The codes for success in Silicon Valley

Timur Sirt, Daily Sabah

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Intellectual capital, knowledge-based economy and value creation are the key words for Silicon Valley's development. the Global Entrepreneurship Summit that took place from Wednesday to Friday in the U.S. also provided a stage for Turkey's female entrepreneurs who are looking to get a share of the prestige at an international event

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Supported by the U.S. president Barack Obama and organized by the Obama administration, the Global Entrepreneurship Summit (GES) hosted three successful Turkish women entrepreneurs. Turkey was represented by Başak Taşpınar Değim of armut.coml; Bedriye Hülya, the founder of Blift; and Gökçe Gülcüler with her "Ustamdan" initiative. The summit, organized between June 22 and 24, welcomed entrepreneurs, investors and journalists from all over the world. The founder of armut.com, Başak Taşpınar Değim, represented Turkey at the GES+ program; the founder of Bfit, Bedriye Hülya, was the keynote speaker of the second day; and Gökçe Gülcüler, the founder of the Ustamdan project, represented Turkey as a social entrepreneur. Secretary of State John Kerry joined the second-day event, expressing his congratulations to all the entrepreneurs attending.

Every 95 of 100 entrepreneurs fail

There are around 1,773 entrepreneurs in Silicon Valley and California, and about 95 percent fail in receiving investment. Executives in San Francisco and Silicon Valley said that only 5 percent of entrepreneurs are successful in receiving investment.

Social entrepreneurship fixes problems

Some American universities have created solutions for developing countries and information technology is a great tool to spread solutions all over the world. US Department of State Under Secretary for Public Diplomacy and Public Affairs Richard Stengel offered insights about the GES 2016 event, first begun with the support of the Obama administration in 2009, and said they have begun to see the results in entrepreneurship around the world. When journalists pointed out the similarities between the motivations of entrepreneurs and journalists, and stated our hope that social entrepreneurship might lead to a more livable world, Stengel said, "I worked as a journalist for many years before taking up this position in the U.S. Department of State. We believe that we are investing in society by supporting entrepreneurship. The state should contribute to building the necessary ecosystem, but it also should stay out of it. People should contribute to build a life style of a good quality through civil organizations and social entrepreneurship."