Investment Perspective on Artificial Intelligence: Evaluation Criteria and Opportunities Emerging from Turkey

Philosopher of science Thomas Kuhn’s concept of “paradigm shift” does not only describe scientific revolutions, but also the breaking points in humanity’s relationship with knowledge. According to Kuhn, a paradigm is the framework a community uses to understand and explain the world in a given era. Once this framework becomes insufficient, it is replaced by a new paradigm—and all the rules of the game change.

Philosopher of science Thomas Kuhn’s concept of “paradigm shift” does not only describe scientific revolutions, but also the breaking points in humanity’s relationship with knowledge. According to Kuhn, a paradigm is the framework a community uses to understand and explain the world in a given era. Once this framework becomes insufficient, it is replaced by a new paradigm—and all the rules of the game change.

Today, we are experiencing a similar break in the worlds of technology and economy. Artificial intelligence is not merely a new tool or type of software; it is a paradigm shift that is transforming business models, value creation, and access to knowledge from the ground up. And like every major change, this wave brings not only new opportunities but also uncertainties.

In this transformation, it has become common for every startup to claim to be an “AI startup.” However, the ones that create true investment value are not those that simply follow the trend, but those that internalize it. For investors, being able to distinguish this requires applying the right evaluation criteria.

Below, we examine five key investment criteria that distinguish truly AI-driven, sustainable, and scalable ventures from the rest.

1. Technological Depth and Originality

A startup’s competitive edge is directly linked to how much of its technology it has developed in-house. Rather than merely using third-party models or simple integrations, real technology companies are those that can:

• Train models with their own data,
• Optimize the training process,
• Customize on top of existing infrastructures,
• Most importantly, reflect this differentiation into the product.

In addition, the quality, ethical compliance, and accessibility of data determine the long-term sustainability of technical strength.

2. Productization and Product-Market Fit

Regardless of how strong the technology is, without product-market fit a startup’s chances of success are slim. For an AI solution to be investable, it must:

• Address a real problem,
• Be integrable into existing workflows,
• Offer a convincing cost-benefit balance for buyers.

Startups in the application layer (e.g., retail analytics, automation, customer service optimization) stand out with faster customer acquisition and clearer revenue generation potential.

3. Founding Team and Organizational Vision

The founding team is the greatest asset of an early-stage startup. Technical capability alone is not enough. Real potential emerges from:

• The team’s ability to understand the market,
• Its forward-looking vision,
• Its capacity to test and adapt quickly.

Founders’ prior experiences, their personal connection to the problem they are solving, and the trust they establish with investors directly impact their likelihood of success.

4. Regulation, Trust, and Ethical Compliance

Because AI solutions in many sectors directly work with personal data, compliance with data protection laws (GDPR, KVKK) is the insurance of a startup’s long-term survival. Investors carefully evaluate whether a startup:

• Uses customer data ethically,
• Ensures transparency in algorithmic decisions,
• Applies principles of safety and explainability in development.

5. Competitive Advantage and Scalability

For investors, what matters is not only today’s advantage but also whether it can be sustained into the future.

• Does the startup have access to data or infrastructure unavailable to competitors?
• Does it have the potential to expand across sectors or geographies?

Startups with these qualities are not just technology companies but are on their way to becoming platform companies.

Why Do All These Criteria Come to Life in BV Growth II?

Each of the above criteria forms the foundation of the BV Growth II Fund’s investment strategy. The fund’s approach is not to chase trends but to partner early with startups that can generate long-term value in the AI era.

How?

• Technological originality: BVG II invests not in those who merely say “we use AI,” but in startups that build their own technology and bring it to market with scalable architectures. By focusing on the application layer, this selectivity aligns with commercial success.
• Market fit: The fund prioritizes AI solutions with direct revenue potential operating in specific verticals (healthcare, gaming, retail, manufacturing, etc.). Teams that achieve product-market fit demonstrate faster growth potential.
• Founding team: BVG II provides not only capital but also know-how support by matching startups with the right venture partners and advisors. Founders are not left alone; a model of growing together is embraced.
• Ethics and regulation: The fund evaluates startups’ preparedness for data compliance and ethical standardsfrom the early stage, which is especially critical for B2B models selling to enterprises.
• Scalability and global network: While based in Turkey, BVG II allocates 30% of its capital to diaspora startups founded abroad by Turkish entrepreneurs and to strategic opportunities in Asia. Relationships built in markets such as Korea give the fund geographic scalability.

BVG II: The New Address of Value-Focused Investment

In the age of AI, investing is not just about chasing opportunities—it is about acting with the ambition to shape the future. Achieving this requires strategic selectivity, patient capital, and founder-friendly structures.

The BV Growth II Fund embodies this approach not only in words but in practice. In a market as early and advantageous as Turkey, it seeks to connect with the right founders, the right technology, at the right time. With this, BVG II contributes not only to its investors but also to the startup ecosystem and the ethical, scalable, and sustainable growth of AI.

Boğaziçi Ventures’s Commitment

For over a decade, we have worked with dedication to contribute to and create value in Turkey’s tech startup ecosystem. With our deep expertise and strong business network, we support entrepreneurs in building globally competitive businesses. At Boğaziçi Ventures, we believe in leveraging the power of technology across multiple verticals to deliver sustainable and intelligent solutions.

We invite entrepreneurs to apply for investment meetings with Boğaziçi Ventures via [email protected] . Take this opportunity to scale your startup and join our global business network today!