This article is written by Clinton James, a Contributor Author at Startup Turkey.
Joshua Burke is a staff at the U.S Mission in Turkey where he works at the office of Trade and Commerce. On other fields, Joshua Burke is an entrepreneur and investor at the same time. Joshua Burke gave a speech during the 2016 Istanbul Turkey summit.
Joshua Burke, speaking at one of the Startups Turkey’s events, is an American businessman, investor and diplomat at US Foreign Commercial. As we know, a stable state government promotes a sustainable environment that is adequate for the welfare of entrepreneurs and other businesses. There are various ways in which the government can support startups in their country.
To begin with, the government can support the initial ecosystem through financial support. As a good example, Hamdi Ulukai initially moved to New York from Turkey in 1994 to study English. After a few years he began working with a cheese company that he opted to seek funds as a loan to take up. from an advertisement in the newspaper, he saw a yogurt factory, which motivated him to start. However, he did not have the money to buy or carry and decided to work with small business organizations in the United States to get loans fvor the same. It was given to him, even though only a few years later the first Chobani yogurt was sold in a supermarket in New York. This technology generated revenues of more than $ 1.5 billion. Hamdy connects this success with US government subsidies and bonds.
On the second, the government helps new companies though how it is providing infrastructure. Infrastructure in this case is in line with speedy internet. WyR (What You Rave) is a company founded by the same owner, Hamdi Ulukaya in Chicago. The founder realized that consumers were more likely to buy goods and services based on recommendations from friends and family than other factors. However, in less than 12 months after the company was founded, it failed miserably. But that does not let the founder give up. He realized he was asking the wrong question about his growth. The problem is not the suggested network that makes it, but the individuals who were not effectively connected.
This was like another opportunity to him, hence he founded another company called Kahoots, which has become the world’s leading human rights management platform and application. This success was influenced by 1871, a program partly funded by Illinois. So by providing 1871, which is constitutionally funded by the government, it has some of the fastest internet speeds in Illinois. The government has supported the infrastructure to promote new businesses in this field. WyR and its failure among other examples must also encourage the government to support the law and develop policies that support failure, because more than 95% of new companies begin to collapse in the first three years.
It is important to distinguish between new companies and companies that can fail, but the founders and people behind them may not flush the initial dream. However, these entrepreneurs have learned from their own mistakes and have made progress. Entrepreneurs need to communicate their needs to the government so that they can be heard efficiently and effectively, so that the government and investors can work with them and give them more support.