he Key to Sustainability in the Chemical Industry: Techno-Entrepreneurship

The chemical industry is of critical importance for Turkey. In light of the current economic indicators worldwide, the sector is like a valuable asset for our country, accounting for a 14% share of total exports. In the first quarter of 2022, it showed a growth of 40% compared to the same period in 2021, achieving a successful export of 7.5 billion USD.

Factors such as low costs, geographical proximity, disruptions in the global supply chain, investments, and legal regulations are interpreted as factors that contribute to the growth of the Turkish chemical sector. However, like all industries, there is an important goal that the sector needs to focus on to be stronger in the future: technology-driven entrepreneurship (techno-entrepreneurship).

To make the torch burn brighter, there is a need to embrace new business models, business agility, technology, and innovations. In the short and medium term, companies in the chemical sector need to work with entrepreneurs to achieve sustainable growth. Only in this way can agility be achieved, technology and innovation quickly introduced to the organization, costs reduced, and resource efficiency created.

The sector also needs new product development, sustainable and technology-driven investments, and new forms of activities and governance. To achieve all of this, it is necessary to work with initiatives in these areas. For the chemical industry to increase its competitiveness in global markets and achieve sustainable income, it is essential to bring entrepreneurs who can meet the industry's advanced material, advanced process technology, and digitization needs.

Covestro, one of the world's leading polymer companies, has begun to combine the needs of start-up companies with its strategic goals through Covestro Venture Capital (COVeC).

To achieve this partnership, there is a need to increase the number of industry and needs-focused entrepreneurial acceleration programs. A structure is required where experts from the chemical industry provide mentoring, needs-based training is provided, numerous different institution-entrepreneur meetings are held, and entrepreneurs can test their products in the facilities of member institutions. Successful initiatives that prove their success can sell their products to institutions, collaborate, and receive investment. We, as in4startups, are continuing to be a part of this effort that we see as a path to success, with the acceleration programs we have developed in this model.

We have promising initiatives that have succeeded in both the products they have developed and the partnerships they have established.

In order to increase examples like this, a comprehensive and planned program at the sectoral level, in addition to the individual efforts of entrepreneurs, is necessary. It is essential that we turn this key to develop the sustainability capabilities of the chemical sector and open the door to sustainability by creating high added value in the global market.

Ahmet Sefa BIR

Co-founder of in4startups