Emre Erşahin

"Getir: The Rise, Challenges, and Strategic Retreat of a Global Delivery Giant" Getir, founded in 2015 in Istanbul by Nazim Salur, skyrocketed to prominence by promising grocery delivery within 10 minutes. Its valuation soared to $11.8 billion, attracting investments from Sequoia Capital, Tiger Global, and Mubadala Investment Co. However, after expanding into Europe and the US, its last known valuation plummeted to $2.5 billion. Despite its rapid growth, Getir faced internal conflicts over strategy, notably between its Turkish leadership and European managers. Disagreements arose over the feasibility of maintaining the 10-minute delivery promise and the profitability of selling bananas at heavily discounted prices, with some markets questioning the sustainability of such tactics. The acquisition of rival Gorillas further strained Getir's finances, leading to a cash burn rate of $50 million per month by summer 2023. This financial strain, coupled with a mass exodus of high-ranking staff, forced Getir to reassess its priorities. In response, Getir decided to exit international markets and focus on its core market of Turkey. Mubadala, alongside investor G Squared, injected up to $200 million in funding, contingent on meeting specific targets. This strategic retreat signifies a shift towards financial discipline and a return to Getir's roots, emphasizing its resilience and adaptability in a fiercely competitive industry.

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Excited to invest in Capsa AI, who have just raised £1.7m seed funding round led by Outward VC together with Cornerstone VC and Antler, as well as top angels! I was really impressed by Danyal Özdüzenciler and Callum Downie and their speed of execution and tenacity! Capsa AI streamlines due diligence for Private Equity firms by automating manual tasks like creating company profiles, consolidating financial data, and reviewing contracts. Since launching, their technology has helped leading PE funds reduce due diligence time by 20% and achieve a 90% customer satisfaction score, by enhancing their ability to assess deals and make smarter investment decisions. Link in the comments below👇

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Unlock the blueprint for startup success with insights from Udemy’s Founder, Eren Bali. Your entrepreneurial journey starts here! Udemy’s Founder Eren Bali shares valuable insights on how to start a successful business from scratch. Eren covers: 1. The way to start a company. 2. Choosing the right market. 3. The importance of education. 4. Building the product. 5. Finding the right team. 6. Getting funding. 7. Scaling the business. Don't miss out on this quick yet powerful session #startastartup #howtostartastartup #erenbali #udemy #startup #entrepreneurship

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November 16 2024 – 5 Notable Articles To Read 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Bek Ventures launches $250M Fund III for early-stage tech companies 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The firm, with offices in London, New York, and Istanbul, supports founders originating from the technical talent hubs of CEE. 𝗦𝗼𝘂𝗿𝗰𝗲: Tech.eu 𝗟𝗶𝗻𝗸: https://lnkd.in/dDVXqHvr 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Microsoft’s Gaming Chief Is Still Open to Acquisitions After Activision Deal 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Exploring acquisitions and strategising how to compete and collaborate in the markets for handheld gaming devices and mobile app stores. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://lnkd.in/dMjRGFDY 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Charter Communications to Buy Liberty Broadband Corporation in All-Stock Transaction 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The deal is anticipated to close on June 30, 2027, unless mutually extended by the parties. Before finalizing the transaction, Liberty Broadband plans to spin off GCI Communication Corp., its Alaskan telecommunications subsidiary, to its shareholders. In September, Liberty announced its intention to merge with Charter, a leading US pay-TV provider and one of the media investor’s major holdings. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg News 𝗟𝗶𝗻𝗸: https://lnkd.in/dvp65rpY 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Just Eat Takeaway.com Sells Grubhub at 90% Discount to Pandemic Peak 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Wonder Group Inc. is acquiring Grubhub for approximately $650M, a significant markdown from the $7.3B valuation it achieved during the early stages of the Covid pandemic. 𝗦𝗼𝘂𝗿𝗰𝗲: Bloomberg 𝗟𝗶𝗻𝗸: https://lnkd.in/dA6ZBeGZ 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Volkswagen to Invest $5.8B in EV Startup Rivian Through Joint Venture 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The companies stated that the joint venture will leverage Rivian's existing electrical architecture and software technology stack, facilitating the launch of Rivian’s R2 model in the H1 2026 and supporting the anticipated debut of Volkswagen Group’s first models as early as 2027. 𝗦𝗼𝘂𝗿𝗰𝗲: The Wall Street Journal 𝗟𝗶𝗻𝗸: https://lnkd.in/dE-svBei #news #business #ai #investments #research

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Why Product-Market Fit Is a Solved Problem (and How to Find It) 👇 At Startup Istanbul, Steve Blank shared invaluable insights into the entrepreneurial journey. He highlighted the critical importance of finding Product Market Fit (PMF) and the reality that customers often don't behave as expected. 🌟 Key Takeaways: 1. Customer Development Process: Every startup must evolve from great technology to understanding their customers. 2. Product Market Fit: The foundation of any successful startup—are people grabbing your product and saying, "I want it!"? 3. Adaptability: Entrepreneurs must be ready to pivot based on customer feedback and market dynamics. 4. Learning Journey: It's not about the perfect pitch but about learning and adapting throughout the startup journey. Steve's wisdom is a must-watch for every entrepreneur aiming to navigate the unpredictable world of startups. 📈💡 🔗 Watch the full video to get inspired: https://lnkd.in/dstMzZcn #StartupIstanbul #SteveBlank #Entrepreneurship #ProductMarketFit #CustomerDevelopment

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The best founders are like decathletes, with working knowledge of everything that's needed to start and run a company, but they also need that deeper purpose that drives them to keep pushing and growing — despite the setbacks they are bound to face. In my Stanford GSB course I welcomed Eren Bali, co-founder of Udemy, to help us debut our published Stanford business case study on the edtech giant's founding story. Over the course of our class, Eren helped us distill and illustrate his own "decathlon": ✏ Udemy took over a decade to IPO, with several fits and starts and multiple CEOs. This is not uncommon; most successful startups are not overnight successes. ✏ A founder’s dedication to building the right culture as well as a high-performing team means that there may come a time when they need to part ways with key people. Many times, founders must break up for the good of the company. ✏ Founders need to be very thoughtful around how they construct and run their board of directors. This is an area which is often ignored or neglected during the earliest stages of fundraising. To that last point, next Monday we'll be holding a fireside chat to dig into how founders should be thinking about the composition and culture of their board of directors, from seed to IPO. If you want a taste of the types of talks I have with founders like Eren, we hope you'll join us.

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What VCs Really Want! 👇 Just an amazing session with Magnus Gaarder at Startup Istanbul 🎤 If you're a startup founder looking to raise capital, this talk is a goldmine. 💰 Magnus dives deep into what venture capitalists are truly looking for. Check out the full video and learn how to increase your chances of getting funded! 👇 #Startups #VentureCapital #Fundraising #Entrepreneurship #StartupAdvice #MagnusGaarder #StartupIstanbul

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In this episode, Tolga Kurtoglu, CEO of Leap AI offers a profound exploration of the imperative nature of a comprehensive validation process for startups, especially within the framework of a venture studio. He emphasises continual questioning over predetermined solutions, advocating for perseverance and dedication in pursuing entrepreneurial goals. The conversation delineates a meticulously structured five-stage validation journey, wherein startups progress from ideation to market readiness. This approach, underscores the fusion of innovative thinking with disciplined execution, epitomising the essence of entrepreneurial endeavours in today's dynamic business landscape. 🔍 About Tolga Kurtoglu - Tolga is the Founding Partner and CEO of Leap AI. - He is the former CEO of Palo Alto Research Center. - He is a passionate advocate of responsible technology development. WATCH:https://lnkd.in/dccg69mA . . . #startups #AI #ArtificialIntelligence #VentureStudio #independence #innovation #technology #OpenInnovation #IP #discipline #journey #strategy #resilience #discipline #collaboration #capital

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As we wrap up 2024 sales cycles (and our turkey leftovers), something has become crystal clear: AI has made sales processes more complex than ever. But the best solutions are surprisingly simple. Leading companies heading into 2025 are focusing on these fundamental ingredients (and they won't break next year's budget): 1. Data Management: - Single source of truth (costs balloon 40% with scattered data) - Clean, structured data that even your intern can navigate - Quarterly audits tied to fiscal planning 2. Process Optimization - Crystal-clear workflows that save 5+ hours per rep weekly - Automated routines that cost less than manual labor - Measurable outcomes aligned with 2025 revenue targets Looking to improve before 2025? Here's the recipe for success: - Start with a data hygiene sprint before buying new tools - Optimize (and reduce) existing tech stack before new purchases - Map your current processes before starting new initiatives Your budget (and team) will thank you. Are you also thinking about sales efficiency during planning season? Shoot me a DM and let's trade notes. #startups #founders #growth

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A Study on High-Tech Startup Failure: A fascinating study by Vedat Öndas, "A Study on High-tech Startup Failure," delves into the critical factors leading to the downfall of many promising high-tech ventures. This comprehensive analysis uncovers the intricacies of product development, market challenges, financial hurdles, and management missteps that often plague startups. What We Learn: 1) Product and Market Challenges: Timing, design flaws, and inadequate market sizing can derail even the most promising technologies. 2) Financial Missteps: Undercapitalization and overwhelming debt are significant barriers, highlighting the need for robust financial planning and management. 3) Management and Team Issues: The lack of competent teams and the prevalence of human errors underline the importance of strong leadership and a skilled workforce. PS. check out 🔔 for a winning pitch deck the template created by Silicon Valley legend, Peter Thiel https://lnkd.in/ejp-Bhnu

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10 years later, these learnings from Michael Siebel of Y Combinator, speaking at Startup Istanbul, are still super relevant for founders today! 📌 If you can, focus on solving daily/weekly problems vs monthly problems. It’s a lot “easier” to build an Uber vs a car sales platform 📌 Aim to build an MVP within two months. Get something in the hands of your potential customers quickly! 📌 Identify your “reference customers” - folks who are willing and actively able to talk to others about your product/service 📌 Build relationships. 99% of the PR your startup needs in the early stages can be done yourself. Warm introductions. Structure your pitch. Follow-up. Let the relationship remain valuable 📌 Schedule your meetings with investors as quickly and as tightly as possible. Don’t forget the FOMO agenda 📌 Have growth. The more you grow, the more investors spend time finding you 📌 If you have a launch plan that involves fundraising, change it! 📌 Spend less money. It’s the #1 way to extend your runway 📌 Hire people who are a lot smarter and slightly less risk averse than you. Be fair and transparent with them. Loyalty is earned 📌 Hire slowly. You can do a lot with just a few people. When Instagram sold for $1Billion in 2012, they had just 13 employees! 🌟 Super excited about the growing number of signups for The Maven Cohort - My Group Coaching Program for applicants who are keen and ready to commit to applying for the UK Global Talent Visa. Get ready in 4 weeks! 🌟 Join now using this link: https://lnkd.in/exfaGcsc If you have any questions, feel free to reach out: hello@strategywithifeoluwa.com We launch officially on October 2nd! 🚀🚀🚀 strategywithifeoluwa.com On eagles’ wings

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B2B startups in emerging markets have a superpower. They can sell to Western corporations while maintaining a cheap cost base. Take Turkey: the tech talent there is excellent. Turkish founders can craft products that are on par with American ones, even better. But Turkish founders have a much lower cost base. Turkish employees are cheaper than US ones. The depreciation of the Lira, Turkey's currency, has exacerbated this situation. The country suffers, but talent is even cheaper. The so-called "cost arbitrage" Turkish startups enjoy grows as a result. In this exclusive Realistic Optimist piece, two Turkish VCs (Idil Azizoğlu and Basar Yenidunya) dive into how they optimize this arbitrage. https://lnkd.in/gMVp9xhF

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Time for my next #naturehero of the month of May who is no one else but the great and overly inspiring Eva Zabey, CEO of Business for Nature! >> Eva Zabey, you are a great source of inspiration for me and many others. How do you envision 2030? "A world where we have more nature than in 2020 (nature positive), have halved global emissions (towards net zero), and have significantly closed the inequality gap (fair & just)." >> What do you do daily to make this a reality? "Professionally, I lead a coalition that aims to drive credible business action and policy ambition to achieve a nature-positive economy for all. Collectively, we provide the courage, comfort and technical expertise to governments so that they adopt, implement and enforce ambitious policies; and we scale and speed up business action by strengthening, clarifying and amplifying why and how companies should act now. Personally, I am careful about how I vote and what I buy. I haven’t eaten meat since I was 13 years old, I am ruthless about deciding when I absolutely have to take a flight, I mostly buy second-hand clothes and very often wear the same thing (nobody seems to notice though 😉 )." >> How can people help you to realise your 2030 vision?  "We need to transform the economic system – and we are all part of it! i.e. “don’t be annoyed you are in a traffic jam, you are the traffic jam!” If you work in a company, push internally to ensure you have a strategy for nature, a forward- looking plan for how your company is going to contribute to a nature-positive future. And then submit it on “It’s Now for Nature” global campaign (links below) If you’re lucky enough to be able to vote, use that power responsibly – decide how and who you vote for. Give courage and confidence to those in more influential and powerful positions around you to take a long-term view for humanity instead of short-term personal gains. Have the courage to stand for peace. Take responsibility for any of your posts, likes, reshares on social media, to avoid unintentionally sharing mis or dis-information that could help AI to spread polarized, insensitive and unhelpful positions. This is not the time to give up on the challenges ahead. But we can only succeed if we leave our guilt, cynicism and greed on the doorstep. We need to roll up our sleeves and look after – and be kind to – ourselves and others." #naturehero #sustainability #Biodiversity Business for Nature Coline Ganz Michael Ofosuhene-Wise

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Ancient (2021) Map of the Speedy Grocery Market What’s left? On Monday, speedy grocery company Getir announced its retreat from every market except its founding country, Turkey. It marks the latest low point in the quick commerce VC saga that saw a meteoric rise — and a similarly rapid descent. Great article by Tim Smith on Sifted digging into the overblown investor hype and asking what remains of the sector in Europe. #startups #unicorns #openinnovation #grocery Mind the Bridge

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🔥 New Episode Coming Next Week: Derek Andersen on Building Global Startup Communities! Get ready for an inspiring conversation with Derek Andersen, the founder of Startup Grind and Bevy, on the Startup Istanbul podcast. 🎧 We'll dive into his entrepreneurial journey, the evolution of startup communities, and the power of AI in community building. 𝗘𝗽𝗶𝘀𝗼𝗱𝗲 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: 1. 𝗧𝗶𝗺𝗲𝗹𝗲𝘀𝘀 𝗩𝗮𝗹𝘂𝗲𝘀: Discover the core principles of Startup Grind that continue to inspire entrepreneurs worldwide. 2. 𝗣𝗮𝗻𝗱𝗲𝗺𝗶𝗰 𝗣𝗶𝘃𝗼𝘁: How COVID-19 transformed community building and event hosting. 3. 𝗖𝗼𝗺𝗯𝗮𝘁𝗶𝗻𝗴 𝗟𝗼𝗻𝗲𝗹𝗶𝗻𝗲𝘀𝘀: The vital role of communities in addressing the global loneliness epidemic. 4. 𝗔𝗜 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻: How Bevy is leveraging AI to revolutionize community management. 5. 𝗘𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝗶𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: Derek's candid stories of failures, successes, and the power of mentorship. This episode is a goldmine of insights for anyone passionate about startups and community building. Stay tuned – you won't want to miss it! 🎧 #StartupGrind #Bevy #CommunityBuilding #Entrepreneurship #Podcast #AI #GlobalStartups #Leadership #Mentorship #DerekAndersen #BurakBuyukdemir

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Looking at a recent report about the global startup ecosystem, Mustafa and I discuss some of the findings and reflect on our experiences as well as what this means for the coming 12 months.

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