8. Stakeholder Relationship Building Processes of R&D Based Startups: The Case of Techno-entrepreneurs in Turkey

Founding an R&D based startup is a risky challenge, one requiring balance between a technological search process and business capabilities. Stakeholders’ role is critical here as they help the entrepreneur in this endeavor. Our aim is to explore the stakeholder relationship building processes of R&D based startups. To this end, we conducted in-depth interviews with Turkish startups that were founded with the state’s ‘techno-entrepreneurship grant’ on the condition of conducting R&D. A common scheme emerging in all three cases was the presence of challenging and supporting stakeholders in the gestation stage. The predominant finding in the literature was the supportive role of the family; however we found a profoundly opposing role in one case. Secondly, the logic of the state’s techno-entrepreneurship fund monitoring staff seemed to be a vital factor in the sustainability of the startup. Finally, the ethical and passionate conduct of business by these startups could be a factor drawing third parties into becoming stakeholders. Based on these findings three propositions are stated to be studied in the future.