Mailing address
One Brattle Square 507
Belfer Center for Science and International Affairs
79 John F. Kennedy Street, Mailbox 134
Cambridge, MA, 02138
Website
Ant Bozkaya
Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
Contact:
Telephone: 617-496-2569
Fax: 617-496-0606
Email: ant_bozkaya@ksg.harvard.edu
Website: http://www.bozkaya.org/
Experience
Ant Bozkaya is a post-doctoral Research Fellow at Harvard University's John F. Kennedy School of Government, with a joint appointment at Solvay Business School, Université Libre de Bruxelles, Belgium. His fellowship is with the Science, Technology, and Public Policy Program (STPP) and, starting in September 2007, also with the Dubai Initiative (DI) of the Kennedy School's Belfer Center for Science and International Affairs.
Ant was awarded a Science, Technology, and Public Policy Program Fellowship (2005–2007) to conduct his doctoral dissertation research at Harvard University with Lewis Branscomb and Josh Lerner. He holds a Ph.D. in Economics and Management Science from Solvay Business School. His thesis compares modes of finance of high-technology start-up ventures in the U.S. and Europe, specifically looking at public policies and financial institutional structures. It also looks at the relative consequences of full employment labor policies, which can be based on regulatory compulsion or economic incentives.
As a Research Fellow of Innovation and Entrepreneurship at Solvay Business School, Ant studied the financing of technology-based small firms in Belgium for the Office of the Prime Minister, Brussels-Capital Region. He was also a visiting Research Fellow of Venture Capital at the Helsinki University of Technology, and worked on early-stage venture capital financing of entrepreneurship in Finland.
Ant also has a strong background in the private sector. He held positions in management consulting (1986–1991) with Andersen Consulting (now Accenture) at its Istanbul, London, and Sydney offices. He managed a number of integrated manufacturing and distribution systems software installations for multi-national enterprises including Microsoft, Toshiba, Epson, and BP. Ant was CEO and President of Bilkent Holding Technology and Power Group, Ankara (1992–1999). He started-up a number of companies including Meteksan information technology and Bilenerji electric-power generation (with Rolls-Royce Power Ventures).
Ant served on the boards of several organizations including the Turkish Industrialists' and Businessmen's Association (TUSIAD), Bilkent University, UNICEF Turkish National Assembly, Health and Education Foundation, and Turkish Business Group Brussels. He is a Fellow of the Australian Production and Control Society and certified in Production and Inventory Management. He is member of the American Economic Association, American Finance Association, and Academy of Management.
Ant and his family moved to Brussels in 2000 where he studied toward a dual MBA and Master of European Management, and an M.S. in Management Science, all from Solvay Business School. He was an Aramco scholarship student at the University of Petroleum and Minerals, Dhahran, and holds a B.S. in Industrial Management.
Ant was born in 1963 and has dual Turkish and Belgian citizenship. He is married to Nihal, an English language teacher, and they have two children. Nihal and Ant are keen travelers and enjoy architectural tours.
May 2008
"Labor Regulations and European Industrial Specialization: Evidence from Private Equity Investments"
Working Paper
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
European nations empirically substitute between employment protection regulations and labor market expenditures like unemployment insurance benefits in the provision of labor market insurance to workers. While perhaps substitutes from a worker's perspective, employment regulations more directly tax firms making frequent labor force adjustments. These labor adjustments are especially important for the portfolio companies of both venture capital and buy-out investors. European nations providing worker insurance through labor market expenditures developed stronger domestic private equity markets over the 1990-2004 period than those nations favoring employment protection. These patterns are further evident in US-sourced private equity investments into Europe. Moreover, tests for industry specialization suggest that countries with more flexible labor markets tend to specialize in sectors characterized by high labor volatility. These results are relevant to the literature examining the impact of labor market regulations on entrepreneurship and productivity growth due to reallocation across firms and sectors.
Click here for the full text.
May 1, 2008
"Global Action Institute: Arab and American Dialogue"
Event Report
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
During the March 14-15 Young Arab Leaders Global Action Forum in New York, DI Research Fellow Ant Bozkaya moderated a session on the establishment of a YAL Global Action Institute in the United States.
Access the full session brief here.
May 2008
Financing Entrepreneurship
Book
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program and Philip Auerswald, Associate, Science, Technology, and Public Policy Program
This important collection comprises foundational papers which offer an understanding of the conceptual and historical substructure of entrepreneurial finance and more recent seminal works about entrepreneurs and the obstacles that they systematically seek to overcome. Further articles describe the variety of institutional forms that have evolved to address the challenges inherent in entrepreneurial finance and the role of government in the process of innovation, entrepreneurship and the financing of new ventures. These papers, complemented by the editors' comprehensive introduction, are essential for scholars, researchers, policy makers and entrepreneurs wishing to advance their understanding of this important and expanding field of study.
For more information on the book, click here.
April, 2008
"Who Funds Technology-Based Small Firms? Evidence from Belgium"
Journal Article, Economics of Innovation and New Technology
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
Using an original survey sample of 103 unquoted Belgian technology-based small firms (TBSFs), we examine the capital structure of start-up companies during their consecutive development stages. We find that internal funds, either alone as personal savings or in combination with family and friends, to be the primary source of financing. Personal funds of the founders are used to finance the start of 82% of TBSFs. Commercial bank and government funds are the most important sources of external finance for TBSFs subsequent to start-up. Most founders agreed that business angels and venture capitalists play a greater role at later stages. However, once granted, more substantial amounts of funding come from venture capitalists. There is also evidence that suggests a change in the mix of internal and external sources of finance. Finally, our findings based on founders' scores in raising external funds suggest a call for urgent policy action to improve access to and availability of early-stage entrepreneurial finance in Belgium. We discuss our findings in light of the capital structure of small firms relating to TBSFs.
December 2007, forthcoming
"Who Funds Technology-Based Small Firms? Evidence from Belgium"
Journal Article, Economics of Innovation and New Technology, issue 1, volume 17
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
Who Funds Technology-Based Small Firms? Evidence from Belgium
December 1, 2006
Bundling the Contracts: TA-Energy
Paper
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
December 1, 2006
Bundling the Contracts: TA-Energy
Paper
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
August 31, 2006
Labor Market Regulation and European Venture Capital Investment
Conference Paper
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
The Financial Architecture of Technology-Based Small Firms in Belgium: An Explorative Study
Book Chapter
By Ant Bozkaya, Research Fellow, International Security Program/The Dubai Initiative/Science, Technology, and Public Policy Program
