Interviewed by Syed Md. Rakeen, Team MBR

Having been featured recently in the Forbes 30 Under 30 Asia list, Saraban Tahura Turin and Anowar Sayef Anik, co-founders of Turtle Venture Studio, are aiming to foster young startups by providing them with funding, mentorship, access to a global network, and strategic support. The studio has worked with over 90 entrepreneurs since 2018, helping them raise over USD 15 million in initial funding rounds. Turtle Venture Studio also runs accelerator programmes for women in technology and 'Young Turtle' programme for students to encourage entrepreneurship. Team MBR was in a conversation with Ms. Saraban Tahura Turin to learn about her vision and inspirations behind Turtle Venture Studio.

Syed Md. Rakeen: Turtle Venture Studio is the first of its kind in Bangladesh, creating a blend of venture capital and accelerator models to help early-stage startups gain access to funding, mentorship, and investors. Would you kindly explain a startup’s journey, starting with getting on board with your company?

Saraban Tahura Turin: A startup's journey with our organisation begins with their acceptance, after which we continue a collaborative and comprehensive approach to assist them in succeeding. When a startup applies to join our venture studio, we carefully review their application. We consider aspects such as the originality of their concept, their market potential, and the talents of their founding team. Through a rigorous selection process, we discover the most promising businesses that connect with our vision and aims.

Once a startup is selected, we provide them with personalised support that is targeted to their individual requirements. Our seasoned professionals and industry experts provide mentorship, direction, and tools to assist startups in successfully navigating their journey.

We connect entrepreneurs with possible funding sources through our network of venture capital partners, angel investors, and strategic connections. We help them improve their pitch, make key contacts, and secure the financing they need to succeed. These mentors bring a plethora of knowledge and experience to the table, providing insights, guidance, and support to businesses based on their own entrepreneurial stories.

In addition, we organise workshops, events, forums, training sessions, and educational programmes to provide startups with the knowledge and skills they need. These projects include a wide range of topics, including business development, marketing tactics, product development, and legal considerations. Graduating startups gain access to a larger network of prospects and continue to receive help from Turtle Venture Studio even after the main programme is over. We believe in long-term collaborations with our startups and are committed to their long-term success.

Syed Md. Rakeen: You have a wealth of experience working for startups and have held various senior positions in them along the way. What inspired you to work closely with startups and help them achieve their vision?

Saraban Tahura Turin: Having founded several startups and encountered significant problems along the way, I personally understand the challenges that entrepreneurs face. One realisation that hit me was the lack of comprehensive support provided by typical accelerator and incubator programmes. These programmes frequently have pre-defined frameworks that may not adequately meet the particular needs of individual businesses, creating a chasm between ecosystem builders and the entrepreneurs they seek to promote.

This realisation acted as a stimulus for me and my fellow Turtle Venture co-founders. We recognised the need to bridge this gap and provide entrepreneurs with the comprehensive support they require to grow. We set out to create a venture studio that would go beyond the traditional accelerator and incubator models based on our own experiences.

Our own experience as founders has also made us highly aware of the necessity of complete support. We recognise that companies require more than just capital or guidance. They require a holistic ecosystem that covers many facets of their growth, such as access to networks, strategic relationships, and resources.

Furthermore, our own experiences with the obstacles of developing and scaling firms have made us strong advocates for resilience and adaptation. We contribute to the growth and success of businesses in our ecosystem by building a strong sense of community and facilitating information sharing.

Syed Md. Rakeen: Generally, venture capitalist firms are more inclined to invest in high-performing startups, leaving behind early-stage startups devoid of funds. How is Turtle Venture Studio increasing the likelihood of early-stage startups getting access to funding opportunities?

Saraban Tahura Turin: Turtle Venture Studio recognises the importance of assisting entrepreneurs at their critical early stages when financial resources are required to bring their innovative ideas to reality. We have taken aggressive initiatives to boost the likelihood of early-stage entrepreneurs receiving investments. To begin with, we have raised a significant sum, USD 1 million, to assist these entrepreneurs. This fund has enabled us to provide direct finance to promising early-stage ventures, allowing them to expand and scale their businesses. By providing this initial influx of capital, we help startups overcome one of the most significant challenges they encounter in their early stages.

Furthermore, we draw on our vast network of venture capitalists willing to invest in startups with the potential to become long-term businesses. Bangladesh, with its untapped potential and a plethora of smart young people, offers significant prospects for growth in a variety of areas. We boost entrepreneurs' chances of receiving funding from venture capitalists seeking high-potential ventures by equipping them with the required skills, expertise, and guidance. We boost the likelihood of these potential enterprises receiving investment by connecting them with the relevant venture capitalists who share their vision and industry emphasis.

Syed Md. Rakeen: Many successful startups, such as Dhaka Cast, Hello Task, Cookups, Markopolo, Wander Women, Bonton Connect, Edutechs, etc., have worked with Turtle Venture Studio’s accelerator programme, while five of the affiliated startups raised above USD 180,000 over the years. In your opinion, which key general ingredients should exist within startups to succeed in Bangladesh?

Saraban Tahura Turin: Several crucial aspects, in my opinion, contribute to the success of companies in Bangladesh. While each business is unique, there are some common variables that play an important part in its success.

First, acceptance is essential. Startups in Bangladesh must accept the changing business landscape and be adaptable. They must be open to changing their plans, goods, and services in response to market needs and client feedback.

Secondly, the ability to stand out is crucial. Startups must distinguish themselves from the competition in a competitive market. This necessitates a willingness to experiment with new ideas and take measured risks. Startups may attract clients and investors by daring to think outside the box and offering new solutions.

In my opinion, the most significant key factor for startups in Bangladesh is consistency. A successful business requires time and work to build. Startups must be devoted to delivering value consistently, satisfying consumer expectations, developing strong networks and cooperation, engaging with industry experts, mentors, and possible partners, and optimising their processes.

Startups should place the utmost importance on client satisfaction, as understanding their target audience's wants, preferences, and pain areas can address real problems and provide actual advantages by conducting extensive market research and aggressively listening to clients' input.

Finally, resilience is a critical component of startup success in Bangladesh. The entrepreneurial road is frequently fraught with ups and downs, obstacles, and setbacks. Startups must be resilient and able to recover from failures, learn from them, and keep pushing forward. The ability to recognise and use their individual capabilities, paired with these general elements, can help entrepreneurs grow and make a big difference in Bangladesh's robust startup ecosystem.

Syed Md. Rakeen: Early-stage startups tend to pivot around their initial business idea by deviating from their initial line of business. From your experience, which factors generally contribute to startups struggling to sustain their initial business model?

Saraban Tahura Turin: According to my experience, enterprises frequently fail to retain their first business strategy due to a variety of triggers. One primary issue is a lack of market fit. It is critical for companies to define a target audience and successfully address their pain concerns. Sustaining the initial business model becomes difficult if the product or service fails to resonate with the target market or does not answer a substantial problem, resulting in negative impacts on revenue creation.

The competitive landscape can make it difficult for startups to differentiate themselves or keep up with the competition. Financial constraints can limit operations and growth, requiring startups to secure proper funding sources and manage funds effectively. Customer acquisition and retention are critical for long-term viability, and startups must continually develop their marketing techniques, create outstanding customer experiences, and react to changing customer needs. Scalability and operational efficiency are also important, as inefficiencies in operations or difficulties scaling the product or service can be barriers to sustainability. External circumstances beyond a startup's control, such as regulation changes or economic conditions, can disrupt operations. Strong leadership and team relationships are critical for overcoming problems and ensuring sustainable growth. Successful entrepreneurs exhibit perseverance, adaptability, and a willingness to learn from setbacks, recognising the need for pivoting and continually improving operations. By addressing these contributing factors and exploring new options for development and sustainability, startups can navigate the complicated startup ecosystem more effectively.

Syed Md. Rakeen: Regulatory procedures and compliance requirements are absolute necessities for any startup. How does Turtle Venture Studio help startups navigate through legal procedures?

Saraban Tahura Turin: Turtle Venture Studio recognises the significance of regulatory procedures and compliance requirements for startups to operate within the legal framework. They provide entrepreneurs with the required knowledge and help to successfully traverse these procedures by leveraging their team, network of partners, and ongoing efforts to extend the ecosystem. The studio has established contacts with many participants in the startup ecosystem, including legal experts, consultants, and regulatory compliance professionals. These collaborations enable them to provide startups with resources and expertise to overcome any legal difficulties they may face.

Legal partners provide guidance on regulatory procedures, compliance needs, and legal frameworks particular to their industry or target market. They actively monitor the newest regulatory changes and developments that may have an influence on companies. This enables Turtle Venture Studio to provide startups with timely information and support, assist them in remaining compliant with changing rules, and guarantee their operations are compliant with regulatory frameworks.

Syed Md. Rakeen: Startups are required to share their equity with Turtle Venture Studio in exchange for guidance and mentorship. How does the valuation and equity allocation process work with the startups you work with?

Saraban Tahura Turin: Turtle Venture Studio's valuation and stock distribution procedures are intended to establish a fair and mutually beneficial partnership between Turtle Venture Studio and the businesses with which we work.

The valuation process starts with a detailed assessment of the startup's potential, which includes its business model, market opportunity, competitive environment, growth prospects, and team capabilities. This evaluation assists us in determining the startup's and its equity's fair value. Turtle Venture Studio and the startup founders work together to allocate equity through open communication and discussion. We understand that stock is a crucial asset for businesses and work hard to find a balance that aligns the interests of all parties involved.

Several variables are considered throughout the stock distribution process, including the startup's stage, growth potential, market conditions, and the specific support and resources that Turtle Venture Studio will provide. We want to make sure that the stock distribution represents the value we contribute to the startup in terms of mentoring, advising, network access, and other sorts of assistance.

Throughout the stock distribution process, transparency and clear communication are critical. We freely disclose the partnership's terms and conditions, share percentages, and expected outcomes. To ensure that entrepreneurs have a clear grasp of the agreement, we urge them to ask questions and seek clarification.

It is worth noting that our equity allocation isn't entirely dependent on monetary reasons. We also consider the impact of our advice, mentoring, and resources on the startup's growth trajectory. Our goal is to form a collaboration in which both sides share the risks and rewards of the startup's journey.

Syed Md. Rakeen: Recently, you and your co-founder, Anwar Sayef Anik, were featured in the Forbes 30 under 30 Asia list for your instrumental social impact, which resulted in assisting entrepreneurs to raise over USD 15 million during initial rounds of funding. How significant has this achievement been for Turtle Venture Studio and for Bangladesh in terms of branding?

Saraban Tahura Turin: Whatever amount they raised, it is only their credibility, honestly. I believe we were privileged enough to be the smallest part of their journey. Their participation in our accelerator and incubator programmes was our way to success too, as we both learned and helped each other in our growth.

Being named on the Forbes 30 Under 30 Asia list for our social impact has been a great achievement for us as Turtle Venture Studio founders. It not only recognises our hard work and passion for making a difference, but it also raises the branding and acceptance of our venture in Bangladesh and around the world. It demonstrates our dedication to bringing about positive change and assisting entrepreneurs on their journey. The Forbes 30 Under 30 Asia list recognises our efforts to have a meaningful social impact and highlights our ability to make a long-term change in the startup ecosystem.

Being included on such a renowned list has greatly improved and enhanced our brand's image, visibility, credibility, and reputation. This allowed us to engage with a larger audience and attract top-tier entrepreneurs, investors, and industry experts. The notoriety on a worldwide platform like Forbes has led to new opportunities and collaborations, allowing us to broaden our reach and influence.

This honour has provided us with a platform to inspire and empower others, to demonstrate the potential of Bangladeshi entrepreneurs, and to contribute to the broader growth and development of the entrepreneurial ecosystem.