Lonca Entrepreneurship Center, established by Kuveyt Türk in an effort to support technology-oriented and scalable business ideas, started to receive applications for the seventh term. In the new period, which will consist of three stages, namely Pre-Incubation, Lonca and Lonca Scale Up, entrepreneurs shall be provided with a grant support of up to 50 thousand TL, as well as mentoring support. Kuveyt Türk shall also offer Pre-Incubation Investment Opportunities up to $30,000 to some startups that are eligible for Lonca Demoday. Applications in the General and FinTech categories may be made at www.loncagirisim.com until October 8, 2021.
The Lonca Entrepreneurship Center, which was established by Kuveyt Türk in 2017 in order to reveal and support innovative ideas, started to accept applications for the seventh term. The Lonca Entrepreneurship Center, which will start the seventh term with the Pre-Incubation phase by renewing its system, shall support approximately 25 new ventures in the first phase. Startups shall be able to apply for the seventh term in FinTech and general categories via www.loncagirisim.com until October 8, 2021. In the Lonca, where hundreds of applications are received each term, the jury members shall evaluate by considering many criteria such as the initiative's appeal to a wide market size, whether it has an income or benefit model.
Entrepreneurs shall now go through three phases
A very different process shall be followed for the training and grant supports to be provided at the Lonca Entrepreneurship Center this term compared to previous periods. In the new system, training and grant support will consist of three stages: Pre-Incubation, Lonca and Lonca Scale Up. At Pre-Incubation, approximately 25 startups to be selected by a large jury shall receive 4-week introductory training. In this process, the development of entrepreneurs shall be observed and entrepreneurs who will pass to the next stage, the Lonca, shall be also determined by the jury. At the Lonca stage, about 10 startups that have gone through Pre-Incubation will receive extensive training that lasts about 4 months. In this period, where intensive training shall be given, opportunities such as mentoring, marketing support, cloud and private API support shall be offered to entrepreneurs. Startups that successfully complete this period shall have the opportunity to participate in the Lonca Demoday event. In the last stage of the program, the Lonca Scale Up section, special supports shall be given to startups focused on growth, sales, incorporation, law and investment.
Grant support up to 50 thousand TL, investment opportunity up to 30 thousand dollars
In the new period, financial grant support, which was previously 40 thousand TL per startup, was increased to 50 thousand TL. According to this, 10 thousand TL grant support shall be given to the enterprises that are successful in Pre-Incubation, 15 thousand TL in addition to those accepted to the Lonca, and 25 thousand TL additional grant support shall be given to those who qualify for Demoday. In addition to all these, Kuveyt Türk shall offer Pre-Incubation Investment Opportunities up to $30,000 to some startups that shall appear on the Lonca Demoday.
Applications are received online
The center, which receives applications through www.loncagirisim.com, accepts projects developed in the General and FinTech categories in the new period. In the Lonca, where hundreds of applications are received each term, the jury members make evaluations by considering many criteria such as the initiative's appeal to a wide market size, whether it has an income or benefit model.
About Kuveyt Türk
The Company was established in 1989. Kuveyt Türk, offering its select set of financial products and services efficiently to the savings holders and investors, maintains its leading position in the sector with customer-oriented approach, techo-innovative activities and digital transformation efforts. The first bank launching the gold business, Kuveyt Türk has completed the first bank sukuk transaction of the sector in Europe and Turkey. Established the first R&D Center in 2010 by a finance house in Turkey, Kuveyt Türk is the only finance house that has two R&D centers in Turkey. The R&D centers develops projects including XTM branch allowing for video-based self-service transactions, a first all over the world. Currently, Kuveyt Türk operates through its 434 branch offices throughout Turkey as well as Bahrain branch office abroad and KT Bank AG, its subsidiary in Germany. Performing remarkable social responsibility projects by respecting the social values and protecting the cultural assets in addition to its operational activities, Kuveyt Türk has funded a large number of restoration projects and produced and published permanent works such as books and documentaries adopting the motto “We are growing with our values”.