# Pre-Investment Source Verification List
## Due Diligence — Source Inventory and Verification Plan

*Tri-Anchor Partners — v0.1 — August 2026*
*Scope: all external sources used in "Sunken Treasure", "Bosphorus Hub Pre-Founding Note", "Global Investor Executive Committee Strategy Note" and "Platform Framework".*

**Classification**
- **A — Primary:** Official institutional publication, the company's own statement, legislative text. Verification: obtain the original document.
- **B — Secondary, reliable:** National agency or newspaper report, major consultancy report; rests on a primary source. Verification: trace back to the primary source.
- **C — Secondary, weak:** Blog, advisory-firm note, aggregator. Verification: confirm with an independent second source; if it cannot be confirmed, remove from the document.
- **D — Our own assumption:** No source; to be replaced with field data.

**Status:** ☐ Open · ☑ Verified · ✗ Dropped

---

## 1. R&D and Technopark Reserve ("Sunken Treasure" §I–II)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 1.1 | 114 technoparks, 12,800+ ventures (April 2026) | Minister Kacır's statement, Hürriyet Bigpara 06.04.2026 | B | bigpara.hurriyet.com.tr/haberler/ekonomi-haberleri/114-teknoparkta-12-bin-800-girisim-ar-ge-yapiyor_ID1626972/ | Take the current official figure from the Ministry TDZ statistics page (teknopark.sanayi.gov.tr) | ☐ |
| 1.2 | 113 TDZs, 47 provinces (September 2025) | Ministry TDZ statistics, relayed by digitalteknopark.com | C | digitalteknopark.com/index.html | Confirm directly from the Ministry source | ☐ |
| 1.3 | 10,888 companies, 485 foreign-partnered, 2,957 incubation, 2,078 academic-partnered (August 2024) | SER Consulting, relaying Ministry data | C | sd.com.tr/2024un-agustos-itibariyla-aktif-teknoloji-gelistirme-bolgesi-sayisi-91e-cikti/ | Ministry 2024 TDZ statistics bulletin | ☐ |
| 1.4 | 1,363 active R&D centres, 58 provinces, 80 new certificates in 2025 | Ministry 2025 Annual Report, relayed by gazetedetay.com | B | gazetedetay.com/turkiyenin-58-sehrinde-ar-ge-ve-tasarim-merkezleri-teknoloji-gelistiriyor | Download the Annual Report PDF from sanayi.gov.tr | ☐ |
| 1.5 | R&D personnel ~310,000; R&D spend $19.9 billion | Presidential speech, TÜBA news | B | tuba.gov.tr/tr/haberler/akademiden-haberler/2025-yili-tuba-ve-tubitak-bilim-odulleri-sahiplerini-buldu | Compare with TurkStat FTE personnel series | ☐ |
| 1.6 | 2024 R&D spend TRY 651.8 billion; 1.46% of GDP; private sector TRY 422 billion (64.8%); indirect incentive share 25.1%; 89.4% in firms with 250+ staff; Istanbul 33.4% / Ankara 27.8% / Kocaeli 9.4% | TurkStat 2024 R&D Activities Survey (October 2025); relayed by Capital, Haberler.com, Üreten Ankara | A (relay B) | data.tuik.gov.tr — "Research and Development Activities Survey 2024" bulletin | Download the original TurkStat tables; take regional and size breakdowns from the primary table | ☐ |
| 1.7 | Central budget R&D TRY 178.6 billion (2024) | TurkStat bulletin; relayed by Forbes Türkiye | A (relay B) | forbes.com.tr/teknoloji/ar-ge-harcamalari-2024-te-178-milyar-lirayi-asti | TurkStat "Central Government Budget R&D 2025" bulletin | ☐ |
| 1.8 | 46.9% of manufacturing R&D in high-tech, 40.2% in medium-high-tech | TurkStat 2024; relayed by local press | A (relay C) | malatyacadde.com, uretenankara.com | TurkStat primary table | ☐ |
| 1.9 | TÜBİTAK 2025: 10,539 projects, TRY 14.5 billion | Presidential statement, TÜBA | B | tuba.gov.tr (same as 1.5) | TÜBİTAK 2025 Annual Report | ☐ |
| 1.10 | Health: 14,344 projects, TRY 82 billion over 23 years; 900+ technology ventures | Minister Kacır, AA 30.06.2026 | B | aa.com.tr/tr/bilim-teknoloji/bakan-kacir-saglik-alaninda-14-binden-fazla-projeye-82-milyar-liralik-destek-verdik/3982121 | TÜBİTAK health-field statistics | ☐ |
| 1.11 | BiGG 2025-1: 2,031 applications, 101 selected, TRY 900,000 for 3% equity | Minister's statement (social media relay) | C | TÜBİTAK BiGG portal (bigg.tubitak.gov.tr) | Official BiGG call results announcement | ☐ |
| 1.12 | TEYDEB commercialisation monitoring process exists; aggregate rate not public | TÜBİTAK announcement; PwC bulletin | A | tubitak.gov.tr/tr/duyuru/teydeb-tarafindan-desteklenen-projelerin-destek-sureci-tamamlandiktan-sonrasi-icin-ticarilesme-izleme-sureci-olusturulmustur | Freedom-of-information request to TÜBİTAK: distribution of commercialisation success scores by programme | ☐ |
| 1.13 | 34,239 projects and 58,663 staff in R&D centres | AA, 2019 | B (dated) | aa.com.tr/tr/turkiyenin-teknoloji-usleri/ar-ge-ve-tasarim-merkezlerinin-sayisi-bin-500u-asti/1568939 | Current figure from the Ministry; dated figure not used in the document | ☐ |

## 2. Patents and Intellectual Property ("Sunken Treasure" §I, §III)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 2.1 | 2024 domestic patent applications 10,186; utility models 3,065; 414 in 2002 | TÜRKPATENT | A | turkpatent.gov.tr/haberler/turkpatent-yapay-zeka-destekli-dijital-donusum-projelerine-odaklanacak | TÜRKPATENT official statistics page (turkpatent.gov.tr/patent-istatistik) | ☐ |
| 2.2 | Universities: 1,640 applications from 148 universities (2024) | TÜRKPATENT University Patent Performance Report | A | turkpatent.gov.tr/haberler/universitelerin-patent-ve-faydali-model-performansi-artiyor | Download the full report | ☐ |
| 2.3 | 1,347 patented technology ventures; 3,065 applications; 17% (227) have raised investment | Patent Effect, Türkiye Patent Report 2024 | B | patentraporu.substack.com/p/haftann-patent-raporu-251; full report: ulutek.com.tr/Uploads/2025/5/turkiye-nin-patent-raporu-2024-...pdf | Review the methodology (definition of venture and of investment); direct meeting with Patent Effect; cross-check with the Startups.Watch database | ☐ |
| 2.4 | Registration time 36 months in 2023 → 25 months in 2025 | AA, TÜRKPATENT service standards | B | aa.com.tr/tr/ekonomi/10-soruda-patent-basvuru-sureci/3681064 | TÜRKPATENT service standards document | ☐ |

## 3. Venture Capital Market ("Sunken Treasure" §IV–V)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 3.1 | 2025: 359 rounds, $622 million; median $600,000 | StartupCentrum 2025 Annual Report; relayed by GEN Türkiye | B | genturkiye.org/startup-centrum-turkiye-startup-ekosistemi-yatirim-raporu/; startupcentrum.com/tr/rapor/2025-turkish-startup-ecosystem-funding-report | Full report; which transactions are included (M&A excluded?) | ☐ |
| 3.2 | 2025: 360 deals, $1.4 billion (2024: 331 deals, $2.6 billion) | KPMG Türkiye & 212, Türkiye Startup Investments 2025 | B | kpmg.com/tr/tr/insights/2026/03/turkiye-startup-yatirimlari-2025.html | Used in the document together with 3.1 as a range; download the KPMG report, obtain the scope definition | ☐ |
| 3.3 | First 9 months of 2025: 240 rounds, $475 million; health/biotech, gaming, fintech, manufacturing technologies lead by deal count | StartupCentrum Q3 2025; Forbes Türkiye | B | forbes.com.tr/ekonomi/turkiye-nin-ucuncu-ceyrek-startup-karnesi-475-milyon-dolarlik-yatirim | Original report | ☐ |
| 3.4 | Seed → Series A transition structurally weak; CVC count flat at 92, no new CVCs | Startups.Watch & 212, 2025 Q1–Q2 reports; FinTech İstanbul | B | fintechistanbul.org/2025/07/08/...; fintechistanbul.org/2025/04/12/... | Startups.Watch reports; current 2026 CVC count | ☐ |
| 3.5 | Companies receiving R&D incentives must invest 3% of the incentives in VC funds (2021 reform) | Invest in Türkiye, State of Turkish Startup Ecosystem 2025 | B | agencyadm.invest.gov.tr/en/library/publications/lists/investpublications/the-state-of-turkish-startup-ecosystem-2025.pdf | Relevant legislative article (amendments to Laws 4691 / 5746) and implementing communiqué; tax adviser confirmation | ☐ |
| 3.6 | 2025 Q1: 53 rounds / $77.6 million (StartupCentrum); 49 rounds / $58 million (Startups.Watch); 59 deals / $70.2 million (KPMG) | Three separate sources | B | sigortacigazetesi.com.tr; fundalina.com; kpmg.com/tr | Note on methodological differences; the annual total was used in the document | ☐ |

## 4. Fund Structure, Regulation and Precedents (Platform Framework, Bosphorus Hub Note, earlier research round)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 4.1 | Mediterra Fund I €164 million (2013), LPs: AlpInvest, DEG, EBRD, FMO, IFC, iVCi, Siguler Guff + Turkish families; Fund II €166 million; 16 investments, 8 exits | Mediterra corporate statements, press | A/B | mediterracapital.com (URL to be confirmed) | Direct meeting with Mediterra; Fund III commitment from the IFC project page | ☐ |
| 4.2 | İstanbul Portföy Mediterra 3 GSYF: a local VC investment fund investing into an offshore master fund; net 12%+ EUR target | İstanbul Portföy prospectus/marketing, press | A/B | istanbulportfoy.com; KAP disclosures (URL to be confirmed) | CMB-approved prospectus and fund rules; structure chart | ☐ |
| 4.3 | Actera $3.3 billion+; Turkven Guernsey-based | Company websites | A | actera.com; turkven.com | Current AUM and fund structure | ☐ |
| 4.4 | Earlybird Digital East: ~30% of Peak Games, ~$520 million from the Zynga sale; UiPath seed investment enabled a $150 million fund to return $2.3 billion; Bek Ventures $250 million | Press (TechCrunch, Bloomberg, Sifted etc.) | B | URLs to be confirmed | Fund performance figures cannot be verified against LP reports; mark as press relay | ☐ |
| 4.5 | GSYF income exempt from corporate tax (CIT Law 5/1-d); zero withholding on units held 2 years; Tax Procedure Law 325/A GSYF deduction | Legislation; PKF, tax advisory notes | A (relay C) | pkf.com.tr/yeni-gsyf-yonetmeligi-turkiye-girisim-sermayesi/ | Current CIT, income tax and tax procedure texts; sworn financial adviser opinion | ☐ |
| 4.6 | Dividend taxation risk under the Türkiye–Netherlands treaty after the MLI | Tax advisory notes | C | URL to be confirmed | International tax adviser; structure comparison (Luxembourg / Guernsey / Cayman) | ☐ |
| 4.7 | 28 November 2025 "Regulation on Participation in Venture Capital Funds": call-based contributions from the Ministry budget; criteria include manager experience, realised returns, leverage | Official Gazette; PKF note | A (relay C) | Official Gazette 28.11.2025; pkf.com.tr (same as 4.5) | Regulation text; first call announcement and application conditions | ☐ |
| 4.8 | Türkiye Development Fund: $31 million committed to 9 VC/PE funds; total fund size $641 million | TDF statement/press | B | tkf.com.tr (URL to be confirmed) | TDF annual report; current commitment list | ☐ |
| 4.9 | 26+ GSYF authorisations (2025 Q1); number of GSYFs rising | Startups.Watch Q1 2025 | B | fintechistanbul.org/2025/04/12/... | CMB GSYF list (spk.gov.tr) | ☐ |

## 5. Global Investor Profile (Executive Committee Note, Bosphorus Hub Note)

*The candidate firm is not named in this list for reasons of confidentiality. The profile is descriptive and fits more than one global asset manager; verification is done by the founding team through the candidate(s)' own public websites, press releases and regulatory filings.*

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 5.1 | Offices on four continents; established presence in Western Europe and Asia (Hong Kong, Shanghai, Mumbai, Singapore, Tokyo line); no office in Türkiye | Candidate firm's "offices" page | A | Held by the founding team | Current office list; confirmation of no Türkiye/Istanbul presence | ☐ |
| 5.2 | Recently reinforced Gulf presence; three tasks: regional investor relations, carrying the portfolio into the region, direct investment as conditions allow | Candidate firm's press release and regional press | A/B | Held by the founding team | Original release | ☐ |
| 5.3 | Hundreds of billions of dollars under management; multi-asset; impact, early-stage, growth/technology and private equity arms with separate execution capacity | Candidate firm's website and regulatory filings | A | Held by the founding team | Current AUM and business-line structure; decision mechanism from the senior advisor | ☐ |
| 5.4 | Reputation for fund architecture: track record of building multi-layer fund structures and managing them on four continents | Candidate firm's fund history, LP reports | B | Held by the founding team | Qualitative; senior advisor confirmation | ☐ |

## 6. Our Own Assumptions (Class D — to be replaced with field data)

| # | Assumption | Where | How it will be verified | Status |
|---|---|---|---|---|
| 6.1 | Cargo on the seabed is "five digits" (TRL 4–7, patented, unfunded, publicly supported completed projects) | Sunken Treasure §II | Freedom-of-information request to TÜBİTAK; data sharing with technopark management companies; 90-day screening round | ☐ |
| 6.2 | Of 100 valuable-cargo projects, 8–12 to product, 2–3 to export | Sunken Treasure §III | Outcome of the first 100-file screening round | ☐ |
| 6.3 | "14–30×" gap between money into R&D and money into product (two sources used together as a range) | Sunken Treasure one page, §IV, §V | Verification of 1.6, 3.1 and 3.2; written confirmation of the StartupCentrum–KPMG scope difference (M&A included/excluded) | ☐ |
| 6.4 | "Collapse" of software prototype cost after 2023; bottleneck shifting to hardware/certification/field | Sunken Treasure §III | Qualitative; test with the distribution of project types in the screening round | ☐ |
| 6.5 | Impact indicators (24-month / 5-year targets) | Bosphorus Hub Note §IV | Target; tracking, not verification | ☐ |
| 6.6 | Fund sizes, tickets, return targets (all figures in square brackets) | All documents | Financial model; adviser and anchor investor meetings | ☐ |

## 7. Three-Country Comparison and Local Players (Founding Story supplementary sections)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 7.1 | China R&D 2024: RMB 3.61 trillion (~$496 billion), 2.68% of GDP; 2025: RMB 3.93 trillion (~$550 billion), 2.8% | China National Bureau of Statistics; relayed by Global Times, gov.cn | A (relay B) | stats.gov.cn/english/PressRelease/202502/t20250207_1958579.html; english.www.gov.cn/archive/statistics/202509/29/...; globaltimes.cn/page/202601/1353604.shtml | NBS final annual bulletin; note on purchasing-power-parity difference (some sources give $786 billion) | ☐ |
| 7.2 | China R&D personnel 7.57 million FTE; 24 of the top 100 innovation clusters | NBS; WIPO GII 2025 | A/B | chinadata.live/insights/nbs-insight-1963862/; wipo.int GII 2025 | WIPO GII 2025 original | ☐ |
| 7.3 | China VC 2024: $40.2 billion, down 36.7%; H1 2025 deals with foreign participation 112, $2.1 billion; fundraising below a quarter of the prior year | PitchBook | B | pitchbook.com/news/articles/chinas-vc-future-hangs-in-the-balance; pitchbook.com/news/articles/vcs-pull-back-from-china-ai-investment; 2025 Greater China Private Capital Breakdown | Full PitchBook report; 2025 year-end data | ☐ |
| 7.4 | FDI into China 2024: $4.5 billion, lowest since 1991 | Mitsui Global Strategic Studies Institute (SAFE data) | B | mitsui.com/mgssi/en/report/detail/.../2502_c_kishida_e.pdf | SAFE balance-of-payments data; compare with MOFCOM's differently defined figure | ☐ |
| 7.5 | India R&D ~0.65% of GDP | NITI Aayog discussion paper (April 2025) | A/B | niti.gov.in/sites/default/files/2025-09/Beyond Planning...pdf | Latest DST R&D Statistics edition; add absolute amount (USD) | ☐ |
| 7.6 | India startup funding 2025: ~$10.5 billion (calendar year), 1,518 rounds (down 39%); FY26: $11.7 billion, 1,632 rounds; seed $1.1 billion (down 30%) | Tracxn; relayed by TechCrunch, Business Standard | B | tracxn.com/d/insights/market-reports/india-tech-annual-funding-report-2025/...; techcrunch.com/2025/12/27/...; business-standard.com/industry/news/india-holds-fourth-startup-spot... | Tracxn report; cross-check with Bain India VC Report 2026 (scope difference: PE-VC total $33 billion, Venture Intelligence) | ☐ |
| 7.7 | For Indian VCs the chief execution risk is talent shortage, not capital (74% expect improvement) | Tracxn FY26 press release | B | indiatechreport.in/2026/04/21/india-tech-startup-landscape-2025-26-tracxn-press-release/ | Survey methodology | ☐ |
| 7.8 | Indian IPOs carried by domestic capital (exit resilience) | Accel partner quote, TechCrunch | C | techcrunch.com/2025/12/27/... | Qualitative; to be supported with SEBI/NSE domestic participation data | ☐ |
| 7.9 | DCP: €30 million first technology transfer fund in 2015, EU IPA, EIF as main investor, technopark and university LPs; today a deep-tech VC | Webrazzi, BT Haber, dcp.vc, Invest in Türkiye | B/A | webrazzi.com/2015/06/22/...; bthaber.com/haberler/ilk-teknoloji-transfer-fonu-mujdesi; dcp.vc; startinturkiye.gov.tr/en/funds/diffusion-capital-partners | Direct meeting with DCP; current fund size and portfolio | ☐ |
| 7.10 | Inventram: Koç + Mitsui partnership, 2010, first patent licensing 2013 | inventram.com | A | inventram.com | Current investment thesis and portfolio; partnership meeting | ☐ |
| 7.11 | ACT Venture Partners: EU IPA co-financed fund; Eatron round led by LG Technology Ventures with TDF participation | ACT presentation (2017), LinkedIn | C | act-vc.com; tr.linkedin.com/company/act-venture-partners | Company confirmation | ☐ |
| 7.12 | TTGV: first local LP in Turkven and İş Girişim in 2000; iVCi anchor; LP in Mediterra II, Taxim I, Digital East II; Teknoloji Yatırım A.Ş. affiliate | teknolojiyatirim.com.tr | A | teknolojiyatirim.com.tr/en/about | LP meeting with TTGV | ☐ |
| 7.13 | TWF Türkiye Technology Fund; TDF Technology and Innovation Fund (26 investments, January 2026 Mindsite Series A) | turkiyeteknolojifonu.com.tr; CB Insights | A/C | turkiyeteknolojifonu.com.tr/en; cbinsights.com/investor/teknoloji-ve-novasyon-fonu | Current fund sizes, LP programmes and application conditions | ☐ |

## 8. The State's Latest Decisions — The First-Aid Ship (Sunken Treasure §V-A)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 8.1 | Türkiye AI Action Plan: 4 axes, 16 actions; target of more than TRY 1 trillion in economic value | Ministry of Industry and Technology, Directorate General for National Technology and AI | A | Plan document (PDF, 44 pages) — founding team archive | Official publication date and version number; original from the Ministry website | ☐ |
| 8.2 | Targets: 1 GW data-centre capacity; $10 billion private investment; 10,000 advanced specialists + 100,000 application professionals; 10 million GPU-hours of access a year; regulatory sandboxes in at least 5 sectors | Plan, Executive Summary and Actions 5–6 | A | Same | Timetable of targets and responsible institutions | ☐ |
| 8.3 | Financing Ladder: National AI Research Fund (seed and breakthrough; automatic HPC/GPU credit package) + AI Growth Fund (Series A/B, public–private co-investment, dedicated AI investment window) | Plan, Action 10 | A | Same | Founding legislation, size and call calendar of the funds | ☐ |
| 8.4 | Physical AI and Robotics Programme: transfer of defence experience, automotive and machinery capacity into autonomous systems, robotics, smart manufacturing; domestic production capacity | Plan, Action 12 | A | Same | Programme call and support items | ☐ |
| 8.5 | Investment attraction: single-window investor interface; pre-eligibility and investment roadmap in at most 30 business days; AI Growth Zones (campuses with energy and infrastructure ready); Centres of Excellence (rapid prototyping) | Plan, Actions 9 and 13 | A | Same | Launch date of the interface | ☐ |
| 8.6 | Export calendar: incentive and export framework within 12 months; first licensing/export agreements by end-2027; at least 10 licensing/co-development agreements, 3 priority markets, 25 overseas enterprise deployments by end-2028 | Plan, Action 11 | A | Same | Publication of the framework | ☐ |
| 8.7 | AI criteria in public procurement; solutions with a digital badge admitted to the state procurement Tech Catalogue | Plan, Action 7 | A | Same | Implementing regulation | ☐ |
| 8.8 | Phasing: 2026–2027 infrastructure, pilots and investment processes; 2028–2030 scaling of pilots, commercialisation of sectoral models, completion of investment targets | Plan, Implementation section | A | Same | Annual progress reports | ☐ |

## 9. Value of the Treasure, Time–Multiple Benchmarks and Appetite (Sunken Treasure §VII)

| # | Claim | Source | Class | URL / Reference | Verification step | Status |
|---|---|---|---|---|---|---|
| 9.1 | Closed-end private capital dry powder $4.63 trillion at end-Q2 2025; 97% of the increase from PE | PitchBook Dry Powder Dashboard | B | finance.yahoo.com/news/global-private-market-funds-dry-174735581.html | Original PitchBook dashboard; 2025 year-end update | ☐ |
| 9.2 | Buyout dry powder $1.3 trillion; "12 is the new 5" (twice the EBITDA growth for the same return) | Global PE Report 2026 (major consultancy) | B | bain.com/insights/topics/global-private-equity-report/; prnewswire.com/news-releases/private-equity-resurgence-gathers-steam... | Report PDF | ☐ |
| 9.3 | Ageing dry powder (4+ years) share 24% (20% in 2022) | Global PE Report 2025 | B | bain-report_global-private-equity-report-2025.pdf | Report | ☐ |
| 9.4 | 16,000+ companies held longer than 4 years; 52% of inventory, record high | Capitalpad compilation (PitchBook, Reuters Breakingviews, PE reports) | C | capitalpad.com/private-equity-holding-period-statistics/ | Trace back to primary sources | ☐ |
| 9.5 | US PE-backed median hold 6.0 years (2023 peak 7 years; pre-pandemic 5.2); average 6.6 years (McKinsey 2026); time to clear US portfolio 8.5–9 years | PitchBook / NEPC; McKinsey; Juniper Square | B | nepc.com/quarterly-private-markets-report-q3-2025/; mckinsey.com/.../beating-the-odds...; junipersquare.com/blog/pe-q2-2025 | PitchBook Q3 2025 US PE Breakdown | ☐ |
| 9.6 | Venture studio benchmarks: Series A in 25.2 months (classic 56); 72% reach Series A (classic 42%); average IRR 53% (classic 21.3%); acquisition ~5 years, 33% faster | GSSN Startup Studio Data Report 2022; Big Startup Studios Research 2023–2024 | B/C | bundl.com/articles/...; reseaucapital.com/en/8-advantages-of-venture-studios/; inniches.com/startup-studios-research | Original GSSN report; survivorship-bias note (Malyy & Pog 2024) to be added to the document | ☐ |
| 9.7 | Classic VC hold 7–10 years; DPI is cash truth, IRR is speed, TVPI is paper | Industry commentary (Avante Ventures, Medium) | C | avanteventures.com/en/library/measuring-studio-performance | Confirm with Cambridge Associates / PitchBook VC benchmarks | ☐ |
| 9.8 | Sunk cost [$3–6 billion]; recoverable cargo [$300–600 million] of productisation capital; year-5 product value [$5–12 billion] | Our own calculation (via 1.9, 1.6, 6.1, 6.2) | D | Sunken Treasure §VII | Screening-round data; peer revenue multiples (physical AI, health technology) | ☐ |
| 9.9 | 9 / 18 / 36-month targets; DPI 1.0x in 36 months; [3x+] in year 5 | Our own target | D | Sunken Treasure §VII | Evidence of the first 18 months; presented to the investor as a target, not a commitment | ☐ |
| 9.10 | Venture capital entering Türkiye per year is less than one-thousandth of waiting global dry powder (1.4 / 4,630 ≈ 0.03%) | Calculation (3.2 and 9.1) | D | Sunken Treasure §VII | Automatic once 3.2 and 9.1 are verified | ☐ |

---

## Verification timetable

| Stage | Scope | Owner | Time |
|---|---|---|---|
| 1 | Obtain original documents of Class A sources (TurkStat, TÜRKPATENT, Ministry, Official Gazette) | Analyst | 2 weeks |
| 2 | Trace Class B/C relays back to primary sources; drop those that cannot be traced | Analyst | 2 weeks |
| 3 | Confirm legislative and tax items (4.5–4.7, 3.5) with sworn financial adviser and legal counsel | Adviser | 3 weeks |
| 4 | Direct meetings with precedent funds (4.1, 4.2) | Founding team | 4 weeks |
| 5 | Convert Class D assumptions into data through the screening round | Programme Directors | 90 days |

**Rule:** No unverified figure goes in front of an investor. Every number in the documents is tied to a line in this list, and every line to a status.