As Albaraka Türk, the pioneer of firsts in participation banking, we continue to lead the sector with the steps taken in many areas and studies carried out aiming to carry forward both the participation banking ecosystem in which we are included and the Turkish economy. We are trying to support entrepreneurs and the entrepreneurship ecosystem with the world’s first start-up acceleration centre within a participation bank, Albaraka Garage, which we have established for start-ups that have developed innovative, technology-based and scalable products or services and dream of growing it.
At Albaraka Garage, which we run in two stages as a preacceleration and acceleration program, we strive to provide entrepreneurs with all the support they need. For startups that have successfully completed the pre-acceleration process, which we have positioned as the acquaintance and evaluation process, and that qualify for the acceleration program, we provide grant support of up to 50 thousand TL. We use the knowledge of our experienced teams in sales and marketing and bring our entrepreneurs together with Albaraka Türk's comprehensive customer and supplier network. As in every subject, in trainings we go beyond the standards and instead of offering conventional trainings we prepare a training program that is created according to the demands and needs of entrepreneurs. We offer all our entrepreneurs the opportunity to receive mentoring support from our rich mentor network consisting of industry leaders, especially Albaraka Türk senior managers, experienced entrepreneurs and entrepreneurs in our alumni network. We offer the opportunity to work for one year in our private offices located in different locations hosted by Albaraka Garage, the right to use Albaraka's banking product and service APIs free of charge, and consultancy services on intellectual property, legal and financial issues. One of the most significant values we offer is supporting the Albaraka units and the opportunity to do POC work with the customer and foreign expansions, especially in the MENA region and Germany, where Albaraka Banking Group operates intensively. In addition, we invest in startups with funds established within Albaraka Portfolio Management, a subsidiary of Albaraka Türk. In this context, only in 2021 we have invested a total of 39 million TL in 23 new ventures, exclusive of the continuation investments. At Albaraka Garage, which is currently in its 5th term, we not only support enterprises that are in the commercialisation stage, but also with the awareness of how valuable each idea is, since 2020 we have been operating as an Implementing Organization in the 1512 (BIGG) Individual Young Entrepreneur Program, for which TÜBİTAK provides grant support of up to 200 thousand TL to entrepreneurs. With Albaraka BIGG, where we aim to offer an end-toend program from idea to investment, with trainings, mentoring meetings and other opportunities, we become the first supporters of entrepreneurs in developing their ideas and transforming them into initiatives that will have competitive power in the international arena.
During the Albaraka Garage Acceleration Program, where we hosted 95 start-ups in the 5th Term, we had the opportunity to meet and collaborate with many more startups. While many POC studies and product verifications were carried out during this process, product purchases worth millions of Turkish Liras were made. These products and services started to be used within the bank and offered to our customers. As Albaraka Garage, we invite openminded, passionate teams with the necessary motivation and talent to realise their dreams, as well as entrepreneurs who have developed innovative, technology-based and scalable products or services and vision of expanding their ventures, to apply for Albaraka Garage entrepreneurship programs through the Albaraka Garage website.
Albaraka Garaj
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