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Grasping the spirit of the times
Most recently, we had IKEA opening in Istanbul. Meanwhile Starbucks Coffee, which arrived just two years ago, is expanding fast, as are variations on the same theme. Blockbuster films invariably hit the screen in leading Anatolian cities the same weekend as London and/or Amsterdam. And every new mobile phone model launched on the world market can be found retailing simultaneously in Turkey’s major cities… These are no random developments. They share a common dynamic: trends. The pace of change in the last seven or eight years has been phenomenal, not least with the changing face of competition and business practices across all sectors. And this in turn has persuaded many companies to galvanize their research efforts with regard to trends. In today’s dynamic marketplace, attempting to gauge the future and being able to anticipate new business opportunities and risks in the light of these forecasts represent key skills for many companies.
Trends are definable as the new and altered expression of an existing consumer value, need or desire and today the trend concept is infiltrating vastly different industries. In a world where products are almost uniformly equivalent, grasping “the spirit of the times” and translating this into business innovations has become the key competitive advantage for many companies. Whatever format it takes, classic market research is a helpful tool in analyzing the past or resolving the problems of the day. By contrast, trends play a defining role in understanding the future and relating existing business to the future. This explains why dozens of organizations –from multinationals managing hundreds of brands to start-up enterprises specializing in a single operation and professional bodies– attach so much importance to monitoring trends. It is possible to monitor and thus endeavor to understand, trends in all spheres of life –whether color, technology, food and beverages, lifestyle, vacations, automotives, retailing, the home, decoration, health, sport etc. Several multinationals handle the job of monitoring trends in-house. Adidas serves as a case in point. Over the last five years, the brand has enjoyed a conspicuous revival in Turkey and across the world. The boom is no coincidence, for behind it is a team of in-house trend specialists –which includes the unusual position of “color trends manager”. Another leader in the same category is the innovating leviathan, Nike. More advanced than many technology companies in institutionalizing its relationship with the future, Nike boasts similar positions in its global organization. On the one hand, these divisions sustain the brand/company’s relationship with rapidly changing consumer trends. On the other, they act as a guide in terms of where marketing and brand management should be focused in the future.
In today’s world communication channels and choices are increasing exponentially and categories are merging fast. Against this climate, there is little alternative than to internalize trends if you want to stay ahead of the competition.
Vestel: a design factory
If Vestel is fast progressing towards the status of a top world brand, it is thanks in large part to its young designers. The team produces over 50 projects a year, as well as developing some 150 TV models. Today Vestel competes internationally with the world’s giants. It also ranks as the largest television manufacturer in Europe and the third largest in the world with annual output of 12 sets.
The 10-strong team designs Vestel products ranging from Plasma TVs and DVD players to music systems and satellite receivers. Known as the “design factory”, the Vestel industrial design department is headed by Burak Emre Altınordu. Altınordu says the department follows trends very closely and finds that consumers all over the world are satisfied Vestel customers.
The Vestel design team tracks developments in every conceivable sphere of life. Giving weight to feedback sourced from focus groups, the team creates solutions to accommodate technological advances across the world. One of the most notable examples is the production of digital boxes, which began when Britain chose to make the transition to digital broadcasting. Today Vestel sells 12 million digital boxes a year to UK.
In Vestel a new project is assigned to a single designer. Initial sketches are made with pen and paper. The person responsible for product development begins to put together the bricks and mortar of the product. When the product reaches a certain stage, the customer is presented with a range of alternatives. Depending on the customer’s decision, the product is then converted from 2D to a 3D environment and an exact replica of the design turned out.
Vestel’s industrial design department also designs and produces for the overseas markets of premier brands such as JVC, Toshiba and Sharp. According to Altınordu, it’s having gauged the company’s strength that the large manufacturers are choosing to collaborate with Vestel; the alternative would be to compete. A good 90 percent of projects reaching the design department are sourced from overseas. At the same time, rising expectations of Vestel translate into a growing burden of responsibility on its designers.
The boredom trend
Youngs are a natural platform for observing trends. More than that, it is vital for companies with an interest in the market to know what they listen to, what they watch, what turns them on and to respond accordingly. After all, trends move fast –especially in the case of young people and children. But a closer look at young people of different backgrounds in the same age group reveals a striking coalescence of diverging tastes.
Noting the anomaly, DDA Advertising spearheaded a sociological survey of trends, which it called “Clue”. The survey covered young people in the 18-24 age bracket and was carried out by a team of anthropologists. The team talked to 18 university students living in Istanbul and Ankara -students who could be defined as “opinion leaders”- and observed their lives in “ethnographical” terms.
The survey threw up some remarkable results. One of the most prevalent trends was “boredom”. That aside, the idea of “creating one’s own world” emerged as a strong contender. In this context, originality and personal preferences appear to be used as a way of overcoming identity problems.
Young people invariably add something of their own to any item they purchase or put on. The biggest problem here would appear to be that Turkey’s youngs feel the need for vehicles of self-expression. This could also be called differentiation, in other words the trend of “being different” or “feeling the need to be different".
The results also suggest a trend of “multi-variety”: a world that integrates and merges everything or put differently a world of “multiculturalism”. In other words the young of this age group can listen to quite different types of music and spend time in places that appear the antithesis of one another. To give an example, eating preferences could as easily lead the same person to a kebab joint as to a deluxe restaurant. In the same manner, that person might listen to both Arabesque and rock music. None of this is a coincidence; it is merely the shape of likes and preferences among young people today.
A writer, painter,
cook and a director
Turgut Uzer, chairman of the Sabancı Holding Tire, Reinforcement Materials and Automotive Group, cuts an unusual figure as a director. Known for his colorful personality, Uzer has published no less than five books, including one volume of poetry. In these he describes in humorous tones his experiences as a businessman and traveler. Uzer’s motive when he writes is not to share his thoughts with an audience. He does it purely for himself; and partly for his children, of course –so they will know and understand him better when they grow up, to tell what he doesn’t have time to tell in the scramble of daily life. In fact he doesn’t stop at writing: he also paints. And his next project is to publish a cookery book. Uzer has a frenetic work life. He has close interests not only in Turkey but also in Japanese and US markets. He works as systematically as he can during the day, making the most of the available hours. This then allows him time to himself to write at home in the evening. Day or night doesn’t actually make any difference to Uzer as far as writing is concerned. All he needs is the will and resolve to write.
Real journalists take a back seat to the news
Cüney Özdemir, who compiles and presents the program 5N 1K for CNN Türk, is among the young and successful faces of television today. Surprisingly, after all these years he is still gripped by nerves every time he goes on air. But he is happy with what he has achieved in terms of career. “I’ve reached the top rung of the media ladder” as he puts it.
When we talk to Özdemir about his long career in media, he insists that the key to his success is sheer hard work. He argues that it’s up to people to create their own opportunities and explains, “If I’m somewhere today, it’s entirely the product of hard work”
According to Özdemir the essence of journalism is the reporting function, which means the journalist shouldn’t eclipse the news. “A journalist as we know takes a back seat to the news. If I’m a household name this will overshadow the news. I lead an orderly and sensible life. I do nothing excess. If you’re in this job, you shouldn’t, of course, turn yourself into someone else, but more importantly you shouldn’t allow celebrity alter your personality.”
Turks of the world
The number of internationally successful Turkish designers is growing steadily. After numerous successful projects, designers are earning respect for their work and winning awards in a diversity of branches. Milan has always boasted a unique reputation in the design world, as both a designer hub and the heartbeat of the design world where trends are shaped. Today, Defne Koz and İnci Mutlu occupy an important place among the successful designers living in Milan. Both are Turkish designers of international acclaim. Koz owns the Milan based company Defne Koz Design Studio. A specialist in industrial design, she has been at the forefront of contemporary Italian design since 1998. In terms of consumer products she offers project, furniture design and decorative services, as well as lighting systems, dining suites, white goods, town decoration and home accessories. Another young Turkish designer who has proved her mettle in Italy is İnci Mutlu. At the Mutlu&Milano Design Studio, which she opened with her husband Luca Milano in Milan, Mutlu creates industrial designs for several countries including Turkey. She designs home and office furniture, vitrified products, metal accessories, kitchenware, everyday plastic-ware, glass and chinaware and lighting fixtures.
Could Turkey be another India?
With the strides it has made in education, India has become a country that sells software all over the globe and exports programmers to the world’s largest corporations today. In the last seven years, export revenues from the informatics sector have soared by 1500 percent. So what is the secret? Dr Raj Nathan is a software writer of Indian origin, who works at the American headquarters of Sybase. Nathan says, “India’s education infrastructure has developed leaps and bounds in recent years. Institutions specializing in engineering offer education of a worldwide standard. And the fact that schools use English as their teaching language is a great advantage for Indian software writers. Consequently, the country is producing scientists whose first language is English. India, one of the nations where the volume of both new legislation and bureaucracy is at its highest, has actually removed all these barriers for the software sector. As a result, the informatics business is now free to advance without tripping over bureaucracy. India was the first country in the world to set up free trade zones. And the system of exporting through free trade zones has been a boon for the software sector. With the list of all these factors, you see how India has got to where it is today.”
“Purple cow” a rarity in Turkey
When he found Seth Godin’s “Purple Cow” wanting, Prof. Dr. Arman Kırım wrote “The Smart Purple Cow”, described how to become a purple cow. Kırım has now published his eleventh book, “The Purple Cow’s Guide to Growth”, in which he explains how (and how simple it is) to make money. Stick to the business you know if you want to be different, he says, adding that differentiation is different for everyone. He elaborates, “The moment homogenization creeps in, prices drop and customers opt for the cheapest alternative. Companies will only be successful to the extent that they expand and make money, meaning they have to be different in terms of products and services.”
Kırım reckons purple cows are a rarity in Turkey. He goes on, “There have been no striking examples especially in the last few years, but prior to that I’d say T-Box, Cola Turka, Çilek Mobilya and Biletix were outstanding examples of the Turkish purple cows. Vestel’s growth last year was also rather impressive. As I’m familiar with the figures, I can quite comfortably say Vestel rates as a purple cow. “
Formula 1: a technology race
The automotive sector has its attractions for a majority of people who find it hard to resist ever-changing models and colors, ever-improving technology and comfort… This summer promises great excitement for local automotive companies and rally fans alike with the Formula 1 Grand Prix due to be held in Turkey for the first time this August. And in this particular round of the world championship, Renault 4 stands out from its rivals. For Renault is the only one of Turkey’s automotive giants to have a team. İbrahim Aybar, the general manager of Renault Turkey, says Formula 1 is particularly important for Renault’s marketing communications. So what does Formula 1 signify for the car companies? Aybar offers the following answer: “First and foremost it’s about brand image. The race provides a platform for showing off how far a brand has moved in terms of technology. Secondly, Formula 1 is a motorsports activity, which means you have extensive contact with the masses. These two principal factors influence brands as far as investing in the area is concerned. At Renault, motorized sports are an important part of our brand identity. We are dynamic players in the business.”
Turkey lacks vision
The computer games sector is developing fast throughout the world and with new technology, an ever-increasing variety of games is hitting the market. In Turkey there is no sector to speak of because games are not produced. Mevlüt Dinç, an economics graduate, went to UK in 1979. It was here, quite by chance, that he was introduced to computer games and in 1985 created his first game. Three years down the line, he set up his own company, since when he has designed world hits such as Street Racer, First Samurai and Last Ninja 2. He also made history by marketing the first Turkish patented game Dual Blades to the world. Notwithstanding successive awards and accomplishments, he took his life in his hands in 2000 and wound up his company in order to return to Turkey.
Dinç observes that computer games sector doesn’t exist in Turkey. He says, “My aim is to develop Turkish games that we can roll out to the rest of the world. When I came back from UK, I found it hard for a while to carry on with my work. I’m managing now with enormous reserves of patience because I believe there is serious interest in computer games in Turkey and that this shouldn’t be ignored.” Dinç has now set up a company at Istanbul Technical University, Sobee Software, where he works with a team of eight young people. He is also collaborating with Vestel on an R&D project. “The project is called KANAVA and financed by Vestel Defence A.Ş.” he explains. “It’s a heavyweight R&D project, which involves creating a real-time, interactive map of Turkey in 3D.”
Vestel strides ahead with corporate
governance
Turkey’s technology leader Vestel is making major headway with corporate governance, a global issue of growing importance whose principles have been defined in Turkey by the SPK (Capital Markets Board). On 30 May 2005, Vestel held its ordinary general meeting at Zorlu Plaza, where shareholders appointed Prof. Dr. Ekrem Pakdemirli and Dr. Yılmaz Argüden to the board as independent members. They also voted in favor of revisions to the company’s principal agreement, which strengthen minority rights. Convening after the OGM, the board of directors resolved to set up corporate governance and compliance committees under the board of directors. The two newly appointed independent board members were elected to chair the committees, Dr. Yılmaz Argüden to the corporate governance committee and Ekrem Pakdemirli to the compliance committee. The decision was also made to set up an in-house investor relations department, to be affiliated to the corporate governance committee.
Selim Yuna, appointed to head the Vestel Group investor relations department, said, “Vestel Electronics is 49 percent owned by the public, making it one of the companies with the highest rate of public ownership in Turkey. This multiplies Vestel’s responsibilities towards its shareholders.” The board meeting saw Ahmet Zorlu elected chairman and Ekrem Pakdemirli vice chairman of the board of directors, joined ¨by Şule Zorlu, Yılmaz Argüden, Ömer Yüngül, Cem Bodur and E. Turan Erdoğan.
Grasping the spirit of the times
Most recently, we had IKEA opening in Istanbul. Meanwhile Starbucks Coffee, which arrived just two years ago, is expanding fast, as are variations on the same theme. Blockbuster films invariably hit the screen in leading Anatolian cities the same weekend as London and/or Amsterdam. And every new mobile phone model launched on the world market can be found retailing simultaneously in Turkey’s major cities… These are no random developments. They share a common dynamic: trends. The pace of change in the last seven or eight years has been phenomenal, not least with the changing face of competition and business practices across all sectors. And this in turn has persuaded many companies to galvanize their research efforts with regard to trends. In today’s dynamic marketplace, attempting to gauge the future and being able to anticipate new business opportunities and risks in the light of these forecasts represent key skills for many companies.
Trends are definable as the new and altered expression of an existing consumer value, need or desire and today the trend concept is infiltrating vastly different industries. In a world where products are almost uniformly equivalent, grasping “the spirit of the times” and translating this into business innovations has become the key competitive advantage for many companies. Whatever format it takes, classic market research is a helpful tool in analyzing the past or resolving the problems of the day. By contrast, trends play a defining role in understanding the future and relating existing business to the future. This explains why dozens of organizations –from multinationals managing hundreds of brands to start-up enterprises specializing in a single operation and professional bodies– attach so much importance to monitoring trends. It is possible to monitor and thus endeavor to understand, trends in all spheres of life –whether color, technology, food and beverages, lifestyle, vacations, automotives, retailing, the home, decoration, health, sport etc. Several multinationals handle the job of monitoring trends in-house. Adidas serves as a case in point. Over the last five years, the brand has enjoyed a conspicuous revival in Turkey and across the world. The boom is no coincidence, for behind it is a team of in-house trend specialists –which includes the unusual position of “color trends manager”. Another leader in the same category is the innovating leviathan, Nike. More advanced than many technology companies in institutionalizing its relationship with the future, Nike boasts similar positions in its global organization. On the one hand, these divisions sustain the brand/company’s relationship with rapidly changing consumer trends. On the other, they act as a guide in terms of where marketing and brand management should be focused in the future.
In today’s world communication channels and choices are increasing exponentially and categories are merging fast. Against this climate, there is little alternative than to internalize trends if you want to stay ahead of the competition.
Vestel: a design factory
If Vestel is fast progressing towards the status of a top world brand, it is thanks in large part to its young designers. The team produces over 50 projects a year, as well as developing some 150 TV models. Today Vestel competes internationally with the world’s giants. It also ranks as the largest television manufacturer in Europe and the third largest in the world with annual output of 12 sets.
The 10-strong team designs Vestel products ranging from Plasma TVs and DVD players to music systems and satellite receivers. Known as the “design factory”, the Vestel industrial design department is headed by Burak Emre Altınordu. Altınordu says the department follows trends very closely and finds that consumers all over the world are satisfied Vestel customers.
The Vestel design team tracks developments in every conceivable sphere of life. Giving weight to feedback sourced from focus groups, the team creates solutions to accommodate technological advances across the world. One of the most notable examples is the production of digital boxes, which began when Britain chose to make the transition to digital broadcasting. Today Vestel sells 12 million digital boxes a year to UK.
In Vestel a new project is assigned to a single designer. Initial sketches are made with pen and paper. The person responsible for product development begins to put together the bricks and mortar of the product. When the product reaches a certain stage, the customer is presented with a range of alternatives. Depending on the customer’s decision, the product is then converted from 2D to a 3D environment and an exact replica of the design turned out.
Vestel’s industrial design department also designs and produces for the overseas markets of premier brands such as JVC, Toshiba and Sharp. According to Altınordu, it’s having gauged the company’s strength that the large manufacturers are choosing to collaborate with Vestel; the alternative would be to compete. A good 90 percent of projects reaching the design department are sourced from overseas. At the same time, rising expectations of Vestel translate into a growing burden of responsibility on its designers.
The boredom trend
Youngs are a natural platform for observing trends. More than that, it is vital for companies with an interest in the market to know what they listen to, what they watch, what turns them on and to respond accordingly. After all, trends move fast –especially in the case of young people and children. But a closer look at young people of different backgrounds in the same age group reveals a striking coalescence of diverging tastes.
Noting the anomaly, DDA Advertising spearheaded a sociological survey of trends, which it called “Clue”. The survey covered young people in the 18-24 age bracket and was carried out by a team of anthropologists. The team talked to 18 university students living in Istanbul and Ankara -students who could be defined as “opinion leaders”- and observed their lives in “ethnographical” terms.
The survey threw up some remarkable results. One of the most prevalent trends was “boredom”. That aside, the idea of “creating one’s own world” emerged as a strong contender. In this context, originality and personal preferences appear to be used as a way of overcoming identity problems.
Young people invariably add something of their own to any item they purchase or put on. The biggest problem here would appear to be that Turkey’s youngs feel the need for vehicles of self-expression. This could also be called differentiation, in other words the trend of “being different” or “feeling the need to be different".
The results also suggest a trend of “multi-variety”: a world that integrates and merges everything or put differently a world of “multiculturalism”. In other words the young of this age group can listen to quite different types of music and spend time in places that appear the antithesis of one another. To give an example, eating preferences could as easily lead the same person to a kebab joint as to a deluxe restaurant. In the same manner, that person might listen to both Arabesque and rock music. None of this is a coincidence; it is merely the shape of likes and preferences among young people today.
A writer, painter,
cook and a director
Turgut Uzer, chairman of the Sabancı Holding Tire, Reinforcement Materials and Automotive Group, cuts an unusual figure as a director. Known for his colorful personality, Uzer has published no less than five books, including one volume of poetry. In these he describes in humorous tones his experiences as a businessman and traveler. Uzer’s motive when he writes is not to share his thoughts with an audience. He does it purely for himself; and partly for his children, of course –so they will know and understand him better when they grow up, to tell what he doesn’t have time to tell in the scramble of daily life. In fact he doesn’t stop at writing: he also paints. And his next project is to publish a cookery book. Uzer has a frenetic work life. He has close interests not only in Turkey but also in Japanese and US markets. He works as systematically as he can during the day, making the most of the available hours. This then allows him time to himself to write at home in the evening. Day or night doesn’t actually make any difference to Uzer as far as writing is concerned. All he needs is the will and resolve to write.
Real journalists take a back seat to the news
Cüney Özdemir, who compiles and presents the program 5N 1K for CNN Türk, is among the young and successful faces of television today. Surprisingly, after all these years he is still gripped by nerves every time he goes on air. But he is happy with what he has achieved in terms of career. “I’ve reached the top rung of the media ladder” as he puts it.
When we talk to Özdemir about his long career in media, he insists that the key to his success is sheer hard work. He argues that it’s up to people to create their own opportunities and explains, “If I’m somewhere today, it’s entirely the product of hard work”
According to Özdemir the essence of journalism is the reporting function, which means the journalist shouldn’t eclipse the news. “A journalist as we know takes a back seat to the news. If I’m a household name this will overshadow the news. I lead an orderly and sensible life. I do nothing excess. If you’re in this job, you shouldn’t, of course, turn yourself into someone else, but more importantly you shouldn’t allow celebrity alter your personality.”
Turks of the world
The number of internationally successful Turkish designers is growing steadily. After numerous successful projects, designers are earning respect for their work and winning awards in a diversity of branches. Milan has always boasted a unique reputation in the design world, as both a designer hub and the heartbeat of the design world where trends are shaped. Today, Defne Koz and İnci Mutlu occupy an important place among the successful designers living in Milan. Both are Turkish designers of international acclaim. Koz owns the Milan based company Defne Koz Design Studio. A specialist in industrial design, she has been at the forefront of contemporary Italian design since 1998. In terms of consumer products she offers project, furniture design and decorative services, as well as lighting systems, dining suites, white goods, town decoration and home accessories. Another young Turkish designer who has proved her mettle in Italy is İnci Mutlu. At the Mutlu&Milano Design Studio, which she opened with her husband Luca Milano in Milan, Mutlu creates industrial designs for several countries including Turkey. She designs home and office furniture, vitrified products, metal accessories, kitchenware, everyday plastic-ware, glass and chinaware and lighting fixtures.
Could Turkey be another India?
With the strides it has made in education, India has become a country that sells software all over the globe and exports programmers to the world’s largest corporations today. In the last seven years, export revenues from the informatics sector have soared by 1500 percent. So what is the secret? Dr Raj Nathan is a software writer of Indian origin, who works at the American headquarters of Sybase. Nathan says, “India’s education infrastructure has developed leaps and bounds in recent years. Institutions specializing in engineering offer education of a worldwide standard. And the fact that schools use English as their teaching language is a great advantage for Indian software writers. Consequently, the country is producing scientists whose first language is English. India, one of the nations where the volume of both new legislation and bureaucracy is at its highest, has actually removed all these barriers for the software sector. As a result, the informatics business is now free to advance without tripping over bureaucracy. India was the first country in the world to set up free trade zones. And the system of exporting through free trade zones has been a boon for the software sector. With the list of all these factors, you see how India has got to where it is today.”
“Purple cow” a rarity in Turkey
When he found Seth Godin’s “Purple Cow” wanting, Prof. Dr. Arman Kırım wrote “The Smart Purple Cow”, described how to become a purple cow. Kırım has now published his eleventh book, “The Purple Cow’s Guide to Growth”, in which he explains how (and how simple it is) to make money. Stick to the business you know if you want to be different, he says, adding that differentiation is different for everyone. He elaborates, “The moment homogenization creeps in, prices drop and customers opt for the cheapest alternative. Companies will only be successful to the extent that they expand and make money, meaning they have to be different in terms of products and services.”
Kırım reckons purple cows are a rarity in Turkey. He goes on, “There have been no striking examples especially in the last few years, but prior to that I’d say T-Box, Cola Turka, Çilek Mobilya and Biletix were outstanding examples of the Turkish purple cows. Vestel’s growth last year was also rather impressive. As I’m familiar with the figures, I can quite comfortably say Vestel rates as a purple cow. “
Formula 1: a technology race
The automotive sector has its attractions for a majority of people who find it hard to resist ever-changing models and colors, ever-improving technology and comfort… This summer promises great excitement for local automotive companies and rally fans alike with the Formula 1 Grand Prix due to be held in Turkey for the first time this August. And in this particular round of the world championship, Renault 4 stands out from its rivals. For Renault is the only one of Turkey’s automotive giants to have a team. İbrahim Aybar, the general manager of Renault Turkey, says Formula 1 is particularly important for Renault’s marketing communications. So what does Formula 1 signify for the car companies? Aybar offers the following answer: “First and foremost it’s about brand image. The race provides a platform for showing off how far a brand has moved in terms of technology. Secondly, Formula 1 is a motorsports activity, which means you have extensive contact with the masses. These two principal factors influence brands as far as investing in the area is concerned. At Renault, motorized sports are an important part of our brand identity. We are dynamic players in the business.”
Turkey lacks vision
The computer games sector is developing fast throughout the world and with new technology, an ever-increasing variety of games is hitting the market. In Turkey there is no sector to speak of because games are not produced. Mevlüt Dinç, an economics graduate, went to UK in 1979. It was here, quite by chance, that he was introduced to computer games and in 1985 created his first game. Three years down the line, he set up his own company, since when he has designed world hits such as Street Racer, First Samurai and Last Ninja 2. He also made history by marketing the first Turkish patented game Dual Blades to the world. Notwithstanding successive awards and accomplishments, he took his life in his hands in 2000 and wound up his company in order to return to Turkey.
Dinç observes that computer games sector doesn’t exist in Turkey. He says, “My aim is to develop Turkish games that we can roll out to the rest of the world. When I came back from UK, I found it hard for a while to carry on with my work. I’m managing now with enormous reserves of patience because I believe there is serious interest in computer games in Turkey and that this shouldn’t be ignored.” Dinç has now set up a company at Istanbul Technical University, Sobee Software, where he works with a team of eight young people. He is also collaborating with Vestel on an R&D project. “The project is called KANAVA and financed by Vestel Defence A.Ş.” he explains. “It’s a heavyweight R&D project, which involves creating a real-time, interactive map of Turkey in 3D.”
Vestel strides ahead with corporate
governance
Turkey’s technology leader Vestel is making major headway with corporate governance, a global issue of growing importance whose principles have been defined in Turkey by the SPK (Capital Markets Board). On 30 May 2005, Vestel held its ordinary general meeting at Zorlu Plaza, where shareholders appointed Prof. Dr. Ekrem Pakdemirli and Dr. Yılmaz Argüden to the board as independent members. They also voted in favor of revisions to the company’s principal agreement, which strengthen minority rights. Convening after the OGM, the board of directors resolved to set up corporate governance and compliance committees under the board of directors. The two newly appointed independent board members were elected to chair the committees, Dr. Yılmaz Argüden to the corporate governance committee and Ekrem Pakdemirli to the compliance committee. The decision was also made to set up an in-house investor relations department, to be affiliated to the corporate governance committee.
Selim Yuna, appointed to head the Vestel Group investor relations department, said, “Vestel Electronics is 49 percent owned by the public, making it one of the companies with the highest rate of public ownership in Turkey. This multiplies Vestel’s responsibilities towards its shareholders.” The board meeting saw Ahmet Zorlu elected chairman and Ekrem Pakdemirli vice chairman of the board of directors, joined ¨by Şule Zorlu, Yılmaz Argüden, Ömer Yüngül, Cem Bodur and E. Turan Erdoğan.
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