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Duygu Oktem Clark is the founder of DO Venture Partners. She invests in early-stage tech startups. She also serves as a startup evaluator for the European Commission’s Innovation Council.
Before that, she worked for the European Investment Fund, where she led 8 investments. Before that, she founded Turkey’s first startup accelerator (Turk Telekom Pilot), where she led 22 investments. Before that, she worked for the National Science Foundation of Turkey.
She represented Turkey at the European Commission and facilitated R&D projects with a total budget of $150M between Turkey and Europe. She serves as a jury member and mentors at many startup programs, including Chobani Startup Program, Founder Institute, United Nations Clean Tech and Entrepreneurship Association of Turkey. She is a Computer Engineer with a Master’s Degree in Information Systems. She is based in San Francisco, California.
In an exclusive interview with AsiaTechDaily, Duygu says:
Work from Home culture is happening all around the world due to Covid-19. So, that will stay, at least in some capacity, for sure. But even if WFH is great, it comes with many problems. For example, new graduates are learning from their peers and through observing their managers/colleagues. This is not happening on Zoom calls. So, I think the startups that solve WFH problems will be popular.
I’m lucky since I do what I love. If you love your job, you find your own motivation easily.
Read on to know more about Duygu Clark and her journey.
Duygu Clark: I studied Computer Engineering for my undergrad and Information Systems for my graduate degree. I have been working in technology for 15 years as an operator and investor. I worked at the Turkish National Science Foundation, where I represented Turkey at the European Commission, led R&D teams of Turkey’s largest technology company, and founded and managed Turkey’s first startup accelerator. Recently I worked for the European Investment Fund’s specific fund for Turkish founders. Since 2018, I have been investing in startups through my angel fund in Silicon Valley, where I’m currently based.
Duygu Clark: When I led Turkey’s largest technology company’s R&D teams, I decided to collaborate with startups to launch new products faster. That’s why I launched Turkey’s first startup accelerator in 2013 and invested in 22 startups back then. I worked with brilliant entrepreneurs to develop products and realized that one of the best ways to make an impact is entrepreneurship. I decided to dedicate my career to help entrepreneurs. I moved to Silicon Valley from Turkey and started to angel invest in startups in the San Francisco Bay Area. My friends from Turkey, who are successful entrepreneurs, wanted to invest along with me. That is how I started my angel fund.
Duygu Clark: I invest in early-stage startups (pre-seed and seed). So far, I have invested in developer tools, remote working tools, AI, fintech, and sustainable technologies.
Duygu Clark: The founding team of a startup is the most important thing for me since, at the early stages of a startup, the team matters the most. You can’t know what the road to company success will look like when you first begin. You need a team that will overcome all the inevitable challenges that will stand in their way. The team itself weighs about 80% of my decision. Other factors that I consider are market and traction.
I’m looking for founders who are passionate about the problem that they are trying to solve. It is harder than it sounds since most of the time, founders are passionate about their solutions.
Duygu Clark: I usually invest with $50K. This can be up to $100K. I invest in 6-10 startups per year.
Currently, I only invest in startups in the San Francisco Bay Area.
Duygu Clark: KPI’s differ based on the industry and the stage of the startup. For example, if it is a B2B startup, I look closely at the startup’s time to close a deal. If it is a B2C startup, then CAC and LTV become important.
Duygu Clark: Since I’m a tech VC, I have been using tech tools to do my job. Therefore it wasn’t a huge shift for me in terms of my working style. Also, I have been investing in tools that make people’s lives easier, many of which are still relevant during times like these. With Covid-19, we saw an acceleration of the technology adaption. That might be a silver lining of the current pandemic.
Duygu Clark: I founded Turkey’s first startup accelerator back in 2013. I started a startup inside Turkey’s largest technology company. I had to convince all the C-level executives and the directors of the company to launch the accelerator. My promise was to develop innovative products by investing in startups. For a 180-year-old company, that was a disruptive move. Convincing people and managing cultural change were challenging. Having a great team, working really hard, and not listening to people who try to discourage you were the key to overcoming the challenges.
Duygu Clark: My path was kind of different. After successfully launching Turkey’s first startup accelerator and investing in 22 startups, people encouraged me to start an angel fund. For people who want to launch their own fund, I advise them to work on their investment thesis that will differentiate them from the other VCs, create mechanisms to get great deals and start fundraising with people who already know and believe in them.
Duygu Clark: They fundraise for so long, and I advise them to set a fundraising deadline and create an urge among investors.
If founders go to VCs and angels after getting early traction, then they can get better terms.
Don’t talk to every investor. Please make a list of investors that invest in your domain and stage, then start with them.
Duygu Clark:
Duygu Clark: Work from Home culture is happening all around the world due to Covid-19. So, that will stay, at least in some capacity, for sure. But even if WFH is great, it comes with many problems. For example, new graduates are learning from their peers and through observing their managers/colleagues. This is not happening on Zoom calls. So, I think the startups that solve WFH problems will be popular.
In addition to that, climate change and space-tech startups will be more popular.
Duygu Clark:
Duygu Clark: I’m lucky since I do what I love. If you love your job, you find your own motivation easily.
Duygu Clark:
Duygu Clark: I would like to be remembered as someone who contributed to making the world a better, fair place.
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