\u015fiyor. Yabanc\u0131 kaynaklar, \u00c7inli startup \u015firketlerin finansman\u0131nda 2010 ba\u015flar\u0131nda y\u00fczde 60 dolay\u0131nda paya sahipken, 2022 y\u0131l\u0131nda bu pay y\u00fczde 20\u2019ye d\u00fc\u015fm\u00fc\u015f bulunuyordu.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>S\u0130L\u0130KON VAD\u0130S\u0130 MODEL\u0130<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de hemen her \u015feyde oldu\u011fu gibi giri\u015fim sermayesi ortam\u0131n\u0131n bi\u00e7imlenmesinde devlet politikalar\u0131 b\u00fcy\u00fck rol oynuyor. ABD\u2019de Silikon Vadisi, \u00c7in\u2019de \u00fclke y\u00f6netimi i\u00e7in reform d\u00f6neminin erken a\u015famalar\u0131ndan ba\u015flayarak bir \u00f6rnek olmu\u015ftu. ABD\u2019de giri\u015fim sermayesi fonlar\u0131n\u0131n, gelece\u011fi parlak yeni \u015firketleri bulup finansman ve di\u011fer desteklerle b\u00fcy\u00fctt\u00fckten sonra satt\u0131klar\u0131, bu s\u00fcre\u00e7te teknolojik geli\u015fme ve ekonomiye katk\u0131 yapt\u0131klar\u0131 model, \u00fclke y\u00f6netimi taraf\u0131ndan \u00e7ok \u00e7ekici bulunmu\u015f, benzeri olu\u015fturulmaya \u00e7al\u0131\u015f\u0131lm\u0131\u015ft\u0131.\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u015e\u0130RKETLERE VERG\u0130 \u0130ND\u0130R\u0130M\u0130<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>Bu \u00e7er\u00e7evede \u00c7in\u2019in ilk giri\u015fim sermayesi \u015firketi, 1985\u2019te Maliye Bakanl\u0131\u011f\u0131 ve Bilim ve Teknoloji Komisyonu (Bakanl\u0131\u011f\u0131) taraf\u0131ndan kurulmu\u015f, bunu yerel y\u00f6netimlerin kurdu\u011fu \u00e7ok say\u0131da \u015firket izlemi\u015fti. Merkezi y\u00f6netim, \u00fclkede giri\u015fim sermayesinin geli\u015fmesine y\u00f6nelik bir\u00e7ok d\u00fczenleme yapm\u0131\u015f, yabanc\u0131 giri\u015fim sermayesi \u015firketlerinin \u00fclkede faaliyet g\u00f6stermelerini desteklemi\u015fti. G\u00fcn\u00fcm\u00fczde de giri\u015fim sermayesi \u015firketlerine y\u00fcksek d\u00fczeyde vergi indirim olanaklar\u0131 sa\u011flan\u0131yor. Bu politikalar\u0131n da deste\u011fiyle bug\u00fcn \u00c7in, ABD\u2019den sonra d\u00fcnyada ikinci b\u00fcy\u00fck giri\u015fim sermayesi sa\u011flay\u0131c\u0131s\u0131 konumunda bulunuyor.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u015e\u0130RKETLER\u0130N DESTEK SIKINTISI YOK<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in, ABD ile ya\u015famsal bir teknoloji sava\u015f\u0131 i\u00e7inde olduk\u00e7a ve \u00fclke ulusal tasarruflar\u0131 yat\u0131r\u0131mlar i\u00e7in \u00e7ok b\u00fcy\u00fck boyutlarda yat\u0131r\u0131m yapma imkan\u0131 sa\u011flad\u0131k\u00e7a, \u00c7in\u2019de teknoloji startup \u015firketleri destek s\u0131k\u0131nt\u0131s\u0131 ya\u015famayacakt\u0131r.<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><br><\/p><p id=\"isPasted\" style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><strong><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>H\u0130SSE ARZI \u0130\u00c7\u0130N STAR PAZARI KURULDU<\/span><\/strong><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00a0<\/span><\/p><p style='margin-top:0cm;margin-right:0cm;margin-bottom:.0001pt;margin-left:0cm;line-height:normal;font-size:15px;font-family:\"Calibri\",sans-serif;'><span style='font-size:16px;font-family:\"Helvetica\",sans-serif;'>\u00c7in\u2019de bu sekt\u00f6r\u00fcn geli\u015fiminin \u00f6n\u00fcndeki en b\u00fcy\u00fck engel, giri\u015fim sermayesi \u015firketlerinin, ileride ba\u015far\u0131l\u0131 olacaklar\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fckleri \u015firketlere ortak olarak yapt\u0131klar\u0131 yat\u0131r\u0131mlar\u0131n getirisini, geli\u015fip k\u00e2r etmeye ba\u015flayan \u015firketteki paylar\u0131n\u0131 satarak sa\u011flamalar\u0131n\u0131n zor olmas\u0131yd\u0131. Devlet, yat\u0131r\u0131mc\u0131lar\u0131n zarara u\u011fray\u0131p bundan da devleti sorumlu tutma olas\u0131l\u0131\u011f\u0131 nedeniyle hisse arz\u0131 i\u00e7in \u015firketin k\u00e2ra ge\u00e7mi\u015f olmas\u0131 gibi bir\u00e7ok ko\u015ful koyuyordu. Bu da genel olarak k\u00e2ra ge\u00e7meleri y\u0131llar alan startup teknoloji \u015firketlerinin \u00fclke borsalar\u0131nda hisse arz\u0131na olanak vermiyordu. Bu durumda Alibaba gibi \u00e7ok say\u0131da \u00c7inli teknoloji \u015firketi, hisse arzlar\u0131n\u0131 yurt d\u0131\u015f\u0131nda, a\u011f\u0131rl\u0131kl\u0131 olarak ABD borsalar\u0131nda ger\u00e7ekle\u015ftiriliyordu. Durum 2019\u2019da Shanghai Borsas\u0131 b\u00fcnyesinde kurulan Yeni Teknoloji ve Bilimsel \u0130novasyon Pazar\u0131 ya da \u0130ngilizce k\u0131sa ad\u0131yla STAR pazar\u0131nda, teknoloji alan\u0131nda ba\u015far\u0131l\u0131 yeni \u015firketler i\u00e7in kolayl\u0131kla ve kan\u0131tlanm\u0131\u015f k\u00e2rl\u0131l\u0131k ko\u015fulu olmaks\u0131z\u0131n hisselerinin arz\u0131n\u0131 ger\u00e7ekle\u015ftirme olana\u011f\u0131 sa\u011flanmas\u0131yla de\u011fi\u015fti.<\/span><\/p>","slug":"cinde-startup-sirketler-ve-girisim-sermayesi","orjinalimage":"\/front\/uploads\/blog\/thumbnail\/16883316007Y0xvfv1U2a6o0c.webp","news_cover_min":"\/front\/uploads\/blog\/thumbnail\/16883316007Y0xvfv1U2a6o0c.webp","news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":null,"meta_title":null,"meta_description":null,"meta_keywords":null,"view_count":1586,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}