Sabina Babayeva on Telling a Real Innovation Ecosystem From One That Just Looks Like One

What we talked about.

Sabina Babayeva of Tenity joins Sunny Ray to discuss how to tell a real innovation ecosystem from one that only looks like one. She explains that Tenity invests in early stage fintechs while running open innovation programs that match startups with corporates and governments, with the goal of integrating startup technology into real business operations. Babayeva traces her path from public investment work at Deloitte to launching a startup accelerator in 2015 and later merging with Tenity. She describes the Istanbul hub as a launch pad linking Europe, the Middle East and North Africa, and Asia Pacific, and says she evaluates founders mainly through the team, the energy behind it, and genuine product market fit. She also covers a long running corporate program with Ishbank, the spread of a Visa program to 15 countries, and why fintech is becoming invisible as it embeds into health tech and other sectors. She closes by pointing listeners to Tenity's website and her LinkedIn profile.

Sabina Babayeva of Tenity explains how corporates really innovate, what to look for in founders, and why fintech is quietly becoming invisible.

The questions, and the answers.

What problem is Tenity solving, and what will listeners learn?

Listeners will learn how corporates actually innovate and what the real innovation journey looks like. Tenity invests in early stage fintechs, and we also run open innovation work with corporate partners and governments. We match them with startup technologies and try to integrate those technologies into the corporates' business operations. In short, we're a corporate innovation powerhouse.

How did your background lead you to Tenity?

I started as a contractor on infrastructure and public investment projects, and spent my first ten years at Deloitte. Those projects were like startups because we built them from scratch. In 2015 we started a startup accelerator and ran more than 100 corporate programs. Then we merged with Tenity, which now has its head office in Zurich and six major hubs.

What was the first program that convinced you this was your work?

Around 2016 or 2017 I was talking with Ishbank, the biggest bank here in Turkey, when the startup ecosystem was still very new. They decided to invest in very early stage startups, which stood out from other corporates. That program is still one of the most popular entrepreneurship programs in Turkey, nine years on, and it keeps expanding into new themes.

Why is Istanbul the right gateway between Europe and the Middle East and North Africa?

Istanbul sits at the crossroads of regions, so it works like a launch pad. Startups heading to Europe pass through it, and European startups heading to MENA or Asia Pacific do too. It's also a treasure in technology and talent, and Turkey is one of the regional leaders in technology adoption, which makes it very attractive for startups.

How do you evaluate founders after seeing so many come through?

I've seen thousands, and with AI it's hard to judge on technology alone. Mostly it's the people. You can feel the energy and the real entrepreneurial spirit. Technology matters, but you also have to assess the target market realistically and check product market fit: is there a real problem, and is the solution realistic? We also look at fit for the program.

What's shifting in fintech across Europe and the Middle East that people aren't watching?

Fintech is becoming invisible. Payments are embedded in every part of life, since we buy and consume everything online. I also see sectors crossing over. In health tech, for example, the big shift is embedding financial tools like microcredit and buy now pay later so people can access healthcare and medicine. Fintech now touches people of every age.

If you had one more resource, what would move the hub fastest?

Reach, meaning expansion. We started a program with Visa in Turkey in 2018 and exported it, and it now runs in 15 countries, including Southern Europe, the Nordics and the Baltics. Our sustainability program is following the same path. Good cases should be expanded, and we also need to activate the whole ecosystem: corporates, VCs, angels, mentors and facilitators.

Sabina Babayeva

Tenity

• Spent her first 10 years of work at Deloitte on public investment and infrastructure projects, starting around 2005.
• Started a startup accelerator in 2015, which later merged with Tenity, headquartered in Zurich with six major hubs.
• Tenity has made around 300 investments and was selected by Sifted as the most active early stage fintech fund in Europe in Q1 of last year.
• The Visa innovation program she began in Turkey in 2018 now runs in 15 countries.