5 Top Crowdfunding Platforms in Turkey
The participation rate in entrepreneurship by both men and women varies among countries. In Turkey, the gender gap is large where women are at the low end of the stream. Women-owned businesses represent 40% of small to medium enterprises (SMEs). To make things worse, only 15% of these women-owned enterprises have access to capital financing.
Challenges of Turkish Women Entrepreneurs
Despite modernization in the country, women entrepreneurs still have more challenges accessing business know-how and networks than men. These challenges block their business growth and sustainability for years to come.
- COVID-19 pandemic economic effects. The pandemic affected everything and everyone’s lives – thus, affecting the world economy. It made it even more challenging for businesswomen in Turkey now. They must think about informal competitors, political instability, transportation, corruption, and electricity among others (on top of finding business capital!).
- Constructed role in Turkish society. The patriarchal social structure in Turkey causes gender discrimination. This household structure type shapes women’s decisions about whether to pursue entrepreneurship or not. If they go with the latter, women often join the labor force as unpaid family workers or occupy lower positions in private companies. It shows their work as less qualified than their male counterparts.
- Finding business financing. Women-led SMEs are part of a billion-dollar industry in Turkey that financial institutions have not taken advantage of. Turkish women entrepreneurs have little to no support from the public and private institutions. They also have no access to finance their businesses relative to their male counterparts. This financing challenge imposes a significant obstacle to the growth of female-owned businesses.
Sources of Funding in Turkey
Sources of working capital in Turkey are the same for all businesses regardless of their leadership gender. Internal funds and bank borrowing are the top sources of funding for most SMEs in the country. The third source of funding is supplier financing which is most prominent among women entrepreneurs. It is sector-driven. It is because women-led businesses are more into textile, clothing, and chemical manufacturing.
Finally, borrowing from relatives and crowdfunding is also a source of funding for entrepreneurs and non-entrepreneurs in Turkey. But what is crowdfunding?
What is Crowdfunding?
Crowdfunding is a great way to raise funds for anything from a business venture to a personal cause. It is a popular method of raising money in Turkey. Whether you are looking to fund a new business idea, pay for medical treatment, or support a friend or family member, you only have to share the details of it online and receive small donations from a large number of individuals anywhere in the world. So if you are a woman starting a business in Turkey, where can you raise funds online?
5 Top Crowdfunding Platforms in Turkey
No. 5 Turkish Philanthropy Funds (TPF)
TPF is the only crowdfunding platform based in the United States (US) focusing on the Turkish community. The organization operates quite differently from the usual online crowdfunding platforms. They only work with universities, foundations, and non-profit organizations (NGOs) with economical, social, and environmental challenges. One cannot publish a crowdfunding project on their site without proper screening. So if you are an individual with personal causes, TPF may not be a good choice for you.
No. 4 GlobalGiving
GlobalGiving is a crowdfunding platform open to community-led NGOs searching for financial support. It has been operating worldwide in more than 175 countries, including Turkey. The platform also provides support in form of training workshops. It is open to NGO-related projects much like TPF. Individuals can fundraise if their advocacy is for a community rather than a personal cause. If you are a social entrepreneur, GlobalGiving might be a good fit for you.
No. 3 Honeyfund
When we say crowdfunding is fundraising for just about anything, we mean it. Honeyfund is a crowdfunding platform for lovely couples looking for financial support for their wedding or honeymoon. Sounds fun, right? But if you’re building a business, we don’t think having a honeymoon is part of the strategic plan.
No. 2 Make-A-Wish Turkey
Make-A-Wish Foundation is an international NGO originating from the US but has expanded over time around the world. Now, the foundation is making wishes come true for Turkish children. Unfortunately for adults, they only grant the wishes of children with life-threatening diseases. Like TPF, Make-A-Wish Foundation screens every submission. Not all can receive a guaranteed donation immediately.
No. 1 Airfunding
Okay, we’ve let you ride the roller coaster too much, and yet no answer for your business venture capital. We give you the save-the-best-for-last crowdfunding platform fit for your capital financing (and more) – Airfunding! Airfunding is a crowdfunding platform for a worldwide community needing to raise funds for themselves or their loved ones. It welcomes anyone who needs financial help to join the Airfunding community. So if you are an entrepreneur looking for funds, Airfunding is for you.
Crowdfunding in Airfunding from Turkey
Beyond fundraising for a start-up business, there are other reasons to be part of the crowdfunding community in Airfunding.
✔ More than 652,000 individuals and NGOs from Turkey and other countries have joined Airfunding to make their dreams come true. The support of thousands of supporters globally guarantees successful fundraising in Airfunding. Öznur from Turkey had been saving stray cats and dogs for years. Due to the economic crisis in the country, she could no longer continue to fund this charity work out of her pocket. She launched 14 crowdfunding projects in Airfunding and raised funds totaling $7,414 (₺133,086.56) starting in 2021.
✔ Creative fundraising tips are available at your fingers. You can also reach out to your peers within the Airfunding community to give you helpful ideas to gain more project supporters.
✔ Crowdfunding tools are available throughout your crowdfunding journey. The tools will help you showcase more information about your cause. A 24/7 Customer Support team is also available to help you throughout your crowdfunding journey. Adem Sigva lives in Turkey – leaving his wife and family in Ukraine. Upon eligibility of his crowdfunding project to be on the Worldwide Stage, his project was translated into multiple languages. It allowed him to raise more funds beyond the borders of Turkey. He raised $1,643 (₺29,493.02) within a month.
Set up your Airfunding project today!
If you need to raise money for your business start-up or loved ones, crowdfunding provides the opportunity to connect with possible investors and supporters. Check out Airfunding today, and remember to sign-up!