KOSGEB is the Turkish acronym for “Small and Medium Industry Development Organization”. The agency is funding projects to boost exports and develop local industries which can compete globally or reduce Turkish imports to support the trade balance of the state.
The fundings are granted in such a manner as almost all stages of a product development is covered. The main stages are product development funding where the companies are expected to develop the product and showcase a low volume production. This low volume production allows companies to understand and develop product market fit strategies. The second stages is industrialization, funding goes to full scale serial production investments. The third stage is selling to global markets. At this stage the funding is mostly spent for marketing activities and if necessary international certification of the product.
MTI Composites was awarded a funding to develop 700C carbon fiber bicycle wheels in second half of 2022. This the first stage funding at which we develop the product. The funding mechanism works as pay per bill. Every expenditure which has already approved by KOSGEB is paid withing 10 working days. This does not make a company cash restrained but allows them to follow the project plan in a timely manner.
Our core team consists of 3 people, a designer, a mechanical engineer and a bike mechanic. Our advisory board consist of 3 people, which supports us from composite technologies, composite industry supply chain and mechanical designs and investments. By the end of 3rd Qtr. 2023 our project will be finalized, and we will continue with the next industrialization funding.