Our guest in episode 94 of Çıtayı Yükseltenler (in Turkish) is İpek Çeliksöz, a member of the founding team of Istanbul Ignited by Slush’D. She explains that what brought billion-dollar funds to Türkiye for the first time was not an agency or a huge budget, but a 28-person team in which everyone had another job. The episode is hosted by Hüseyin Oğuz of Opus Partners and Erdem Mümtaz Hacıpaşaoğlu, Managing Partner of Vircon Legal.
Who is İpek? From 212 to Slush’D
The episode opens with İpek Çeliksöz’s path from 212 to the Slush’D founding team. We then turn to why Istanbul needs Slush’D when it already has so many events.
How did the OpenAI and Manus hackathons come to Türkiye?
The story of how the OpenAI and Manus hackathons were brought to Türkiye for the first time is one of the most striking parts of the episode.
A note from the legal side: the point most often missed at hackathons is who owns the code and the idea developed during the event. If the participation terms do not answer that, ownership of the IP in a prototype built by several people can remain unclear when it later becomes a company. Founders who join as a team should therefore agree early, in writing, who owns what share of the result. See Intellectual Property.
Introductions at side events that turn into investments
We talk about introductions that start at small meetings away from the main stage and end in investments, and how a team should split up to get the most out of Slush’D.
An introduction made at an event can turn into an investment quickly, and being ready for that speed is a legal matter too. A clean cap table, a signed founders’ agreement and an organised data room keep the process short while the investor’s interest is warm. See our Startup Law Guide.
The USD 100,000 crisis no camera caught
The story of the bill of more than USD 100,000 that the team paid out of pocket last year is one of the most candid moments of the episode. We then discuss what could and could not be carried over from Helsinki to Istanbul.
In ecosystem projects run by volunteer teams, it often becomes clear only afterwards who was carrying the risk. The legal entity in whose name venue, supplier and sponsor contracts are signed determines whether a budget overrun falls on individuals or on an association or company.
How were foreign investors persuaded to come to Istanbul?
The central question of the episode: how were billion-dollar funds brought to Istanbul? We go on to the sentence a foreign investor should leave Istanbul with and where Turkish founders and foreign investors misread each other.
In our experience, much of that misreading is about structure. Foreign funds usually want to invest under a legal system and with documents they know, and Turkish company structures and share transfer formalities feel unfamiliar to them. That is why structures involving a US or UK holding company (a flip) come up so often. The right timing and the tax effects differ from company to company. See our International Desk.
What would she do for the ecosystem with an unlimited budget?
The episode closes with what İpek would do for the ecosystem with an unlimited budget, and quick-fire questions.
Three practical takeaways
- Arrive prepared: put your cap table, founders’ agreement and key contracts in order beforehand so you can respond quickly to investor interest.
- If you join a hackathon as a team, put ownership in writing: clarify who owns the resulting code and idea, together with the participation terms.
- Think about structure before talking to foreign investors: whether a flip is needed, and when, should be assessed before the round closes.
Watch the full episode on YouTube (in Turkish). For more from us, browse our Insights.
Frequently asked questions
What is Istanbul Ignited by Slush’D?
A startup event held in Istanbul under licence from Helsinki-based Slush, bringing startups together with international investors.
Who are the guest and hosts?
İpek Çeliksöz from the Slush’D Istanbul founding team; the hosts are Hüseyin Oğuz (Opus Partners) and Erdem Mümtaz Hacıpaşaoğlu (Vircon Legal).
What is Çıtayı Yükseltenler?
A Turkish-language podcast about the journeys of scaling startups. Subscribe to the YouTube channel to hear about new episodes.
Source. Çıtayı Yükseltenler #94, YouTube.
This article is general information and not legal advice.
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